Patients are not the only ones who will benefit from the price transparency rule — providers and payers can also gain competitive advantages as a result of the regulation. These include being able to deepen relationships with patients and support payment contract negotiations.
CMS has released its proposed inpatient payment rule for fiscal year 2022, which includes a payment bump that could increase reimbursement for hospitals by $2.5 billion. Further, in a win for hospitals, the proposal aims to repeal a part of the price transparency rule related… Read More »CMS proposes putting $2.5B into hospitals’ coffers, eliminating part of price transparency rule
By MATTHEW DALE Did you know that as of January 2021, price transparency is being mandated for hospitals? But what exactly does that mean for company healthcare plans, third-party administrators, healthcare sharing organizations, employers, and employees? It means U.S. hospitals are now required to provide… Read More »Smart Healthcare Platforms Shine a Light On Price Transparency
Though the price transparency rule aims to make it easier for healthcare consumers to compare prices, there is a lack of standardization in how hospitals present the data, making it hard for consumers to shop around for care, a new analysis shows.
Peter Nelson, VP & General Manager, Global Alliances at GHX There’s an old adage that every challenge is merely an opportunity in disguise. COVID-19 highlighted the healthcare industry’s ongoing challenge with producing clean, standardized data. As the industry looks to rebound from the severe financial… Read More »Boost Operational, Clinical and Financial Performance with Good Data
That is the finding from a recent Health Affairs article by Desai et al. (2021). We launched a large online advertising campaign to increase consumers’ awareness about insurer-specific negotiated price information available on New Hampshire’s public price transparency website. Our campaign led to a more… Read More »Patients aren’t great price shoppers
The federal price transparency rule for hospitals went into effect Jan. 1, but a new analysis shows that a majority of providers studied were “unambiguously noncompliant.”
Providers know they need to improve their digital front door to withstand the financial impact of COVID-19, but change can feel risky, especially with so much uncertainty. Experian Health’s recent patient access survey offers a glimpse of what patients hope the digital front door will… Read More »Provider perspectives on the state of patient access
Cedar, a healthcare finance technology company, saw its valuation jump to $3.2 billion after raising $200 million in a Series D funding round. It plans to use the new funds to expand patient touchpoints and build out new use cases.
What You Should Know: – Waystar, a provider of healthcare payments software, today announced the addition of the Text Statements feature to its suite of payment tools. This new solution enables patients to easily view and pay medical bills directly from their smartphone, bringing transparency… Read More »Waystar Launches Price Transparency Solutions to Meet Consumer Demand
How has the pandemic affected consumer attitudes around patient access? What do consumers want when it comes to accessing care? These are the questions providers must answer if they are to survive the pandemic and lay the groundwork for future financial success. Experian Health’s recent… Read More »Patient perspectives on the state of patient access
Through a new collaboration, Humana’s Employer Group members will gain access to IBM Watson Health’s AI-powered digital assistant. The chatbot will provide information on member benefits, claims, referrals and cost estimates for medical services.
Paula Muto, MD, FACSFounder and CEO, UBERDOC, Inc. We are at a watershed moment. The COVID-19 pandemic has forced us to reevaluate our priorities both economically and with regard to public health. Living with a healthcare system that was created in response to an emergency… Read More »A New System to Fit A New Economy: How Healthcare Can Recover From COVID-19
Experian Health products referenced in this blog post: Patient Engagement Solutions Patient Scheduling Precise ID Patient Payment Estimates Patient Payment Solutions To access more insights and trends, download the entire white paper: The State of Patient Access: 2021 How has the pandemic affected consumer attitudes… Read More »The future of patient access: digital front door
A federal appeals court has ruled against hospital groups in their legal challenge to the CMS regulation that would require hospitals to make pricing information publicly available. The rule is set to take effect Jan. 1.
