The adage you are either moving forward or falling behind rings trues given the level of competition today and rate of change itself. The pandemic has triggered a need to conduct a strategic review for many providers. You likely resumed doing elective surgeries in June of 2020, but volumes may still be lagging just as […]
The feds’ mandate for pricing transparency shouts opportunity for those who seek market dominance, operational growth, and fiscal sustainability. Now is a perfect time to reconfigure the charge master to deliver greater pricing transparency and defensibility, and restore the important ratio of cost-to-charges that will make the charge master a true revenue-generator once again. We’ll […]
CFO’s now play a key role in operational decisions and decision support. A good BI analytics platform accepts multiple daily feeds for IP census data, all financial data from the financial IT platform, and data from any stand-alone sub-systems that have not been integrated with the IT financial platform. A robust BI analytics system enables […]
Placing a patient-friendly price estimator on the hospital website Home page for shoppable services will provide a realistic estimate of out-of-pocket patient responsibilities while enhancing the effectiveness of your patient engagement strategy. What will emhance this? Ensure the hospital website is well-designed, easy-to-navigate, and has good information for patients from their perspective Create a digital […]
Recently I talked with a CFO about his initiative to deliver greater pricing transparency for his hospital, a solo community hospital that faces new competition from a system that just acquired a cross-town rival. The CFO is on-schedule for the January 2021 federal mandated deadline with pricing for 300 shopable services. He’s competitive with the […]
The new strategic pricing starts with a thorough analysis of charge and payer date to determine the unique statistical relationships that will help determine an effective pricing strategy for setting charges. We analyze fiscal year and historical charge and payer data to determine these unique payer relationships and measure change via trend analysis. In addition, […]
Hospital pricing transparency is another offshoot of the consumer movement that has already revolutionized how Americans shop. The real differentiator between buying health care services and buying any other product has been the involvement of a third-party insurer that pays hospitals most of the cost of consumer health care services. The advent of skinny health […]
An old adage says “a good plan today is better than an excellent plan tomorrow”, but why wait when an excellent plan is readily available today? Hospital pricing transparency was in the news in late 2007. I made a presentation to a Pennsylvania chapter of the HFMA in early 2008 about the benefit of making […]
Change is constant and innovation is a creative response to change. COVID-19 has changed health care delivery itself. Making any new technology work takes more than mastery of that technology in its developmental environment. Telehealth was available for almost 20 years, yet most hospitals did not use it because physicians and patients preferred personal interaction. […]
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