One of the biggest rallying cries in healthcare revenue cycle management is price costing transparency. When patients know more about what they owe up front, they will be more able to address those debts in the billing cycle.
However, experts caution decision makers to implement costing platforms that are credible and defensible. Providing a price ahead of time can be problematic when the cost is later revealed to be much greater than expected.
Hospitals and care facilities should avoid issuing prices until they have a high degree of certainty that their estimates will align with reality. This helps build trust with patients and ensures that reasonable expectations are set from the beginning.
