Bringing context to cost for patients
More than ever before, the patient has more responsibility for the health care dollar. Right to shop legislation is being approved in more and more states adding to the more unique strategies being introduced by payors.
It seems likely that Transparency in Coverage rules that were just upheld will soon require facilities to post payor-negotiated rates for 300 services, and changes to Medicare Advantage and Interoperability rules will soon be in place. COVID pandemic is altering the market landscape with anticipated pent-up demand for services, more cost-conscious consumers, and users struggling to navigate the healthcare system.
Additionally, in this age of consumerism, patients want a connected customer journey that enables the most efficient path to care. It is critical for hospitals and health systems to understand patient needs and wants. Knowing the holistic cost of care of a specific procedure is meaningless because the patient will not pay that amount. Part of your patient engagement process should be educating your current and future patients what’s meaningful to them – What are they specifically going to pay out-of-pocket for care at your locations?