Enable providers with reimbursement trends of payers, competitors, and insight to satify price-shopping savy customers.
Healthcare Price Transparency
Enterprise class price transparency tool will empower providers with reimbursement trends of payers, competitors, and insight to satisfy price-shopping savy customers.
The CentraMed Price Transparency solution empowers providers with actionable insight on reimbursements across all payers. Providers can compare and adjust their pricing vis-à-vis local competitors, renegotiate contracts, set price bands for common procedures to address price-shopping consumers, identify areas for under charges, cost savings, and efficiency improvement to positively impact the bottom line. CentraMed’s TransPrice solution is a must have strategic tool for a provider CXO.
Providers are challenged with declining reimbursements, pressure to deliver high quality of care while maintaining high patient satisfaction levels. Slowing the growth of cost of care is critical for providers’ survival. Due to rising awareness among consumers for copays, out of pocket costs, deductibles and a common belief of excessive hospital charges etc. providers are facing increasing demand for transparency in pricing. More than 30 states are considering or pursuing legislation to increase price transparency.
TransPrice is a strategic asset that empowers providers CXOs to compete with other regional providers, streamline internal processes to improve the bottom line and address price-shopping consumer queries to maintain patient satisfaction. The CentraMed business intelligence platform offers pre-built easy-to-use tools to compare historical charges and reimbursement trends across all payers within the provider network. Additionally, Providers can compare their reimbursements vs local, regional, state and national reimbursement trends. This pre-built and ad hoc reporting allows users access to very powerful analytics as well as actionable information.
The TransPrice solution key facts:
- National, state, regional level aggregates are available for comparing charges, reimbursement patterns – within a region, across state etc. (based on CMS)
- Insight on providers average charges and reimbursements from Medicare
- Actual account level charges, reimbursements, patient co-pays from Provider’s commercial insurers
- Aggregated charges & reimbursements @ DRG, Revenue Code, HCPCS procedure code t
- Highlights payment variances vs competition leading to operational efficacy
- Empowers providers to set price bands for common procedures with confidence that they won’t lose money
- Providers can quote a Not-To-Exceed price for cost-conscious patients on elective procedures before they receive a service
- Providers can control high cost supply items usage before they are used in a procedure knowing that they will not get reimbursed a higher amount
Leveraging the insight on reimbursements across all payers and competitors empowers the providers to streamline internal practices with an eye on bottom line, maintain quality of care and keep price-shopping consumers satisfaction high. TransPrice is a MUST-HAVE C-suite tool for providers.