Successfully Tackling Price Transparency
Quick Read: Becker’s Hospital CFO Report Article
Deborah Vancleave on Mosaic’s price transparency efforts
Industry Thought Leader Blog – AccuReg CEO Paul Shorrosh
How Hospitals Get Ahead of Trump’s Executive Order on Price Transparency
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What is the Right Solution for Price Transparency?
“Think of the emotional burden that is lifted when you know that a procedure is going to cost you out of pocket X amount of dollars as opposed to an unknown that you may not be able to cover. That is one of the prime selling points for a provider to their patients, is that peace of mind.”
Brian Fulford, VP of Information Technology, AccuReg
Accurate patient financial estimates without the burden on your staff.
As patients finally become consumers, providers must give them the tools they need for price transparency, or risk losing their “customers” to a hospital that does. But even when your team has access to the best estimation tool, responding to patient inquires and “shoppers” can cut into productivity and delay other critical responsibilities. AccuReg’s Estimate My Cost™ patient facing estimator alleviates that burden by putting the same powerful tool available to your staff at the fingertips of your patients. Patient self-service estimating is available by clicking a link on your hospital website from the convenience of their own home or wherever they might be on their mobile device, filling out a few fields, and receiving an accurate estimate of services at or before point-of-service. Each estimate includes a reference code they can share with your staff, making it easy to verify it correctly includes the services to be provided. From there we give you the ability accept payment at point of service, when the likelihood of collecting revenue is the greatest and the cost is the lowest.
Empower patients with procedure price estimates and increase your hospital’s opportunity to get paid faster.
Estimate My Cost utilizes our Payment Estimation and Collection tool, to provide the most accurate patient payment estimates. It combines data from the provider’s charge master, claims history, payer contract terms and the patient’s insurance benefits to generate either a self-pay estimate or price estimates for services using their insurance information. Patients can keep a copy of their reference number or print a copy of their estimate for reference. Real-time benefits are applied, communicating to patients an accurate estimate of their out-of-pocket obligations, and securing more revenue for providers.