The advantages of price transparency
Consumers want it, typically because they are trying to understand what they will owe or they are price-shopping. It’s also good business, because patients who understand what they will owe are more likely to be able to pay for care. Plus a full 39 states currently have laws mandating that you make your prices available, and CMS has released several rules that require charges be posted on your website in a machine-readable format.
Your consumers want an accurate understanding of what they’ll owe for services before they’re rendered so they can plan financially. Prepare them for their out-of-pocket responsibility and they’ll be more likely to visit you instead of a competitor who doesn’t do so.
The earlier you begin the collection process, the higher the likelihood that you’ll eventually collect. This process begins with providing your patients with an accurate picture of their out-of-pocket responsibility so they can financially prepare to pay for services, either through payment plans or financing.
39 states currently have laws mandating that providers make their prices available to patients, including laws in 20 states that require pricing to be available on your website. CMS’s Meaningful Measures now require that you list standard charges via the Internet in a machine readable formate.
See why the nation's top providers choose Recondo.
The cash flow improvements and cost savings have been very apparent. It’s much less expensive to automate claim status verification with Recondo than add staff.