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Health care pricing transparency: Value-driven economics
In an era of accelerating health care costs, consumers are increasingly requiring—while regulatory forces and digital transformation are enabling—more complete information in pursuit of measurable value. In short, health care organizations positioned to compete on value will fare better than those who are not. This is the overriding objective of pricing (and value) transparency.
Health care providers most effectively managing cost, clinical variation and patient experience are more likely to thrive in this more transparent environment. In order to remain relevant, health care organizations must embrace and get ahead of this movement and launch a comprehensive pricing transparency readiness strategy.
Our consultants work with your team to evaluate your organization’s transparency strategy. We advise our clients to consider the following steps:
- Comply with regulatory reporting requirements due Jan. 1, 2021
- Leverage cost accounting, market, managed care data, and advanced revenue modeling to drive enterprise-wide chargemaster alignment and rationalization strategy
- Accelerate the transition toward a digital financial patient relationship with special emphasis on patient estimation, scheduling, cash collections and the overall patient experience
- Embrace value-driven, prospective or capitated managed care incentives; de-emphasize charge-sensitive payment arrangements
- Implement patient-level costing and clinical reporting, enabling measurement and reduction of clinical and cost variation
- Develop and implement an enterprise advanced analytics strategy enabling more effective measurement and timely resolution of clinical/financial performance variation
The need for price transparency has taken on increasing importance in health care. What should health systems and hospitals do to get ready?
RSM’s health care professionals provide insights on how organizations can address price transparency needs and solutions.
Pricing transparency is a widely discussed topic in health care as patients view themselves as consumers with more control over choice.
How can we help you?
To discuss how our team can help your business, contact us by phone 800.274.3978 or