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 are being pushed by CMS, private insurance companies, employers, and consumers to provide better information regarding the cost and value of services. In addition, CMS continues to indicate that it will pursue enforcement efforts while monitoring hospitals’ compliance with the price transparency rule. Our experienced professionals can help hospitals develop short- and long-term strategies that can position them with a compliant and competitive pricing strategy.
Transparent Pricing Strategy
As hospitals comply with price transparency regulatory requirements, developing, articulating, and assessing the financial effect of a defensible pricing strategy is 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
Regulatory Requirement Assistance
With CMS price transparency requirements likely to continue into future years, BKD Trusted Advisors™ remain well-versed on current requirements and are monitoring for future guidance. We’re ready to help hospitals develop a timeline and detailed files to assist in meeting the requirements.
