The challenges of giving pricing details

Aug 24, 2015 | Healthcare Accounts Receivable

On this blog, we've discussed the growing trend toward transparency in hospital pricing systems. When patients are most apprised of the information concerning the ultimate cost of treatments and procedures, they're more likely to make good financial decisions to address payments. Those who are caught off guard by the high cost of treatments may be the least capable of chipping away at debt after the procedure has been completed. 

"We don't want patients to not get the care they need because they're afraid it's too expensive," said Dr. Dennis Dimitri, president of the Massachusetts Medical Society, in an interview with Healthcare Finance News. "It's reasonable for patients to understand the cost of their own care and ask, 'Is this something that is really necessary? Is there a way to do this that will still be of good quality but not as expensive?'"

Providing reliable cost information to patients can be difficult without devoting serious time and attention to a plan for transparency. A worst-case scenario would be releasing pricing information that turns out to be inaccurate or unreliable, so exactitude is key. Publishing pricing can help create an end-to-end experience in which patients feel informed and included in the process. Before selecting a provider, it also helps them to determine where to seek care that meets their financial abilities and limitations. 

If your hospital, medical center, clinic or private practice currently allocates too many resources to managing billing and collections, making the decision to outsource receivables management can reduce the burden. Contact Professional Medical Services today to learn more about how our services can boost finance efficiency at your medical facility.