Benjamin Fenton recently spoke with CMA Today, the publication of the American Association of Medical Assistants, regarding recent rules issued by the Centers for Medicare & Medicaid Services (CMS) that require hospitals to supply adequate healthcare cost information to consumers. Hospitals who do not comply with these rules in 2022 will be subjected to higher penalties.
According to the article, these rules reflect a shifting mindset in which healthcare organizations treat patients more like consumers. The article details a number of benefits that result from providing patients with price transparency, such as patients feeling more confident in their ability to choose healthcare services, increased competition and lower costs, and, according to Ben, practices being able to negotiate better deals with insurance payers and third-party administrators.
“Patient care is improved when patients are informed [and] feel confident in their ability to advocate for themselves when it’s time to make healthcare decisions,” Ben shares. “Providing price information is…helping create informed patients and, ultimately, improving patient care. Becoming better educated and informed can help demystify healthcare and guide the patient’s decision-making.”
The full article can be found below.
Open-Book Policy: Price Transparency Starts a New Chapter in Patient Care
Article by Justice, Brian. CMA Today. 2022;55(2):26-27. Permission to reproduce this article granted by the American Association of Medical Assistants.
