As hospitals implement a federal requirement to publish their standard charges online, they should develop a well thought-out pricing narrative to manage consumer confidence, advised James Zadoorian, PhD, managing principal at ARxChange, which designs patient financial revenue systems.
"To this end, a good initial step involves proactively framing community conversations to prevent them from spiraling into brand-damaging exposés or price-gouging news headlines," said Dr. Zadoorian.
One approach he recommended involves going to market with a board/CEO level communication series that "strikes a heartfelt balance between what services truly cost and why, and what you're doing to make them as affordable as possible within your limits."
Dr. Zadoorian also recommended using and monitoring social media.
"In particular, be on high alert, consider using brand representatives or influencers to promote price thoughtfulness, and be ready to respond to backlash ahead of it going viral," he said. "Above all, manage price confidence with the same vigilance and attentiveness used to manage clinical confidence. Be transparent about systemic factors that drive price and inequalities, disabuse perceptions with facts, and get ahead of negative narratives before they form."
If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the "RCM tip of the day" series.