FRANKLIN, Tenn. - August 11, 2020 - (Newswire.com)
MEDHOST, a leading EHR (electronic health record) and healthcare IT solutions provider announced today its expanded Price Transparency solution enables providers to comply with the updated Price Transparency Policy expanding on the initial January 1, 2019 policy. The purpose of the policy is to further empower patients and increase competition in individual and group markets.
The updated Price Transparency policy becomes effective January 1, 2021 and requires all hospitals, regardless of size and type, to publicly post standard charges for at least 300 shoppable procedures and services. Data elements including the gross charges, payer-specific negotiated charges, the amount the hospital is willing to accept in cash from a patient, and the minimum and maximum negotiated charges with billing codes must display from the facility’s charge master.
The Price Transparency solution will provide a public-facing, web-based search page that can be embedded on the hospital’s website allowing a search of the 300 shoppable services.
Additionally, with the MEDHOST solution, machine-readable and comprehensive standard charges can automatically be generated and embed the required data.
MEDHOST’s preferred solution utilizes its integrated Contract Management system to disclose a more accurate and up-to-date price estimate for care while maintaining established workflows. As some competing third-party solutions mine historical data and may cause or perpetuate inaccurate estimates based on prior underpayments, utilizing MEDHOST’s Contract Management Services helps alleviate this challenge.
“The Centers for Medicare & Medicaid Services (CMS) can monitor, audit, implement corrective action plans, and impose civil monetary penalties after January 1, 2021 if facilities are not in compliance with these updated regulatory requirements,” said Bill Anderson, Chairman and CEO at MEDHOST. “We are providing an efficient and comprehensive solution to our customers that can help them avoid these penalties with minimal disruption to their existing workflows.”
MEDHOST has been providing products and services to healthcare facilities of all types and sizes for over 35 years. Today, more than 1,000 healthcare facilities are partnering with MEDHOST and enhancing their patient care and operational excellence with its clinical and financial solutions, which include an integrated EHR solution. MEDHOST also offers a comprehensive emergency department information system with business and reporting tools. Additionally, its unparalleled support and hosting solutions make it easy to focus on what’s important for healthcare facilities: their patients and business. Connect with MEDHOST on Twitter, Facebook and LinkedIn.
Price transparency webpage
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Original Source: MEDHOST Expands Price Transparency Solution for Hospitals