Price Transparency – Simplified

Clarity for Patients, Compliance for Healthcare Systems

Our propriety Price Transparency Tool has been in use at healthcare systems across the country since January 1, 2019. We have recently refined our Tool to comply with the new CMS 1717-F2 ruling while also enhancing its patient-facing interface. Most importantly, our tool aligns the patient’s specific insurance plan with their provider identified procedures so that they can know more precisely what their medical bill is going to be.

This remarkable tool is part of a suite of services that will help you secure 100% of your patients’ known and unknown future liability at time of service. We’d love to tell you more about our fully integrated platform, contact us here for a quick demo.

Secure 100% of your patients’ known and unknown future liability at time of service.

Price Transparency Changes In 2020

The new Center for Medicare/Medicaid Services (CMS) ruling on price transparency requires providers and payers to disclose more details about the fee schedules and payor contracts that affect charges to patients. Fee schedules and contract rates must now be published and must be made accessible to all patients and potential patients.

However, just having access to rates is of limited use because the final costs to the patient is not determined by gross charges, but rather by what contract rates have been negotiated between providers and the payers, as well as the patients plan benefits.

In order for the transparency solution to be truly effective, the patient must be able to identify their specific insurance and also select the type of procedure(s) they will require. Most systems don’t help patients line up this information – ours does.

Here’s the Point

Don’t simply publish your rates under CMS 1717-F2. Healthcare systems and hospitals need to make their fee schedules and supporting data actually useful for patients – and that takes a little extra effort. That effort will manifest as excellent customer service, which will encourage individuals to select your hospital as their provider.

With 18 months of experience providing high quality patient self-generated price estimates under the previous ruling, our upgraded VestaPay Price Transparency Tool will be the new standard for CMS 1717-F2 compliance and patient service.

Questions? We will show you how it all works!

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