Don’t Ask Hospitals How Much Your Care Will Cost, Ask Your Insurance
Imagine you’re planning a cross-country road trip. You know you’ll hit toll roads along the way, but here’s the catch: every toll booth gives you a different answer about how much you’ll pay in total. Some give you an average, others offer a wide range of options, and some just shrug. You’re told to get […]
Engaging Patients with Transparent Pricing and Bundled Services
In one of her popular songs, Alanis Morissette sang about having “ten thousand spoons when all you need is a knife.” Paying for healthcare can feel that way sometimes. There are plenty of messy, less-than-ideal methods for patients to pay their bills, whether it’s health insurance copays, deductibles, coinsurance, or cash payments, that’s a lot […]
Price Transparency Update Coming in 2022
When it comes to healthcare, the government typically has two options for incentivizing specific actions. They can either provide a carrot, or a stick. In the case of price transparency, the government went with the stick approach, with a penalty of $300 a day for noncompliant hospitals beginning as of 01/01/2021. However, they will be bringing out a bigger stick shortly, with an increase in penalties slated for 2022.
Price Transparency – How did we get here, and what comes next?
Since 2015 there have been several attempts by CMS to advance Healthcare Price Transparency. As a bipartisan issue by all administrations, CMS has launched multistage processes trying to address this sore and complex topic.