Medical Price and Quality Transparency - Why Price and Quality Transparency Is Coming
Today’s patients want to shop for medical services and compare quality of service. Federal and state governments are beginning to mandate price transparency. These forces present an opportunity for providers.
- Sustain/grow market share through improved patient satisfaction, reviews, ratings, and reputation scores.
- Improve cashflow by offering pre-procedure pricing to help reduce post-procedure self-pay, which can help lower the risk of bad debt.
- Optimize revenue through improved acquisition/retention, e.g., scheduling, referrals, etc.
- Increase patient satisfaction by creating a retail-like shopping experience for tests and procedures.
- Comply with CMS price transparency rules
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