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Should We Care About the Healthcare Price Transparency Act?
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Welcome to episode six of the RevTech Rx Podcast- Your Prescription for a healthy revenue cycle!
This episode is powered by Streamline Health, a leader in pre-billing coding optimization.
Today's experts are talking about the Price Transparency Mandate, which went into effect on January 1st, 2021. The mandate stipulates that hospitals do two things:
✅ Have a machine-readable file with all items and services
✅ Display shoppable services in a consumer-friendly format
The goal of the mandate is to empower consumers to shop and compare prices at various hospitals to be better equipped with an estimate of how much their financial obligations will be. There are, however, complications that are causing many hospitals to remain non-compliant.
While posting healthcare costs has helped some consumers, there is still a long way to go before this mandate reaches its full potential to benefit the consumer. CMS estimates that it would take the average health system 150 hours to become compliant; however, this isn't a one-size-fits-all answer to compliance. Faced with the current staffing shortages as well as narrowing margins, many hospitals are consciously choosing limited or even outright noncompliance. New technologies are coming online to help patients access pricing information and educational resources about their bills. This enables patients to make informed decisions regarding healthcare services while easing the compliance burden for providers. The future of price transparency is on the way as self-service tools come online so healthcare systems and healthcare consumers can flourish.
Connect with our panel of experts:
David Kosloski- Director of Marketing
https://www.linkedin.com/in/david-kosloski/
Laurence Kessler- Senior VP, Growth and Partnerships at HealthRise
https://www.linkedin.com/in/ljkessler/
Zach Johnson- VP of Solutions, Avelead
https://www.linkedin.com/in/zach-johnson-cc/
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