Now that the CMS has stated that prices for all items and procedures must be posted online, it is important to ensure patients understand what these prices mean to them.
We’ve seen healthcare organizations be effective creating a financial assistance committee that can partner with the community to determine the most efficient way to communicate with patients about what they will owe as well as the multiple options they have to pay it. As you know, the listed price is not what the patient will pay.
At the same time, posting prices online makes this a good opportunity to review your prices to determine if they are set correctly.
In the past, organizations have created a steering committee tasked with reevaluating hospital pricing. With the information about all of your geographic contemporaries online as well, it is important to compare your data with theirs.
Consider the acquisition cost of supplies, devices, and pharmaceuticals necessary for each service to determine where mark-ups can be eliminated.
Finally, use all the information you’ve gathered to renegotiate with your payers to work out a more equitable partnership. Use this time to ensure your partnerships with these payers are clear, concise, and intelligent.
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