Chargemaster & Price Transparency: Building Patient Loyalty while Improving Financial Performance
Based on changes to the IPPS Final Rule, beginning in January 2019, hospitals will be required to publish a list of their standard charges online. This regulatory requirement presents an opportunity for healthcare finance teams to grow their market share and provide patients with accurate payment estimates. Trends indicate patients are “shopping” for providers with the best quality and cost, just as they do with any other commodity. This shift, along with changing reimbursement models and new regulatory requirements, motivates hospitals and health systems to adopt a consumerism-approach to healthcare which will attract and retain patients.
A Craneware customer will share their experience and the success that began with a thorough review of the hospital’s chargemaster. From the review, the customer achieved its strategic goal of creating a market based pricing strategy that keeps them competitive while also maximizing the changing payment methodologies impact rural hospitals.
In this session, presenters will share how they used the chargemaster as the foundation to build a competitive pricing strategy. Attendees will learn how to review and use their chargemaster to create a market-based pricing strategy while significantly improving patient loyalty and maximizing financial performance. The approach raised patient satisfaction, increased patient payment, and improved the hospital’s financial outcomes.
Topics Covered include:
- Engaging with key stakeholders early on in the chargemaster review initiative, communicating the project as a top-priority and ensuring ongoing participation in chargemaster processes
- Establishing a market-based pricing strategy using accurate charge data by comparing prices against competitors
- Implementing a process for pricing assessment, and establishing a timeline for continual reevaluation of charges using a 100% market-competitive chargemaster
- Identifying a strategic, multidisciplinary team comprised of clinical, non-clinical and IT professionals to champion a cross-department chargemaster review with pricing adjustments
- Making prices available to patients online to become fully transparent
- Identify common challenges that healthcare providers face to keep prices competitive and increase revenue
- Describe the importance of performing a thorough chargemaster review to identify areas of pricing variance
- Explain why healthcare organizations should spend a year focusing solely on chargemaster maintenance in order to see ROI
- Discuss how increased patient loyalty can significantly impact a healthcare organization’s bottom line
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