Price transparency is an important part of being consumer-centric.
Jim Lazarus, Managing Director of Strategy and Innovation, Revenue Cycle Solutions Division, The Advisory Board Company: For many, the new era of price transparency remains maddeningly opaque. When patients search for procedure costs, they typically find the average price, not their actual patient obligation. This type of inaccurate estimate can decrease volumes and patient satisfaction. So what do hospitals need to do? It's important to become truly consumer-centric. As patients bear more of the cost of their care, they need accurate and easy-to-understand pricing information specific to their insurance coverage — both their benefits and the price their insurance carrier has negotiated with the hospital. In the past, a lot of organizations were afraid that sharing financial obligation information before the point of service would scare patients away. Today, if you can't provide this information upfront, you run the risk of losing patients to competitors who can. Read my colleagues' recent blog post, "Why Price Transparency Is Failing Your Patients," to read more about how to achieve this important goal.
If you would like to share your RCM best practices, please email Carrie Pallardy at cpallardy@beckershealthcare.com to be featured in the "RCM tip of the day" series.