3 Benefits of Healthcare Price Transparency Tools
Changes to federal regulations in early 2021 mean hospitals in the United States are now required to publish (online) the costs for the items and services they offer. The information must be available in both a machine-readable format, as well as a more consumer-friendly format, ensuring that all types of healthcare consumers have adequate access to reliable and accurate pricing data. While these changes to American healthcare policy are invaluable to the overall effectiveness of the modern U.S. healthcare system, they also create a burden for hospitals, which must figure out a way to consolidate and condense pricing information from multiple data sources and then present it publicly in a way that is concise, as well as comprehensible. Thus, enter healthcare price transparency tools; Amitech’s Healthcare Price Transparency Data Service, for instance, enables providers and payors alike nearly instant access to qualified intelligence across the entire American healthcare system. Take a look at the benefits this type of service offers:
Our healthcare price transparency tools offered here at Amitech provide hospitals and payors with real-time monthly updates from a variety of sources concerning healthcare pricing within a selected service area. With updated intelligence being gathered so often, healthcare providers have greater insight into where and why costs vary in a particular area, allowing them to model and control their costs and leverage their offerings in ways that benefit their own organizations, but more importantly, this benefits American healthcare consumers at large. Indeed, the information our healthcare price transparency tools gather enables hospitals and payors to know the precise costs of the services being provided across a service area so that they are able to better estimate the actual costs of their own services needed to meet their own specific margin goals. It also empowers the average consumer to choose the best option for their own budgets and needs. It’s a win-win for everyone!
Increased Equity in Contracting
Furthermore, healthcare price transparency tools like the ones we offer at Amitech provide the data that contracting teams and actuaries need to negotiate with providers and other partners. In many instances, the more knowledge that is shared during these discussions, the better the chances will be for mutually satisfactory outcomes for all parties involved.
Reduction of Healthcare Costs
Of course, healthcare price transparency tools ultimately reduce healthcare costs for all stakeholders, not just consumers. Not only does transparency in pricing allow patients to take a more active role in their own care, it pushes hospitals and other providers to incentivize lower-priced options. Clearly, adding objectivity and clarity into healthcare cost analyses results in a greater sense of trust in the healthcare system as a whole, permitting everyone involved to remain confident in its equity and its purpose of saving lives!
Want to Learn More?
Amitech’s healthcare price transparency tools increase pricing power and competitive positioning with clean, consolidated price transparency data and up-to-date intelligence. Not only do our data, automation and analytics solutions condense widely varying data formats into an easy-to-understand output file, they equip all players in the healthcare industry with the power to make truly informed decisions. And isn’t that the goal of modern medicine? Please contact us for more information about using healthcare price transparency tools to comply with federal mandates, improve your organization’s services and enhance public access to quality health information.