Transparent
- Based on acuity, utilization, a consistent mark-up, and market-tested
- A natural product of a charge master reconfiguration
- Restores ratio of costs-to-charges (the RCC)
Our Process
We use our third generation algorithm to analyze charge and payer data. This confirms the unique and changing relationships among payers and the several elements that drive patient visits and revenue. This enables us to determine service line strength, including service lines that are emerging as strong contributors.
Algorithmic analysis also enables us to provide a charge master reconfiguration.This is based on acuity, utilization, and using a consistent mark-up. We complete a fresh market analysis to ensure our charges are market-tested and then reduce charges and contractual allowances strategically to ensure preservation of net revenue.
This 3-step process immediately improves the ratio of costs-to-charges (the RCC) and begins to restore the original purpose of the hospital charge master by more closely aligning charges to costs. Also, this sets-up a forward strategy to data-test potential alternatives to FFS that deliver more net revenue for specific service lines.
Deliverables
1. Exceeds federal guidelines for pricing transparency
2. Consistent with today’s consumerism that demands ease-of-purchase
3. Optimizes the digital platform that welcomes consumers
4. An imperative for an effective telehealth strategy
5. Essential to satisfying consumer needs
The new Transparency speaks directly to your patient process and hospital culture, making it a smart patient engagement tool and an effective patient acquisition strategy.