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Advisory Board helps health care organizations address the challenge of trying to balance increasing consumer demands in the face of razor-thin margins. Our team of experts works with the most forward-thinking organizations nationwide to execute a custom price transparency approach that meets patients where they are, via online, patient-friendly estimates.
Does your organization have the capacity to develop an out-of-pocket price estimate system? Find out what method works best for you.
Ask yourself these eight questions to determine price sensitivity in your area.
Based on Advisory Board research, we compiled best practices we've seen when it comes to implementing price transparency.
Learn how upfront estimates can impact patient loyalty – and your bottom line
Learn how we can help you put price estimates in your patients' hands.
In today’s evolving health care landscape, health systems are increasingly competing for patients in a cost-conscious market. When done correctly, offering price information to consumers can attract price-sensitive patients and protect and build patient loyalty.
But, offering this information is not without risk. Most of the existing data sources today are charge-based, inaccurate, and out-of-date, which could cause patients to forego care or go elsewhere.
Advisory Board helps health care organizations address the challenge of trying to balance increasing consumer demands in the face of razor thin margins. Our team of experts works with the most forward-thinking organizations nationwide to execute a custom price transparency approach that meets patients where they are.
Price Transparency Compass is an online patient-facing price transparency solution accessible via your organization’s website or patient portal.
Advisory Board experts will partner with your team to create a custom action plan. Our team will use a multi-pronged approach to interview key stakeholders, mystery shop for cost information, and conduct an online assessment. Based on our findings, we’ll work with you to do the following:
Prioritize Service Lines
We’ll partner with your team to define a methodical approach for adding procedures to the estimator, in order to mitigate patient frustrations and ultimately achieve your desired goals.
Enhance Website Display and Navigation
Our team of experts will assess your current website layout and navigation and make recommendations for improvement. We’ll also compare your web presence to that of several key competitors in your market.
Create Marketing and Communications Plan
We’ll partner with you to design a custom marketing and communication plan to make scheduled patients aware of the tool and attract patients to your web page. We’ll also share best practices for educating internal staff about the tool.
Explore Strategic Pricing
Our pricing team will assess your relative pricing position in your market for a specific subset of procedures. We’ll also conduct mystery shopping to assess your organization’s ability to provide price transparency as a service.
Define Metrics for Success
Advisory Board and your team will align on a custom set of metrics that will define success for the Price Transparency Compass tool at your organization. Selecting these performance metrics will allow your team to monitor return on investment over time.