Embrace, Don’t Fear, Price Transparency

With more financial skin in the game than ever, patients are becoming price-conscious consumers who care deeply about the cost of their health care. Although the Centers for Medicare and Medicaid Services (CMS) requires hospitals to post fees, accurate and timely price transparency remains elusive. Though it is a difficult process, price transparency, done well, can increase practice income and prompt patient loyalty. Read the complete article via Renal & Urology News and find out what Paul Shorrosh, founder and CEO of AccuReg, has to say about the importance of price transparency and offering patients price estimations prior to service.

Highlights from this Article:

Paul Shorrosh, AccuReg Founder and CEO

“In health care, the only time a dollar is worth a dollar is prior to service,” Shorrosh said. “With every day that passes after service is provided, the likelihood of getting paid goes down and the cost to collect it goes up.

“If a provider can estimate a patient’s liability and their propensity to pay it, they can offer appropriate financial assistance options to patients that need help, including presumptive charity, which saves them from paying staff or agencies to figure that out later with a charity process that is costly to providers and burdensome to patients.”

AccuReg fully automates the process and uses predictive analytics and machine learning rules to intelligently determine the right payer, procedure, benefits, co-pay, deductible and co-insurance. The goal is to secure payment in full prior to service when possible, which increases the likelihood of payment, reduces bad debt and the cost to collect. At the same time, it makes care affordable for those who need it.

Click here to read the full article.