News: Panacea Responds to CMS FY19 IPPS Proposed Rules Requiring Hospitals to Publish Their Chargemaster Prices Online
Lehi Utah, May 10, 2018
Panacea announced today that their Hospital Zero-Base Pricing® system will align with the proposed IPPS rules for FY 2019 released by the Center for Medicare and Medicaid Services (CMS). The proposed rules issued by CMS on April 24 require healthcare organizations to publish their “standard charges” online by January 1, 2019 and update these charges on an annual or more frequent basis where needed.
Consequently, hospitals will have seven months to assess and align their prices to ensure they are rational and defensible from a consumer and competitive standpoint. In addition, CMS intends to seek public comment on mechanisms to enforce the pricing transparency requirements, making it even more critical for hospitals to implement a strategic approach to pricing.
“Panacea’s Hospital Zero-Base Pricing program, used by hospitals and health systems, allows for the development of rational and defensible prices,” said Mark Spehar, Senior Vice President Financial Services at Panacea. “This software allows organizations to use unit cost, provider market data, payor contract terms and financial objectives to establish hospital pricing.”
Panacea developed and pioneered Hospital Zero-Base Pricing. This software, used by hospitals and health systems nationwide, has received the coveted Peer Reviewed by HFMA® designation for six consecutive years. To learn more about Hospital Zero-Base Pricing, visit our website www.panaceainc.com/zero-base-pricing.html or call 1-866-926-5933.