The Price Transparency rule is the new reality. Hospitals have less than 100 days to comply and are looking for resources to correctly meet requirements. Patients are demanding clarity on prices for healthcare services and the increased visibility that can drive competition and lower costs.

While the regulation is an essential starting point, providers should move beyond the designated rules to create patient access solutions that solve for patient pain points and open the door to patient engagement opportunities and preservice payment options in conjunction with the required publishing of costs. Providers can meet the government requirements through an online consumer price shopping tool which can also serve as a useful outreach tool for attracting new patients.

Fostering an environment of clarity, responsibility, and enablement can move the opaque healthcare financial environment to one of transparency and trust, and a pre-service financial experience contributes to improvements in financial health for patients and providers.

This episode is sponsored by RevSpring.