On January 1, 2021, CMS began implementing hospital pricing transparency requirements. Additionally, CMS released an article on December 18, 2020, in their MLN Connects Special Edition Newsletter indicating that they intend to audit hospitals beginning in early January to ensure compliance with these new regulations and issue penalties for non-compliant entities.
Please Note:
CMS has stated that failure to adhere to this pricing transparency provision could lead to:
- Written Warning,
- Corrective Action Plans
- Monetary Penalties (Up To $300/Day/Hospital)
Helping You Comply
MedCom is always ready to help you evaluate whether or not your facility adheres to the CMS requirements using a post-implementation assessment. These quick assessments compare your hospital’s efforts against the key standards on CMS’s checklist. The results either confirm your adherence or identify weaknesses on which you can improve. Depend on us to help you create an improvement strategy to reach full compliance. And because we primarily use 835 payment data for your payment experience, the opportunity exists for you to discover new and trending areas for revenue growth through our 835 payment analytics service, such as key payment indicator monitoring or denials analysis.
About MedCom Solutions
MedCom Solutions is a leading name when it comes to creating patented technology and state-of-the-art billing software to support medical service providers. Our Chargemaster, pricing, and compliance solutions have yielded hundreds of millions in net revenue for healthcare providers nationwide. Contact us today to learn more about hospital pricing transparency.