During the 2019 State of the Union Address, much was said about the state of healthcare in the country and President Trump’s agenda for lowering costs across various sectors of the industry. One item will be critical for hospitals and providers moving forward: the call for price transparency. Taylor Harrison and Mark Reiboldt present three key objectives for price transparency taken from the State of the Union Address.
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Price transparency is not a new initiative, and one that has significant bipartisan support – in fact, it was one of the few items last night that received applause from both sides of the aisle. Price transparency is a trend we have seen increase greatly as a strategic initiative for hospitals and practices alike over the last few years. Not only does this have bipartisan support and has been a key initiative for CMS in recent years, it is also a strong indicator of the push toward more consumer-driven healthcare. Patients are no longer uninformed consumers and are doing their part to demand transparency in their care – both in terms of price and quality.
Three Key Objectives for Price Transparency
- IT Infrastructure Needs
- ASC/Outpatient Potential
- Participation in Value-Based Reimbursement (VBR)
At Coker, we help our clients respond to VBR and the associated price transparency demands. Through our ValuePath™ services, Coker Group is dedicated to helping our clients navigate the world of VBR, which spans a wide range of potential solutions, including overarching strategic planning, vetting of software, financial analysis, and operational performance improvements. Value-based care is imminent and important, regardless of how it gets there. Whether through government-sponsored programs such as MACRA and MIPS or consumer pressure, it will affect healthcare organizations.
It’s never too early to take measures to prepare for an industry trend that will inevitably affect your organization in the long run. If your organization is in need of assistance, please contact us today and we will be happy to discuss how Coker Group will help you work towards a solution.