Price Transparency
Ensure Regulatory Compliance and Build Trust with Patients.
Advis offers a comprehensive Price Transparency Compliance service to assist healthcare organizations in meeting the Centers for Medicare & Medicaid Services (CMS) regulations. These regulations mandate that hospitals disclose pricing information for inpatient and outpatient services and negotiated rates with private insurers. Hospitals must:
· Publish a machine-readable file with all standard charges for services and items.
· Provide a consumer-friendly display for at least 300 shoppable services
· Ensure files and displays are easily accessible, accurate, and updated annually.
With the CMS intensifying enforcement of price transparency regulations, it’s crucial for hospitals to ensure full compliance to avoid penalties and enhance patient trust.
Key Components of Advis's Price Transparency Compliance Service:
Advis’s Price Transparency Compliance solutions ensure your organization meets all CMS requirements effectively and efficiently.
- Regulatory Expertise: Advis’s team of experts stays abreast of the latest CMS requirements, ensuring that your organization remains compliant with current regulations. This includes understanding the nuances of the Hospital Price Transparency Rule, which aims to make it easier for consumers to compare costs across hospitals.
- Compliance Audits: Advis conducts thorough audits to assess your organization’s adherence to price transparency rules. This includes evaluating the accessibility and accuracy of posted pricing information, ensuring that machine-readable files are correctly formatted, and verifying that all required data elements are present.
- Strategic Implementation: Beyond compliance, Advis assists in developing strategies that leverage price transparency to improve patient engagement and operational efficiency. This involves creating consumer-friendly displays of pricing information and advising on best practices for maintaining up-to-date and accurate data.
- Ongoing Support: Recognizing that regulations evolve, Advis offers continuous support to keep your organization compliant with new requirements. This includes monitoring for updates to CMS rules and adjusting your compliance strategies accordingly.
