Executive insights from 12 systems on price transparency and healthcare's affordability crisis

Since CMS' Hospital Price Transparency rule took effect Jan. 1, CMS has already started auditing a sample of hospitals for compliance. But what effect will the rule have on healthcare's affordability crisis?

In a recent advisory call, several CEOs, CFOs, revenue cycle vice presidents and other executives from 12 health systems said they're prepared to meet key requirements under the rule, like posting a comprehensive machine-readable file with prices for all items and displaying shoppable services in a consumer-friendly format.

But most of the executives agreed that price transparency is just the tip of the iceberg. Much more needs to be done around surprise billing, affordability and patient engagement to solve the healthcare cost crisis.

Additional insights from the advisory call, featured in an e-Book sponsored by Flywire, include:

  • Many systems are already providing their patients tools like online price estimators, but hospital and revenue cycle leaders are concerned that disclosing contractual rates won't be helpful for patients
  • Price transparency alone can't solve for healthcare's affordability challenge, especially as more patients have high-deductible health plans
  • Advocacy, experimentation and new technologies will all be necessary as healthcare providers promote patient engagement and revenue recognition.

Download the e-Book here.