Price Transparency, The Future of Healthcare
Regardless of where price transparency regulations land, compliance isn’t the only reason hospitals should solve for price transparency. The reality is, CMS price transparency rules requiring you post standard charges for “shoppable” services don’t enable patients to fully understand the cost of their care. Leading hospitals and health systems are putting their strategic focus on providing a more positive patient financial experience that gives actual transparency into out-out-pocket costs and helps increase POS collections.
Patients are demanding control over their healthcare purchasing decisions, and what they really want to know is “how much do I owe?” The only way to answer that question, in a consumer-friendly way that meets patient needs and improves your hospital’s bottom line, is with accurate estimates of patients’ out-of-pocket costs.
How To Effectively Deliver Patient Price Estimates
By leveraging patient cost estimation tools, you start the conversation with patients around payment, earlier, and create a more consumer-centric patient financial experience.
AccuReg offers both staff-facing and patient self-service price estimation tools that share the same data to deliver consistent estimates:
A staff-facing patient payment estimator, this tool uses predictive estimation to generate guaranteed estimates and deploys real-time alerts to help your hospital staff communicate out-of-pocket obligations and increase cash collections
Estimate My Cost™
A self-service cost estimate tool that enables your patients to create accurate out-of-pocket price estimates, anytime, anywhere, increasing your hospital’s opportunity to get paid faster
Why Choose AccuReg Patient Estimation Software
As a leading healthcare price transparency company and revenue cycle management company, AccuReg developed Price Estimation and Estimate My Cost to improve patient satisfaction and help hospitals collect more cash—not just to meet government requirements.
With the ability to generate either self-pay estimates or patient price estimates for services using insurance information and real-time deductible information, our patient cost estimation solutions:
- Give patients accurate estimations of their actual out-of-pocket costs
- Provide patients with reference numbers or print copies to verify accuracy at POS
- Leverage the same data for both solutions to ensure consistency and avoid discrepancies between the estimates your staff provides and what patients self-service
- Help prepare for government regulations by leveraging chargemaster, payer contract terms, claims history and patient insurance benefits
- Incorporate AI, to consider claims history and predict what associated procedures will likely occur in conjunction with scheduled procedures
Estimate My Cost™ Self-Service Estimate
The Benefits of Offering Patient Payment Estimates
When your hospital offers patient price estimates, you not only give your patients the benefit of transparent information that enables them to plan for the cost of their care, you:
- Collect more cash up-front
- Save your hospital the headache of potential compliance violation fines
- Reduce burden on your staff
- Help avoid back-end collections and bad debt
- Improve patient financial experience
- Increase competition by offering tools that other hospitals may not offer
AccuReg Payment Estimation and Estimate My Cost help hospitals communicate out-of-pocket obligations and secure more revenue up-front, when your chances of collecting are the greatest and the cost is the lowest. Change the way your hospital starts the conversation around payment. Contact our team by completing a contact request form or calling us direct at 866-872-7498.
We are able to provide more transparency with the patient so they can either pay up front, if they can–or if they can’t, they’re not surprised by the amount that comes on their bill later.
AccuReg automates eligibility, quality auditing, estimation and real-time feedback of deficiencies in the registration process. Their suite is fully integrated for the front end and it saved our organization time and money by providing an accurate, streamlined process for our registration clerks.