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. […]
The transition back to normal has begun, although the pace and stage of reopening in states varies widely. Despite this, we believe the new “normal” will be shorter than forecast based on several new realities. Our health care system with its strong leadership and brave, skilled care teams have led the way in planning and […]
Senior leaders and care teams quickly developed a detailed response plan in preparation for a potential surge of coronavirus contagion and mortality. Hospital providers tailored their plans to meet the needs of the communities they serve, starting with preparing for daily high-volume consumer testing and an influx of patients to the ED who had coronavirus […]
The gurus say the Age of Pricing Transparency is here. CMS has mandated all hospitals post what they will accept as payment for select services. This is designed to incite consumers to comparison-shop before choosing a hospital provider and to trigger greater competition among hospitals, resulting in lower prices for health care services overall. It […]
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