AccuReg Price Transparency Workshop Featured on Becker’s Hospital Review
An impending federal price transparency deadline has hospitals seeking ways to meet compliance requirements while satisfying patients with a positive financial experience.
In an article from Becker’s Hospital Review, AccuReg Vice President of Business Development Clint Jones, is featured with Deborah Vancleave, vice president of revenue cycle management at Mosaic Life Care (St. Joseph, Mo.), who served as panelists for the AccuReg-sponsored workshop at Becker’s Healthcare Health IT + Revenue Cycle Management Virtual Event in July.
During the workshop, “The Price Transparency Patients Want and the Government Requires,” Jones and Vancleave explored ways hospitals can meet and exceed compliance regulations by providing patients the out-of-pocket costs they desire.
Jones explained that a comprehensive approach to price transparency is needed and that patients need a clear understanding of their costs prior to service so they can compare prices among providers. Vancleave added that true price transparency for patients means understanding their out-of-pocket costs, which includes the total cost of the service, the medical benefit, deductibles and copays. “Without answers to these questions, the patient won’t have enough information to make a competitive decision,” she said.
The answer, they agreed, is to provide patients easily accessible digital technology, such as price estimation software and online scheduling tools. Providing meaningful price transparency also allows for financial conversations to take place earlier in the revenue cycle, which increases the chances of full payment for services.
Read the article on Becker’s Hospital Review.