Identifying high-volume services,
Once the organization has committed to bolstering price transparency, hospitals and health systems should identify their lower-priced, higher-demand services, the Healthcare Financial Management Association (HMFA) advised.
Patients are more likely to seek pricing information on these services since they are commonly delivered. State and federal governments are also targeting these services as part of their price transparency initiatives.
posting pricing information online,
Posting pricing information online may help hospitals and health systems get ahead of the healthcare price transparency push. With some states and now the federal government seeking online hospital pricing information, organizations with online pricing access may find it easier to submit the necessary data to government officials.
Allowing access to hospital prices online is also a more convenient option for patients. As smartphone adoption rises and technological innovations continue, patients are seeking healthcare cost information in the palm of their hands.
and educating staff on patient financial
Only 23 percent of providers in a 2017 survey said they always discuss patient financial responsibility with their patients prior to care delivery, while 36 percent admitted to never having the talk with their patients.
IMPLEMENT PRICE TRANSPARENCY TOOLS
Technology and software can support hospitals and health systems with price transparency.
For example, Oklahoma-based INTEGRIS health system developed a price estimate tool that provides about 240,000 prices for outpatient procedures each year. The Priceline tool gathers pricing information on outpatient services and links the data to information on financial planners for consumers to use before, during, or after their encounter.
Hospital price transparency is trend unlikely to dissipate in the near future. Healthcare consumers are increasingly becoming more responsible for their healthcare costs under high-deductible health plans and industry leaders are attempting to realign the healthcare industry with that movement.
Price transparency will continue to play a key role in helping consumers receive high-value care and hospitals and health systems will have to consider how their organizations can support patients who are taking control of their healthcare.
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