Slide Share: Price Transparency: Getting Ready for Seismic Changes
Patient Payment Ripples Give Way to Seismic Waves
In recent years, healthcare organizations have started adapting patient payment processes to address higher patient financial responsibilities and consumer payment behaviors. Where these changes are creating waves, we may soon see some of seismic proportions due to existing and emerging price transparency laws*.
Healthcare leaders agree price transparency is helpful for patients, but not all have implemented changes. The time has come for them to realize incorporating price transparency is becoming less of a nice-to-have and more of an imperative. The following slides provide more details on this growing trend and steps to price transparency implementation.
*Becker’s Hospital CFO, 5 ways executives should prepare for pricing transparency from KPMG, July, 2016
Only Three States Made the Grade in Healthcare Price Transparency…
Recently, an independent healthcare think tank graded all 50 states on how well they’re doing regarding healthcare price transparency, including factors such as pricing information availability and how it’s disclosed to patients. With 43 states earning an “F” and only three receiving an “A,” it’s clear many healthcare organizations have a lot of work to do*!
*Catalyst for Payment Perform, Report Card on State Price Transparency Laws, July 2016
…But Many States Are Trying to Make the Grade
It’s clear many government leaders aren’t satisfied with their scores, so they are making changes. For example, in Florida:
*Modern Healthcare, Florida governor signs law shielding patients from surprise medical bills, April 2016
**The Florida Senate, 2016 Bill Summaries: Transparency in Health Care
The Good News about Implementing Price Transparency
If your list of strategic priorities already seems exhaustive, here’s good news about price transparency:
Step 1: Evaluate When You Present Pricing Information to Patients
Patients benefit from having pricing information as early as possible—and so does your revenue cycle. Patients who receive cost estimates earlier are more likely to pay earlier. Some ideas:
Step 2: Evaluate How You Present Pricing Information to Patients
Many front office or patient access staff didn’t think they’d be requesting patient payments when they were hired… and talking about costs can seem daunting! That’s why it’s important to make sure your front line team knows exactly how to present pricing information and ask for payments. Some ideas:
Step 3: Evaluate How You Confirm Patient Understanding of Pricing Information
Price transparency is far more effective when patients feel they can ask several questions to fully understand costs and payment options. Make sure your team knows it’s OK to spend time answering questions.