The principle of transparency is a good thing for most businesses. It ensures that honesty and accuracy are paramount in the day-to-day dealings of a company. Hospital pricing transparency is a case in point. Our team at MedCom Solutions will explain in this blog how it may affect your facility.
In 2020, the Centers for Medicare and Medicaid Services (CMS) ruled that hospitals must release prices for 300 services. It did much to enforce transparency. Not only do these medical centers have to disclose prices for so-called “shoppable services,” but they also have to state the lowest amount they will accept from consumers paying on their own. A shoppable service, by definition, is one that a patient can schedule in advance at their convenience.
What does all this mean for hospitals? Over time, it is expected to lower health care costs by allowing consumers to do their own pricing analyses and shop around for the perceived best value. That is the intended benefit for the public, but it may also help bodies such as insurance companies and labor unions who make large purchases of health care services. Depending on their market, hospitals may be negatively affected based on the competition in their area and their reputation, for example. There is an ongoing debate about this issue, and we are here to help.
MedCom Solutions provides a unique combination of clinical expertise and proprietary technology 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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