As consumers become more cognizant of the healthcare costs tied to their high deductible plans, governments are becoming increasingly proactive when it comes to boosting hospital price transparency. Even with these efforts towards making improvements, healthcare provider organizations are still experiencing growing pains when it comes to relaying to customers what financial responsibilities they must take on. For an operation such as a primary hip replacement, for example, it’s not uncommon for a mere twenty percent of hospitals to provide the patient a full hospital price estimate. What steps can be taken to create a greater sense of transparency?
Be prepared to tackle the issue of hospital price transparency. Most, if not all healthcare organizations provide services that maintain a greater demand and also carry the lowest prices. Since they are generally the most common services, there is a stronger chance the patient will more than likely want to know more in regards to the pricing information for these services.
Consider a bundled pricing strategy. Generally, a patient will receive a string of unique services when they must undergo a procedure. An operation such as a full joint replacement, for example, may involve several services such as the surgery, post-op care, and management in the event of complications. A patient might be curious about the price of the surgery, but their primary intention is to learn more about the total cost beyond just the surgery. Bundling these prices may create a mutually beneficial arrangement for the patient and the healthcare organization alike.