It’s not just about compliance, it’s about the patient experience. You can achieve price transparency compliance with a complex excel document and a list of 300 services. But, that’s not what your patients are hoping for. Our patient self-service Price Estimator is not only compliant with the new regulatory requirements, but also provides a premier patient experience.
Although the Price Transparency rule went into effect January 1st, many hospitals and health systems are not yet compliant with the rule’s requirements. With a penalty of $300.00 per day for non-compliance, and with CMS signaling additional penalties down the road, it’s vitally important to get a solution deployed quickly.
To help with this, we are prioritizing all Price Estimator installations. As such, we can have your fully customized price estimator solution deployed in as little as 30 days.
There are two main requirements outlined by CMS: Posting of Standard Charges and a listing of consumer-friendly shoppable services.
Post “Standard Charges” online in a machine-readable format. The file must include:
A. Post a list of 300 “Consumer-Friendly Shoppable Services”:
B. Provide an “Internet based price estimation tool”
(HINT: This is the patient-preferred option.)
With a non-compliance penalty of $300 per day; choosing to not comply with the Price Transparency Rule can be costly. Assuming the average ER visit nets you around $1,000; you would have to do 109 more ER visits each year to cover the cost of this non-compliance penalty.
Integrations can be complicated and messy. Which is why we specifically designed our Price Estimator so that it doesn’t require an integration with your EMR or any other practice management systems.
From the services you offer to the patients you care for, and even the business processes that support those services, your healthcare organization is unique. That’s why we work with you as a partner to customize our Price Estimator to fit your needs. Such as...
Our development team is working with our partners at AccuReg to create a real-time insurance verification and lookup that incorporates directly into our Price Estimator. This will allow your patients to see how their current coverage (including copays and deductibles) will influence the price of their procedure.
Having transparent prices can be an important first step in the patient acquisition process. After patients estimate their prices, they’ll want to communicate with the registration team, request an appointment, and start their registration process without having to fill out a bunch of forms.
Lucky for you and your patients, we can help with all of that!