Patient demand for access to reliable pricing information in advance of care is growing. Recognizing this trend, CMS proposed a new rule around price transparency outlining requirements to further provide information on costs of care online. The final rule will take effect on Jan. 1, 2021.
The rule will require hospitals to post “consumer-friendly” pricing information online, helping mitigate confusion around the charge master pricing information currently required. This “friendlier” pricing would include payer-specific negotiated rates by specific plan for common services.
Patients — who are increasingly seen as payers just as much as insurance companies in today’s market — expect and want to know costs. Bottom line, healthcare consumerism is here to stay, so it’s important providers take note.
Below are a few ways your organization can better meet consumers’ expectations — and improve the patient experience, financially and holistically.
Most consumers are accustomed to receiving estimates, whether it be for contracted work on their home, car repairs or another service. The expectation in healthcare is no different. The industry needs to remove the opacity from pricing by properly equipping consumers with the right tools. Innovative organizations are positioning a transparent revenue cycle to meet the patient as a payer.
Learn more about price transparency facts in our infographic and explore results from our recent patient survey.
Used with permission: Copyright Healthcare Business Insights, 2019.
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1https://www.healthcarebluebook.com/ui/proceduredetails?cftId=292
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