With CMS Price Transparency Ruling In Effect, Healthcare Providers Believe More Requirements to Come
CMS Price Transparency Market Report: January 2018
Highlights
- Recent survey shows 95 percent are still somewhat or very concerned about how their charges will be perceived by the public
- 64 percent believe CMS has taken price transparency requirements too far
- However, healthcare providers expect it to go further, as 93 percent believe CMS will eventually require comparative charge data and patient estimates to be posted online
Summary
With the CMS price transparency mandate officially in effect, many hospitals believe the Agency is just getting started in setting new requirements to drive a more patient-centric experience.
In fact, 93 percent of healthcare providers believe CMS will eventually require comparative charge data and out-of-pocket patient estimates to be posted online, according to a survey of 80 healthcare executives on a recent webinar hosted by PMMC.
Additionally, providers have voiced great concern over controlling the public’s perception of their standard charges as 95 percent noted they are still “somewhat” or “very” concerned how their charges will be perceived by the public.
The webinar addressed the additional frequently asked questions (FAQ’s) provided by CMS and surveyed over 80 healthcare executives to gauge their confidence level regarding their ability to effectively control the pricing message and gain insight into how they expect this rule to unfold in the coming months. Some expressed a sense of optimism, but the majority revealed some concern over how far CMS will take its price transparency initiative (64 percent of respondents said they believe that CMS has already taken price transparency requirements too far).
With so many providers concerned about the public’s perception of their CDM charges, hospitals agree that the best solution is to take a proactive approach in assuring patients that the charge list is not equal to their out-of-pocket costs. This starts with a hospital’s ability to control the pricing message rather than reacting to how patients perceive the charges on their own.
From the patient’s perspective, the key is to provide them with a simple explanation of the charges so they feel empowered to make their healthcare decisions with confidence.
Providers that work diligently to stay informed on changes in regulations will be the ones best prepared to respond quickly to the mandates. These healthcare providers will be industry leaders as opposed to providers that simply wait to see how others respond.
It's evident from the survey that healthcare providers believe posting the Chargemaster is the first step in a process that will eventually require hospitals to post comparative charge data and patient estimates to be posted.
Whether or not the mandate trends in this direction, the survey illustrates how important it is for providers to remain vigilant and collaborate internally to develop a plan for addressing price transparency as it continues to evolve in 2019.
Learn More on What to Expect From CMS Mandate
To learn more about the CMS price transparency rule and how to control the pricing message, click here.
___________________________________________Book Your Strategy Session
To discuss a price transparency strategy for your hospital, schedule your strategy session today.