Price transparency is an important part of a competitive healthcare market that best serves its customers. With price transparency, patients are told what they owe and are also able to shop for the least expensive healthcare possible. This allows consumers to have more control over their expenses. However, there are some concerns that this might place a greater administrative burden on medical coders and other administrative staff.
Empowering Patients Through Improved Access to Information
With price transparency, any expenses that a patient incurs by receiving treatment need to be written in a clear format. The expenses need to be spelled out before the patient will receive care. This allows the patient to compare healthcare costs across a range of providers to find out which provider will offer the best deal.
Consumers are given access to personalized cost-sharing information including their liability. This can be viewed through an online tool and paper documents can also be sent to the patient upon request.
How Price Transparency Helps Patients Negotiate
When a patient has transparency regarding the actual price, they will be in a stronger negotiation position. They will be able to ask for better discounts. There are additional changes that need to be made. For example, patients need to be taught how to use price comparison tools effectively. However, to get started with negotiations, patients must first know the price they must pay.
Price Transparency Research and Entrepreneurship
One of the advantages of the price transparency mandate is that it opens up opportunities for researchers and entrepreneurs to build tools that can assist patients in better making financial decisions regarding their healthcare. Issuers are allowed to take credit for payments in their medical loss ratio calculations.
Medical Coding Services Help with Price Transparency
Price transparency will improve the well-being of your patients, so it's important that you do everything possible to provide transparency. Fortunately, there are ways in which third party medical coding solutions can reduce the costs associated with price transparency.
Medical coding services work closely with a hospital to ensure that they reduce the costs of offering price transparency. They have improved clinical documentation methods and offer flexible and accurate medical coding solutions. With the help of medical coders, you can more easily meet the requirement for keeping all patient data in a comprehensive file that can be read by all systems and that includes common billing and accounting codes.
Share21 January 2020
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