At some point in our lives, almost all of us have earned a stellar report card. Even going all the way back to kindergarten where grades were based more on sharing your crayons and singing your A-B-Cs, you probably recall how fantastic it felt to be told you were doing…well, fantastic. Conversely, even the most scholarly student can usually remember a report card that made them feel irate or downright furious.
Fast-forward to our professional lives: While we have annual reviews and organizational KPIs, we no longer have to worry about receiving a single letter grade for performance. Sometimes however, that single letter grade can be helpful in demonstrating relative performance across a group. The Health Care Incentives Improvement Institute did just that in their recent Catalyst for Payment Reform Report Card. It rated all 50 states’ performance regarding price transparency in healthcare, evaluating factors such as whether pricing information is available to consumers and how this pricing information is disclosed.
The bad news: 43 states earned an “F” in providing price transparency in healthcare costs. (The states with passing grades are Colorado, Maine, New Hampshire, Oregon, Virginia, Vermont and Arkansas.)
The good news: Poor price transparency is a fixable problem.
According to KPMG, healthcare organizations can take five steps to implement price transparency. The first steps address your strategic pricing strategy; for instance, reassessing charges and reviewing comparative pricing. The latter steps address implementation; for instance, integrating price transparency into your policies and workflow. KPMG also stresses the importance of developing processes that make pricing information available to patients.
More and more, healthcare organizations are comparatively ranked based on how they provide pricing information to patients. Additionally, organizations that provide this information before or at time of service can improve patient satisfaction and increase patient payments. Fortunately, Navicure has tools that can automate care estimation processes so you can maintain staff productivity. Learn how Navicure® Care Estimator™ can help you reach your patient payment goals…and make an “A” in price transparency!