Strategies for Greater Transparency
With increased regulatory requirements for hospital pricing and a focus on improving the overall price transparency of hospital charges and out-of-pocket costs for patients, healthcare providers will be pushed by CMS, private insurance companies, employers, and consumers to provide better information regarding the cost and value of services. Our experienced professionals can help hospitals develop short- and long-term strategies that can position them for success.
Regulatory Requirement Assistance
Being prepared to meet the complex requirements in CMS’ Final Rule by January 1, 2021, can seem daunting. BKD’s professionals can help hospitals develop a timeline and detailed files to assist in meeting the requirements.
Transparent Pricing Strategy
As hospitals prepare to meet price transparency regulatory requirements, developing, articulating, and assessing the financial effect of a defensible pricing strategy will be an important part of the hospital’s process. BKD’s professionals have assisted hospitals with pricing strategy for more than 20 years and can help hospitals integrate pricing strategy and margin improvement—if available—while meeting regulatory requirements.
- Desired market position
- Net revenue requirement
- Shoppable services pricing strategy
Consumer Price Estimation Readiness
CMS’ Final Rule creates a policy to deem hospitals that offer internet-based price estimator tools as having met the requirement to post charges in a consumer-friendly format if the tool meets specific requirements. BKD’s professionals can help hospitals select and implement tools to satisfy the requirement.
Readiness Assessment
BKD’s professionals can provide an assessment to help your hospital evaluate its readiness to meet price transparency requirements. Please reach out to schedule your hospital’s assessment.
