It’s no secret that the U.S. health care market is unlike any other market. Patients rarely know what they will owe for services until after they’ve received them. Recondo has responded to market demand with a price transparency tool that leverages SurePayHealth accuracy with a consumer-friendly tool that goes beyond merely being compliant, with a procedure list of total charges. Patients no longer have to wonder what a service or procedure will cost them. Now, they can generate an estimate for care at their convenience.
Research strongly suggests that patients want price information from their own physicians and hospitals. If providers don’t offer this service, payers and other third-parties are anxious to fill this void.
- Provides a true and accurate picture of a patient’s out-of pocket costs for financial planning purposes. Using Recondo’s MySurePayHealth for price transparency allows patients to get pricing information in a self-service manner with minimal patient input data to get price information in real-time.
- Increases the level of patient satisfaction and likelihood to pay. Informing patients of their financial responsibility prior to rendering services not only increases their level of satisfaction, but it encourages the patient to arrive prepared to pay because of the prior cost knowledge and ability to financially plan if need be.
- Decreases the amount of manual effort involved for pricing inquiry management. Implementing MySurePayHealth allows patient access staff to focus on more revenue generating tasks by significantly reducing the need to answer calls from patients to discuss their out-of-pocket costs.
- Decrease uncompensated care. Deductibles have tripled in the last 10 years and the percentage of patients with high-deductible plans continues grow. This means patients have a higher financial obligation than ever before. Providers who discuss costs before delivering care double their likelihood of being paid.
- Enables organizations to achieve Price Transparency initiatives: More and more organizations have identified Price Transparency as a key revenue cycle objective for their coming fiscal year.
- Drive increased usage of your patient portal. Online estimates can help achieve meaningful use patient portal usage requirements with accurate, online patient estimates. Developing a patient portal that’s user-friendly, that speaks to the patient on a personal level and provides them with real-time, accurate cost information will increase the usage of web portals and the usage of self-service to acquire health information.