Drive loyalty and find your niche
Hospitals exist to provide necessary care to the people they serve.
But too often, the cost of care and how it’s communicated hurts patients rather than helping them. For example:
- 51 percent of American adults have delayed seeking medical care because of its cost.
- 18 percent have skipped care altogether for cost reasons.
- 87 percent were surprised by a medical bill in the last year.
In other words, the cost of healthcare is both preventing Americans from seeking treatment and adding stress to the lives of those who do.
Price transparency can help, in part because financial stress can exacerbate existing health conditions. What’s more, hospitals that embrace and prioritize price transparency can improve customer loyalty and more successfully position themselves in their marketplace.
The resources we provide make taking the leap toward price transparency much easier.
Start here: Price Transparency Rule guidance
The Benefits of Price Transparency for Hospitals
- Fewer surprise bills and happier patients
- Higher rates of customer loyalty
- Fewer customer service calls
- Better-informed negotiations with payers
- Identifying and marketing a “niche”
The Resources You Need to Comply with CMS Guidelines
Since 2021, hospitals have been required to comply with CMS’s Hospital Price Transparency Rule – but they’ve been given little guidance and few resources to help them do so.
The result is that fewer than 10 percent of hospitals are fully compliant.
Meanwhile, the cost of non-compliance increased by more than 18x this year.
Our price transparency resources can help. Start by checking your hospital’s compliance score with our compliance search engine.
If your score is less than 10, we can help you format your data for publication so that you’re fully compliant with the CMS rule.
If your score is 10, meaning you’re fully compliant, you’re eligible to become an HDA Verified hospital. This status can help you stand out among your competitors. I can also provide the peace of mind that you’re not at risk of monetary noncompliance penalties from CMS.
How Price Transparency Drives Customer Loyalty
The benefits of complying with the Hospital Price Transparency Rule go far beyond avoiding enforcement fines. Hospitals that achieve full compliance may actually see customer loyalty improve.
Why? Because price transparency leads to easier, more straightforward transactions, and ease of transaction is a better predictor of customer loyalty than customer satisfaction.
What’s more, publishing prices on your site can also mean fewer customer service calls, which leads to shorter wait times and happier customers.
How Price Transparency Can Help You Find Your Niche
When you partner with Healthcare Data Analytics, you can also gain access to your competitors’ negotiated prices. This empowers you to negotiate with payers much more effectively.
It can also help you establish a “niche.” When you know where your prices are more competitive than your competitors’, you can market those services to price-sensitive patient groups with that information.
Price Transparency Is Essential to Better Health Outcomes
Uncertainty causes stress. Stress causes worse health outcomes.
Publishing prices is a meaningful step hospitals can take toward improving the health of their patients. And you don’t have to do it alone. Partner with Healthcare Data Analytics, and we’ll both help you prepare your data for publishing and provide you access to your competitors’ pricing data.
Curious about how much value that can drive for your hospital? Demo our platform for free.