Change Healthcare Helps Providers Comply with CMS Price Transparency Rule
12 Januar 2021 - 1:00PM
Business Wire
The goal is to help providers comply with CMS
regulations by providing consumer-friendly pricing information and
online healthcare shopping solutions
Today, Change Healthcare (Nasdaq: CHNG) highlighted two options
to help providers meet the new CMS price transparency requirements.
The Transparency module for the company’s online healthcare
eCommerce solution, Shop Book and Pay™, lets patients view pricing
for shoppable healthcare services from multiple providers, helping
make the process of shopping for healthcare as easy as online
retail shopping. The Clearance Estimator Patient Direct solution
provides financial estimates for a patient’s out-of-pocket cost for
visits, tests, and procedures. Both options also allow patients to
view the hospital’s complete pricing data for all services,
presenting them with valuable comparison data and giving providers
a single-vendor solution to help comply with all CMS transparency
regulations.
The CMS Hospital Price Transparency Final Rule requires
hospitals to publish a machine-readable file of their standard
charges for all services. The deadline was Jan. 1, 2021. This data
includes the gross charge, discounted cash price, payer-specific
negotiated charges, and the de-identified minimum and maximum
charges negotiated with all third-party payers, as well as relevant
billing codes and the physical location of each service. Hospitals
must also provide potential patients with an online price estimator
tool or consumer-friendly searchable list for 70 CMS-specified
shoppable services, plus 230 provider-chosen shoppable services. As
noncompliant hospitals face daily fines of $300 per location,
health systems nationwide are in urgent need of technology to help
them meet both CMS requirements.
By creating a convenient digital storefront for potential
patients, the Shop Book and Pay™ solution helps providers compete
in the marketplace and differentiate their business in a crowded
market. Patients can conduct a search for a specific procedure,
selecting their insurance provider and plan to receive a list of
available locations and full pricing information. With
implementation of the Book and Pay modules, the patient can select
an appointment time and complete pre-payment up front, before care
is given. Clearance Estimator Patient Direct allows patients to
search for common procedures and services via their provider’s
website. Using historic procedure charge data coupled with
real-time, patient-specific benefit data, the solution returns a
personalized estimation of the patient’s out-of-pocket cost.
“According to recent consumer research conducted by Change
Healthcare and The Harris Poll, more than half of consumers have
avoided seeking healthcare because they weren’t sure what the cost
would be,” said William Krause, vice president of the Connected
Consumer Health™ solution at Change Healthcare. “The CMS rule is
intended to remove that uncertainty and empower consumers to make
more informed choices. We help providers not only to comply with
the CMS rule, but also to create a seamless digital patient
experience.”
To get started with the Shop Book and Pay™ solution,
organizations should contact Change Healthcare as soon as possible
to begin the implementation process. Health systems can either
provide their own charge summary data or receive assistance in
consolidating payer contracts from a Change Healthcare consultant.
Change Healthcare customers who are already live on Clearance
Estimator can contact their account management team for details on
how to implement Clearance Estimator Patient Direct.
“Price transparency is going to accelerate healthcare’s
consumerism trend,” said Steve Mach, director of Patient Financial
Services at Halifax Health. “Providers will need to leverage
pricing strategies in order to compete for consumers, and we plan
to do that by partnering with Change Healthcare on Shop Book and
Pay.”
For more information about how Change Healthcare can support
your hospital’s compliance with the CMS Price Transparency rule,
visit our Price Transparency in Healthcare site.
About Change Healthcare
Change Healthcare (Nasdaq: CHNG) is a leading independent
healthcare technology company, focused on accelerating the
transformation of the healthcare system through the power of the
Change Healthcare Platform. We provide data and analytics-driven
solutions to improve clinical, financial, administrative, and
patient engagement outcomes in the U.S. healthcare system. Learn
more at changehealthcare.com.
For more information on Change Healthcare, please visit our
website, hear from our experts at Insights; Follow us on Twitter;
Like us on Facebook; Connect with us on LinkedIn; and Subscribe to
us on Libsyn, Apple Podcasts, Google Podcasts, and YouTube.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210112005234/en/
Katherine Wojtecki External Communications Change Healthcare
630-624-9142 Katherine.wojtecki@changehalthcare.com
Change Healthcare (NASDAQ:CHNG)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Change Healthcare (NASDAQ:CHNG)
Historical Stock Chart
Von Jul 2023 bis Jul 2024