It’s official! Price transparency in healthcare is closer to reality. President Trump released new rules requiring hospitals to publish their charges and negotiated rates. You may be thinking, “oh this doesn’t affect me! It only affects hospitals and their employed physicians.” But make no mistake, this affects all physicians. Including those providing outpatient services! You may also be thinking, “that’s too complicated because of different insurers and negotiated rates!” The ability to publish your prices through your website with a Price Estimator can be provided in any format you like.
First, why does this affect me?
You see, as hospitals begin to show their prices, the consumers’ mindset will change. Once they realize hospitals are displaying pricing, consumers will expect pricing information for ALL healthcare services. That means from ALL doctors, whether you’re an employee or not. So while the law may not affect you directly, it definitely affects you indirectly.
Jump on the bandwagon, but do it right! Don’t just list your prices as a menu. As discussed here, that’s the worst thing you could do! See how below.
Publish your prices with accuracy
Bundled rate: If you work with a company that pays their employees’ insurance bills directly, then they may pay a bundled price for all of the services that go into a knee replacement for example. If your facility has negotiated a bundled single rate, you can list that cost in a Price Estimator on your website. The benefit of using a Price Estimator like this bariatric surgeon is that when the consumer checks the bundled price, they have to enter their contact info first. Once they submit their “wishlist,” they receive an automated email with the bundled rate and the practice receives the same email with the consumer’s contact info – a lead for follow up!
Negotiated Rates: If your facility has negotiated rates with various insurance companies (the most common) then that means each service has a previously determined rate that you’re allowed to charged based on the insurance company. With a Price Estimator like this surgery center, the consumer can choose the insurance plan they’re a member of, then choose the procedure, enter their contact info and voila!, they receive an estimate specific to that insurance payor and the surgery center receives a lead!
Cash rate: And finally, for most dermatologists, dentists or plastic surgeons, the practice can also list their cash rate for services not typically covered by insurance. The consumer checks their cash rate through the Price Estimator and is less likely to experience sticker shock upon arrival for their consult.
So you see, a flexible Price Estimator can make price transparency accessible and beneficial for everyone – consumers and providers!