“There is plenty of healthcare pricing data available publicly; the problem is that most of it is 12 to 18 months old,” he wrote in a recent blog post. “To establish a defensible pricing strategy, your health system is better served by accessing current, relevant data that enables custom comparison-to-market pricing results.”
Mr. Smith said using current data helps organizations determine the amount of revenue impact of pricing scenarios, among other benefits.
“A sound pricing strategy compares pricing to CMS, national and custom benchmarks, CMS national, state and hospital benchmarks, cost and relative value unit and fee schedules. New codes should be introduced in your system annually,” he concluded.
If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the “RCM tip of the day” series.
More articles on healthcare finance:
Positive outlook seen for US healthcare stocks this year
Kansas hospital is stable despite manager’s financial struggles, CEO says
Trump administration working on plan for Medicaid block grant program
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
