We’ve all heard the stories or know somebody who was impacted. It may even be you. Somebody needed medical care and they looked for the best physician they could find. The procedure was performed and the bill was submitted to the insurance carrier; unfortunately, the resulting patient bill left them in shock. A routine procedure has now potentially left the patient in debt.
How did this happen? Why did this procedure cost so much? In short, the issue comes down to price transparency and the lack of it throughout the healthcare spectrum. But the good news is -- times are changing.
Effective January 1, 2021, the Price Transparency Rule was enacted, requiring all hospitals that operate within the United States to post a complete list of their standard charges for services provided. Not only must they have a clear list of prices, but they must host it in a consumer-friendly format so the public can easily access it via the web. In some states, this has already been the case, but now it’s hitting the mainstream.
The purpose of this rule is to ultimately drive down the rising costs of healthcare and help the consumer make better informed decisions, based upon more than just the location of the procedure. The end goal is to make healthcare fundamentally more affordable for all patients.
Modernizing Processes with Vee Technologies
In the age of consumerism, organizations who lead with digital transformation will thrive where others struggle. With access to big data and insightful analytics, a revolution in information technology has emerged. By modernizing operational processes, incorporating cutting-edge technologies, and streamlining the human resource capital currently in place, organizations will be able to lower expenses and standardize their consumer pricing data.
During this transition, Vee Technologies can help navigate your organization through the price transparency landscape. By leveraging our advanced technology-enabled solutions and cutting-edge process improvement strategies, organizations can embrace digital transformation and be on the forefront of evolution. Be a leader in a time of change; patients will take notice and thank you for it.