New tool available to help hospitals achieve price transparency: 4 things to know

Recondo Technology, a cloud-based revenue cycle applications provider, has introduced a new pricing calculator designed to help hospitals cope with high deductibles and bad debt.

Here are four things to know about the tool.

1. Recondo's pricing calculator allows consumers to produce out-of-pocket estimates themselves from an online calculator on the provider's website, or portal, officials said.

2. Patients using the pricing calculator put in their names, insurance ID number and two to three other data elements. Within 10 to 45 seconds, an estimate appears.

3. A new whitepaper from Recondo, called "The Self-Service Pricing Calculator: The Solution for Pricing Transparency," shows several important capabilities of the new provider-centric calculator. For instance, the pricing calculator offers a price estimate based on the consumer's current levels of insurance coverage, along with the individual hospital's negotiated rates with insurers, according to a news release. Additionally, the tool is powered by rules-based engines that automatically query, retrieve and combine data from payer portals with the hospital's chargemaster data and payer contracts. Analysis of previously adjudicated claims is also used to identify variances.

4. The announcement of Recondo's new pricing calculator comes as 39 states have recently passed price transparency regulations. According to a news release, most of these states require hospitals to post online the amount they charge insurers for their most common procedures.

 

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