The Post-COVID Pivot – Price Transparency Friend or Foe?

Surfing the COVID-19 hospital bed curve has been an operations challenge. As soon as hospitals re-tooled to accommodate an anticipated COVID patient surge, the curve starts to flatten and the strategic pivot swings back to accommodate elective surgical patients once again. Getting the patients back just might offer the opportunity to innovate.

Enter value confirmation and cost (price) transparency. Personal service and price transparency offers a new marketing norm for hospitals to consider. While the personal phone call will be used extensively to conguole the patient to come back, provider messaging around an explanation of costs can provide added “value”. Knowing the hospital and doctor costs prior to an elective surgery, for example, helps patients understand and perhaps validates the decision to return to elective surgeries.

Marketing cost transparency, however, is tricky. It requires balancing care delivery expectations, competitive secrets and profitability. Patients are getting more comfortable making informed decisions knowing the value they intend to receive alongside the associated costs. In any event, there’s a hidden opportunity behind the post-COVID pivot. It introduces a next level of cost of service awareness which is generally a welcomed sight for patients and a new approach for hospitals.

FairCode allows hospitals to collect revenue that may otherwise go unnoticed. FairCode offers a feasibility analysis using up to one full years’ data, as well as a 13-week trial period to determine the real time benefit of the FairCode product. FairCode increases clean claim ratios by combining the domain expertise of experienced physicians with modern data science and analytics technologies to increase revenue integrity and hospital revenue. FairCode bridges the gap between a hospital’s attending physicians and hospital coders. The result? Patient acuity and Case Mix Index (CMI) are more accurately captured with the correct DRG, and hospital reimbursements adjust accordingly. DRG Validation and physician conducted medical chart reviews happen in real time, significantly impacting hospital quality rankings, CMI and bottom-line results. From clinical validation and chart reviews to payor denial defense, FairCode’s physicians and data scientists are part of a hospital’s coding team. Add FairCode to your existing CDI initiatives and see the difference. Outcomes are measurable and significant. FairCode averages greater than 4:1 Gross Return on Investment.

http://www.faircode.com/