AccuReg Provides Hospitals Solutions to Federal Price Transparency Regulations
Company’s price transparency solution ensures hospitals fully comply with January 2021 deadline
FRANKLIN, Tenn. – July 14, 2020 – AccuReg, a healthcare technology solutions company, offers hospitals across the country a suite of price transparency solutions that will ensure they meet and exceed the new government compliance requirements that must be implemented by January 2021.
The recent federal ruling has two requirements; hospitals must make negotiated rates public through a machine-readable file and they must provide price estimates for 300 shoppable services in a consumer-friendly manner. Both are required to be easily available on hospital websites.
“Last year we launched AccuReg Estimate My Cost™ which exceeds the functionality required by the government by providing patients negotiated prices for the shoppable services but goes further to give patients what they actually want – highly accurate out-of-pocket cost estimates,” says Paul Shorrosh, Founder and Chief Executive Officer of AccuReg. “In addition, as we monitored the legal cases against the executive order, we moved forward with development of the required machine-readable file to ensure hospitals could move quickly to comply with the regulation. We always strive to be innovative and lead the market and this was an obvious case where we could add value. We are excited to have already implemented a solution for our current partners and now offer it to new hospital customers who need to ensure they are compliant in time for the January 2021 deadline.”
AccuReg’s patient access solutions, which were recently ranked first in the market for the third consecutive year by Black Book Research, includes highly accurate price estimation software used by hospitals across the United States. This serves as the platform for our patient facing estimator and the machine-readable file, ensuring consistent pricing information and the highest level of patient satisfaction.
AccuReg hospitals can now enable their patients to self-estimate their out of pocket costs, which helps prompt a financial conversation resulting in an increase in pre-service revenue while reducing the overall cost to collect. In addition to meeting compliance requirements, providing the right price transparency is critical because it impacts patient satisfaction by creating trust, mitigating frustration and retaining/attracting patients and their related revenue.
Shorrosh says, “For hospitals that haven’t started the journey towards price transparency compliance, this will be challenging to tackle on their own. Partnering with a vendor who can easily implement the solutions needed is the easiest, lowest risk way to become compliant with the new regulations within the timeline required.”
About AccuReg: AccuReg helps hospitals receive maximum payment while doing so as economically and efficiently as possible and enables price transparency by providing transformative patient access solutions. Its cloud-based integrated suite utilizes automation and artificial intelligence to improve revenue capture and the patient financial experience. By combining an exception-based workflow, a top-ranked QA rules engine, intelligent eligibility and benefit validation and complete prior authorization management, AccuReg predicts and prevents denial-causing issues at the front of the revenue cycle where cost is significantly lower than the traditional resource-draining back-end approach. AccuReg also helps hospitals achieve government-mandated price transparency with accurate out-of-pocket price estimates, payment processing and financial assistance qualification. For more information, visit www.AccuRegSoftware.com.