As we close out the year, we asked several healthcare executives to share their predictions and trends for 2021. Kimberly Powell, Vice President & General Manager, NVIDIA Healthcare Federated Learning: The clinical community will increase their use of federated learning approaches to build robust AI models across various… Read More »30 Executives Share Top Healthcare Predictions & Trends to Watch in 2021
The American Hospital Association and several other entities, including some hospitals, filed an emergency motion to block CMS from enforcing the hospital price transparency rule set to take effect Jan. 1. Provider groups are arguing that complying with the rule would shift focus away from… Read More »Provider groups, hospitals file motion to stop CMS from enforcing price transparency rule
As 2020 draws to a close and headlines hint that the end might finally be in sight for the pandemic, the healthcare industry is considering COVID-19’s legacy. The sudden shift to contactless care, financial consequences of widespread social distancing measures and changing expectations of the… Read More »2021 Patient Experience Predictions
How did Starbucks lose $1.2 billion in sales during the pandemic, but still exceed revenue expectations in the last quarter? The answer lies in contactless mobile payments. By making it possible for coffee lovers to pre-order and pay for their morning cappuccino through a mobile… Read More »How to improve collections and patient satisfaction with contactless payments
With high-deductible health plans, larger out of pocket costs, and confusion about medical costs in general, it’s no surprise that patients today face increased financial responsibility. Unfortunately, the current pandemic has introduced an entirely new level of financial responsibility and uncertainty for both patients and… Read More »Success at a glance: patient-centric collections
The final rule requires insurers to disclose information on prices for healthcare services and cost-sharing with patients. The government says it will help lower prices, but insurers aren’t so sure.
A consumer-first healthcare revolution has been simmering for years. Despite efforts to create more human-friendly services, the industry still lags behind other consumer-centric sectors. Patients want healthcare to be simple, convenient and on-demand, but a persistent lack of coordination, accessibility and affordability leaves many struggling… Read More »Patient acquisition and retention strategies to implement post COVID-19
Products referenced in this article: Social Determinants of Health Patient Schedule Member Match Coverage Discovery Patient Financial Advisor Patient Payment Solutions With just a few clicks, patients can book appointments, speak to their doctor, access billing information and pay for care, all without leaving their… Read More »Seniors navigating healthcare technology in a post-COVID world
Few of us would buy a new car or TV without checking the price tag first. Why should our healthcare be any different? Yet this is exactly what many patients are forced to do when they need medical tests or treatment. Following the breadcrumbs on… Read More »Is COVID-19 another catalyst for price transparency?
The regulatory requirements for price transparency are in full effect. The Centers for Medicare and Medicaid Services (CMS) is moving forward with the OPPS Price Transparency Final Rule (CMS-1717-F2), which states that hospitals must provide transparency that will help consumers understand medical costs and make… Read More »Three ways hospitals can support price transparency
Despite the majority of elective procedures being up and running again, patients are still keeping their distance. Nearly half of Americans say they or a family member have delayed care since the beginning of the pandemic, while visits to the emergency room and calls to… Read More »Improving patient intake during COVID-19 starts with patient experience upgrades
Price transparency is no longer a nice to have, it’s a must-have as consumers’ wallets increasingly run dry.
Bill Krause, VP and GM, Digital Experience and Consumer Engagement at Change Healthcare With the rise of healthcare consumerism, people are looking to hospitals, health systems, and physician practices to deliver the same user-friendly, digital experiences they receive from other industries. A recent survey found… Read More »Designing A Digital Experience to Drive Revenue and Patient Engagement
With so many complexities surrounding deductibles, premiums, copays and more, consumers sometimes struggle to understand the financial components of their health plans and are often unaware of the out of pocket for their healthcare needs. Recognizing that confusion about healthcare costs can make it difficult… Read More »Success at a glance: price transparency
A webinar from HealthSparq offers analysis on a consumer sentiment study on health plans. It offers some useful insights on how the public health crisis has laid bare the trust issues consumers have and how insurers can address them to the benefit of both.
Payers have a greater role to play to help members navigate the Covid-19 public health crisis and their future healthcare, according to a new report.
What You Should Know: – 8 in 10 consumers said COVID-19 made telehealth “an indispensable part of the healthcare system, according to a new study commissioned by Change Healthcare. – 2020 Change Healthcare – Harris Poll Consumer Experience Index reveals 65% said they plan to… Read More »8 in 10 Consumers Stated COVID-19 Made Telehealth “Indispensable” in Healthcare Delivery
Medical expenses are often a source of anxiety for many patients, whether they are unsure about the amount owed or how they’ll ultimately pay for it. Unfortunately, intimidating collections processes don’t help, and a crisis like COVID-19 only exacerbates this stress. A more compassionate billing… Read More »4 Ways to Make Patient Collections More Compassionate