Under the law, hospitals and certain other health care facilities must post prices for their 50 most common-diagnosis related code groups and their 25 most-common current procedural technology billing codes, in today's bite-sized hospital and health industry news from Colorado, New York, and Ohio.
- Colorado: A state law that took effect Monday requires hospitals to post self-pay prices for their most common procedures and treatments. Specifically, the law calls for health care facilities such as hospitals to post prices for their 50 most common diagnosis-related group codes and the 25 most-common current procedural technology billing codes. The law requires physician offices and other individual providers to post prices for their 15 most-common procedures (Sealover, Denver Business Journal, 12/29/17).
- New York: A new podcast delves into the experience of first-year medical students. "Year One: Making an MD," a show produced and narrated by NPR veteran Julie Subrin, follows four students at the Zucker School of Medicine at Hofstra/Northwell. The initial series includes 10 episodes that are about 15 minutes long. It's available on iTunes (Modern Healthcare, 12/30/17).
- Ohio: Christ Hospital's new medical complex in Liberty Township is slated to open Jan. 8. The new facility, Christ Hospital Medical Center-Liberty Township, will house an ED and a family birthing center, and will provide surgical services, as well as cardiology, dermatology, endocrinology, orthopedics, physical therapy, podiatry, primary care, urology, and radiology and imaging. According to the Cincinnati Business Courier, the nearly 120,000-square-foot facility is Christ Hospital's second largest, after the main campus (Brunsman, Cincinnati Business Courier, 12/29/17).
Patients are shopping for prices—are you making it easy for them?
Demand for price information is increasing, but many providers struggle to generate meaningful estimates.
Every provider's price transparency strategy will depend on internal capabilities, brand strategy, and their price point relative to the market. Based on Advisory Board research, we compiled best practices we've seen when it comes to implementing price transparency.