Greater pricing transparency can impact patient engagement and patient satisfaction.

Patients want easy-to-understand bills just as they want a physician provider who communicates with them openly about their health concerns. Consumers today are more likely to comparison-shop for a hospital provider if they have an insurance plan with a high deductible.

We know satisfied patients are likely to tell relatives and close friends about their positive health care experience. This kind of word-of-mouth advertising is a powerful driver of new business for physician and hospital providers.

True pricing transparency begins with a charge master reconfiguration. We use our algorithm to distill key takeaways from charge and payer data before mapping possible changes in setting charges.

Also, we’ll generate a competitor market analysis by select service line to determine optimum positioning based on needs and strategic longer term goals.

A real charge master reconfiguration will reduce charges substantively and set-up an effective pricing strategy for future years.

A charge master reconfiguration should be part of a broader strategy to preserve existing net revenue, grow net revenue where brand and profit are strong, and enhance patient satisfaction.

See what ‘Q’ can do for you!

Steven Acree and Jonathan Gehris