As consumers pay closer attention to the healthcare costs when they have plans involving high deductibles, governments are taking greater steps to boost hospital price transparency. Despite this, provider organizations are still experiencing difficulties when it comes to informing customers about their patient financial responsibility. For an operation such as a primary hip replacement, for example, just over twenty percent of hospitals were able to provide a full hospital price estimate, according to a team of researchers. So, what can be done? Let’s explore a pair of possible strategies.
Take the initial steps to be ready for hospital price transparency. Healthcare organizations should take some time to determine which of their services retain the highest demand and are also the lowest priced. Because they are among the most common, there are greater odds of a patient wanting to learn more regarding the pricing information.
Evaluate bundled pricing options. Typically, a patient will receive a multitude of services when they undergo a procedure. A complete joint replacement, for example, may include services such as the surgery, post-op care, and management for complications. A patient may wish to know how much the surgery is, but what they really want to know is what the total cost will be. Bundling these prices may make things easier for patients and the organization alike.
This update is by Medical Accounts Systems, a full-service healthcare revenue cycle management company providing a number of services including insurance follow up and managed care disputes, physician reimbursement, extended business office services, and more. For additional information on our services or for any questions you may have on topics such as medical debt collection, please call 877-759-6315.