Healthcare Price Transparency

Enterprise class price transparency tool will empower providers with reimbursement trends of payers, competitors, and insight to satisfy price-shopping savy customers.

The Price Transparency solution empowers providers with actionable insight on reimbursements across all payers. Providers can compare and adjust their pricing vis-à-vis local competitors, renegotiate contracts, set price bands for common procedures to address price-shopping consumers, identify areas for under charges, cost savings, and efficiency improvement to positively impact the bottom line. TransPrice solution is a must have strategic tool for a provider CXO.

By early 2021, the CMS final rule (CMS-1717-F2) aims to make hospitals’ price information readily available to patients, so they can compare costs and make more informed healthcare decisions.

Key Features & Benefits:

  • National, state, regional level aggregates are available for comparing charges, reimbursement patterns – within a region, across state etc. (based on CMS)
  • Insight on providers average charges and reimbursements from Medicare
  • Actual account level charges, reimbursements, patient co-pays from Provider’s commercial insurers
  • Highlights payment variances vs competition leading to operational efficacy
  • Empowers providers to set price bands for common procedures with confidence that they won’t lose money
  • Providers can quote a Not-To-Exceed price for cost-conscious patients on elective procedures before they receive a service
  • Providers can control high cost supply items usage before they are used in a procedure knowing that they will not get reimbursed a higher amount

Bottom Line:

Leveraging Hoap Health’s TransPrice solution, Providers can streamline internal practices with an eye on bottom line, maintain quality of care and increase price-shopping consumers satisfaction.