Revenue Cycle Teams Demand More Accurate Tools to Provide Hospital Cost Estimates

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Revenue Cycle Teams Demand More Accurate Tools to Provide Hospital Cost Estimates

Now is the time for hospital finance leaders to discover pricing solutions that help them tell their story and improve patient engagement early in their experience. This will be a leading conversation at conferences this year and ClaraPrice is leading the charge.

ClaraPrice.com is an estimating tool in beta-testing that hospital financial counselors can use with patients before, during and after a hospital stay to give the big picture of total costs. The tool uses DRGs and case-by-case patient information that clarifies any estimate fluctuations based on the patient’s pre-existing conditions and post-op complications. The proprietary formula factors in hospital locations nationwide and current ICD-10 data without the bloat factor of insurance claims data.

Financial teams testing the tool are relieved that this patient-centric tool can simplify complex pricing information and uncomplicate billing negotiations, backed up by estimates from ICD-10 sources and universal pricing models.

Patient Engagement Specialist Jan Oldenburg is joining in the conversation at HIMSS18 Revenue Cycle Solutions Summit: Using Accurate Pricing Tools with Patients, speaking on what can help them cut through a complex billing system and reduce their engagement frustrations.

She’s got plenty of anecdotal evidence that patients are caught in a vortex of frustration to share that many revenue cycle teams are facing.

But it points to why hospital finance leaders should act sooner rather than later to make pricing information more transparent to consumers.

Patient engagement expert Jan Oldenburg calls on hospitals to proactively make changes that enable consumers to access pricing information.

Read more here.

Hospitals are now required to post pricing online, and ClaraPrice provides a clear and cost-effective solution to offload the administrative, technical, and cost burden associated with the process of managing and maintaining price transparency compliance. ClaraPrice gives hospitals a compliant, tailored, and managed website of shoppable services that is extremely easy for patients to use, building long term patient loyalty. The cloud-based software works with all EHRs, is available in Epic’s App Orchard, and requires no onsite integration. With ClaraPrice, hospitals have access to user and performance analytics using Microsoft Azure’s secure platform tools, providing meaningful insights into patient interaction.

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