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Seventy-eight Forum members from healthcare provider organizations shared details on the availability of price transparency tools for patients in an informal poll conducted in April 2014.
The majority of respondents said their organizations could give patients approximate price estimates for uncomplicated or routine hospital services (see the exhibit below).
However, the anecdotal results suggest that price transparency tools are not yet widely available from commercial payers. These payer tools typically help consumers understand the out-of-pocket cost implications of choosing one provider over another. Only seven out of 78 Forum respondents reported more than 40 percent of commercial revenue being tied to a payer that offered members a price transparency tool (see the exhibit below).
But this may change in the foreseeable future. More than half of respondents believe that it will be four years or less before more than 40 percent of their commercial revenue is tied to payers with price transparency tools.
The article is based on an informal Forum poll conducted in April 2014. HFMA thanks all the Forum members who took part in this informal poll.
Learn more about HFMA Forum—and join.
Publication Date: Monday, May 19, 2014
Russ Graney, founder and CEO for Aidin, and John Laursen, head of business development for Aidin, share insights on how to improve care transitions between acute and post-acute care settings and incentivize high-quality patient outcomes.
Scott Elston, strategic accounts manager, GE Healthcare Services, describes how substantial cost reduction in health care requires rethinking business strategy and asset use.
Robert Williams, MD, director, Deloitte Consulting LLP, and Arielle Freiberger, product strategist, ConvergeHEALTH by Deloitte, explain how sophisticated retrospective, real-time, and predictive data analytics can inform decision making to reduce costs and improve care.
Stuart Hanson, director of business development (healthcare solutions) at Citi Retail Services, discusses how improving the payment experience can benefit consumers and healthcare providers.
Scott Schmidt, vice president, Cerner RevWorks, LLC, shares insights on best practices for maximizing a revenue cycle management partnership.
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