A recent article by ECG Management Consultants discusses the importance and new rules of price transparency.
Editor's Note: This article originally appeared on ECG's website.
Price transparency is not a new concept for the healthcare provider market. There has been a year-over-year increase in consumer out-of-pocket cost and recent legislation requiring online access to provider charge master pricing. This is spurring heavy investment from technology and revenue cycle vendors looking to capitalize on closing the knowledge gap for estimating out-of-pocket costs that are specific to an individual’s scheduled services and their respective health plan. Many states now also have transparency websites that compare price and quality for inpatient and outpatient services using all-payer claims databases. This data is great for consumers, as it can be used for shopping and household budgeting. However, these advances in transparency create unique challenges for healthcare providers, and the data available does not always translate into a patient’s out-of-pocket cost, which can be confusing and misleading for consumers. Click here to continue>>
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