Price transparency isn’t just a compliance measure — it’s become a patient preference.
Price transparency has become an issue for both patients and providers post-Covid — for patients in particular, the lack thereof.
In a survey by the Marist Poll for Patient’s Rights Advocate, 93% of respondents said hospitals should be required to post their prices, not estimates, for planned care in advance.
Legislation like the No Surprises Act and Lower Costs, More Transparency Act, which was passed to the House of Representatives in December, were developed to increase hospital and provider price transparency, but many are struggling to adhere.
The Centers for Medicare and Medicaid Services (CMS) has not been lenient in their efforts to hold organizations accountable. In April 2023, it announced that noncompliant hospitals would be required to complete a corrective action plan by a deadline, impose earlier civil monetary penalties, and streamline the compliance process.
As hospitals and organizations continue to struggle comply with price transparency regulations, one helpful strategy, according to Tina Barsallo, vice president of revenue cycle operations at Lifepoint Health, is to work with other providers.
“If possible, pull a team together to create joint ownership and partnership in creation of the tools and to help drive consistency and compliance,” Barsallo previously told HealthLeaders.
“Reach out to peers to brainstorm on ways they have accomplished compliance, so you don’t need to reinvent the wheel.”
Jasmyne Ray is the revenue cycle editor at HealthLeaders.