How to Comply With (and Exceed) the CMS Hospital Price Transparency Rule Requirements
CMS penalties have dramatically increased since the Price Transparency Rule was released, and providers must take heed before CMS and a legislative gauntlet arrive at their front door.
While it is difficult for many financial managers to accept their negotiated rates being made public, transparency is here to stay in our world and in healthcare. It would be more productive to focus first on complying with the rule and then on how having access to that information can be used to one’s advantage—and how, in this new paradigm, hospitals can find creative new ways to leverage public data. We believe that for those hospitals willing to lead the industry in the world of price transparency, there will be both immediate increased patient satisfaction and imminent future competitive advantages.