The hospital price transparency rule enforces hospitals to post files on their websites. These files contain gross charges, payer-specific negotiated costs, and discounted cash prices. Keep reading to learn some effective marketing strategies to demystify hospital price transparency.
What Is Hospital Price Transparency?
Until now, you would learn the cost of the medical services you get after several weeks. But in a modern healthcare system, you can find out the cost of care before you receive one.
Hospital price transparency helps patients get this information before treatment. This approach is intended to make healthcare more like other industries. It allows consumers to know exactly how much something costs before they get it.
Although hospital price info is available online, people are still not taking advantage of it. It is difficult for individuals to understand the associated benefits. Here marketers can play a significant role. They have an excellent opportunity to fill this gap.
Below are some practical tips to help you build a positive brand image. Applying these practices eventually leads to remarkable customer experiences.
Why Hospital Price Transparency Is Confusing to Consumers?
Consumers will know the costs ahead of time if price data is available. But we are still a long way from our destination. There is a lot of ambiguity at the moment. Some of them may include:
- Hospitals may cover some services at a significant discount if patients have insurance. At the same time, others might not be covered at all. Their out-of-pocket costs differ by the payer as well as plan type. Even self-pay patients rarely pay standard fees since they can negotiate a lower rate.
- Apples-to-apples comparisons are nearly impossible. There is no standard defined for price reporting. Hospitals are free to explain terms and display the data they want.
- Some practitioners use different terminology for describing the same type of price. The charges may vary depending on various factors. Such factors include the type of equipment available at a premier facility. And secondly, whether the medical equipment is used.
- Calculating charges ahead of time may not be workable. Patients’ actual out-of-pocket costs can vary significantly.
The cost of a patient’s joint replacement surgery may increase due to various factors. These factors include the type of joint replacement device used during the surgery.
Sometimes the surgeon finds something unexpected during the operation, like excess scar tissue. You may also need extra precautions to control diseases like diabetes.
Effective Marketing Strategies to Demystify Hospital Price Transparency
Positive patient experience can make patients come back over time. It is achieved by obtaining pricing information before receiving services. Avoiding sticker shock following a visit is also a good practice.
1. Educate People About Hospital Price Transparency
You should develop quality content that explains in detail price transparency. Answer the most frequently asked questions to clear the doubts of consumers. Some of the questions include:
- Why should a patient be concerned about the cost if he has insurance?
- What happens if a patient cannot find a price for a service recommended by a doctor?
- It would help if you also considered providing definitions for standard terms such as:
- Deductible cost
- Out-of-pocket cost
2. Offer Pricing Tools
Price checkers are available at various hospitals. These tools are simple to use and provide tailored costs. Such tools estimate based on the insurance coverage of the patient.
They also allow patients to compare the cost of various insurance coverage options. Some hospitals also display their cost estimator helpline for extra support.
3. Highlight Resources Inside Your Company That Can Assist Patients With Cost Management
Consumers might quickly become overwhelmed by high out-of-pocket costs. Make sure to offer visible connections to patient financial services in the pricing content. Patients may be unaware that payment plans or self-pay discounts are available. Also, they should know that your team members are accessible to assist them in weighing their options.
4. Target patients without health coverage
You should provide detailed information to the patients without health coverage. This information can assist your organization in many ways. For example, retaining patients who would otherwise skip recommended tests and procedures. This section should discuss options that patients may not know. One of these options might include that patients can apply for government-funded programs.
5. Use Trusted Sources to Learn More About Presenting Price Information to Consumers
American Hospital Association designed a toolkit to assist hospitals in communicating price information. A self-assessment checklist and case studies are included in it.
Potential patients often select hospitals based on their reputation, service options, and accessibility. Build trust with patients by assisting them with every aspect of care, including cost.