The Importance of Healthcare Price Transparency in Today’s Consumer-Driven Marketplace

Patients expect to have visibility into their out-of-pocket costs before service, and the price transparency mandate is just one way that the industry has responded to the growing trend of healthcare consumerism.

Many patients — and younger generations in particular — are facing continued economic and financial challenges due to the COVID-19 pandemic, which in turn has led to greater price shopping and cost sensitivities.

In order to best meet these new rules, healthcare providers must develop strategies that include providing accurate, online price estimates; improving patient engagement efforts; and considering weaving quality data into negotiated price rate information.

Transparency is here to stay, and healthcare organizations should implement approaches with the above elements in mind while also considering technology partners that are able to support both parts of the final rule.