In an article by Kaiser Health News, the January 2019 HHS requirement of hospitals to post their list prices, the chargemaster, online has not resulted in much pricing transparency for patients. It has led to more confusion on prices instead of providing tangible usable information.
Price Transparency can be helpful for providers and patients when done right
The chargemaster is a list of services, supplies and pharmacy items. It is used by hospitals to bill insurance companies for services rendered. Often, what the insurance companies pay is far below the hospital’s ‘list price’ in the chargemaster. This leaves room for hospitals to reduce their chargemaster prices, which may lower patient responsibility without decreasing reimbursement while enhancing pricing defensibility and transparency. A Comprehensive Pricing Review is a customizable approach that takes into consideration organizational goals, facility costs, market benchmarks and contractual payments. Utilizing our patented R3 pricing software we produce multi-scenario modeling that allows hospitals to optimize their chargemaster prices.
About MedCom Solutions
MedCom Solutions creates patented technology and state-of-the-art software to help medical service providers meet rapidly escalating and changing medical billing demands. Our Chargemaster, Pricing, and Compliance solutions have yielded hundreds of millions in net revenue for healthcare providers across the country.
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