United States

Pricing transparency: A multiyear approach

HFMA National Institute—ANI 2016 presentation recap

ARTICLE  | 

Complicating factors mean that the effort to move toward pricing transparency is a multiyear process for health systems. A growing number of hospitals and health systems are looking to revise their pricing structures as a necessary component of providing price transparency.

Jim Sink, principal at RSM US LLP, said recently at HFMA National Institute—ANI 2016 meeting that hospitals and health systems should be prepared to take three to five years to develop rational pricing, which reflects their actual costs.

“They need to acknowledge it’s a multiyear transformation and requires the engagement of many different stakeholders throughout the organization,” Sink said.

Read more in HFMA’s recap article, Why price transparency is a multiyear strategy.

In addition, read about Florida Hospital’s efforts to transform its pricing strategy to meet patients’ growing needs in this case study.

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