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Emerging Medical Transparency Initiatives
By Prof. Hope Rachel Hetico; RN, MHA, CMP™
In 2007, federal and state legislatures first called for hospitals across the country to make their prices “transparent.”
Definition
The term transparency was defined as the full, accurate, and timely disclosure of hospital charges to consumers of healthcare, as well as the process employed to arrive at those fees. Moreover, transparency does not merely involve publishing a list of prices and fees.
Essentially, hospital CXOs and physicians must also be able to present their prices in a manner that is understandable to the general public and they must be prepared to explain the rationale behind their charges.
State of the States
Currently, at least 33 states have already proposed or passed legislation regarding publication of hospital charges.
For example, the average cost for a hip, knee or ankle joint replacement is $38,443; while a heart valve operation is $124,561and a back fusion is $60,406. Torrance California based HealthCare Partners now notes on its Website that it charges $15 for flu vaccines, $61 for a chest X-ray, while a colonoscopy costs $424.
And, right here in Atlanta, Emory University at Johns Creek Hospital is now advertising its obstetrics, anesthesia, pediatric and childbirth delivery services in bundled financial packages for private pay patients, and those with HSAs, MSAs and HD-HCPs, etc. In fact, the program was promoted on TV this day, by it first-ever CEO. Located in the heart of the City of Duluth in North Atlanta; Emory Johns Creek is a 110-bed, all private room hospital. It features a comprehensive range of services from 24/7 ER, surgery using the latest stealth technology, 64 slice CT, MRI, nuclear medicine and interventional procedures. The “Birth Place” gives women and their families a high touch, luxurious alternative with the peace of mind of a Level III Neonatal Intensive Care Unit [NICU].
http://emoryjohnscreek.patientfinancialresource.com/CustomPage.asp?pagename=Home_Behavioral
Assessment
Such financial and economic initiatives demonstrate increasing industry competition with advancing patient empowerment, with other innovations like concierge medicine, onsite and retail medical clinics, etc.
Conclusion
What are your thoughts, experiences and comments on the above emerging issue of medical pricing transparency?
Related Information Sources:
Medical Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759
Physician Financial Planning: http://www.jbpub.com/catalog/0763745790
Medical Risk Management: http://www.jbpub.com/catalog/9780763733421
Healthcare Organizations: www.HealthcareFinancials.com
Physician Advisors: www.CertifiedMedicalPlanner.com
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Filed under: Career Development, Health Economics, Managed Care, Marketing & Advertising |
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The [More Transparent] HSA Market
Well Executive-Post readers, it looks like the health savings account market continues to be a good one. Why?
J.P. Morgan just reported that its HSA business grew 60 percent in account volume over last year. What’s more, the company reports seeing a 97 percent adoption rate among eligible employees in HSA programs it sells directly to employers.
Comments anyone?
-Ann
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Report Cites Lack of Data on Docs Quitting Medicare
Hope – Results released from a report commissioned last year by HHS’ inspector general’s office found that limited data prevented researchers from drawing any conclusions about why physicians opt out of Medicare.
The results from Lack of Data Regarding Physicians Opting Out of Medicare, show the OIG failed to reach its original goal of finding why doctors chose to not participate in the program. Instead, it calls for more stringent CMS data requirements for physicians and non-physician practitioners who opted out of Medicare after Jan. 1st, 2009.
“Specifically, we cannot determine the characteristics of physicians who opt out of Medicare, the trend in the number of opted-out physicians, and why physicians choose to opt out of Medicare,” the report stated. The researchers said they will move forward and conduct a full evaluation as initially proposed when the CMS acquires the proper data.
Source: Ashok Selvam, Modern Healthcare [1/27/12]
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