As price transparency continues to be a main priority in the health care industry, the Centers for Medicare and Medicaid Services (CMS) is helping consumers make cost-effective decisions with a new online tool.
The Procedure Price Lookup tool displays national averages for the amount Medicare pays the hospital or ambulatory surgical center and the national average copayment amount a beneficiary with no Medicare supplemental insurance would pay the provider. These price comparisons are available for certain medical procedures.
What Hospitals, Health Clinics and Physician Groups Can Do
This online tool is launching as a requirement through the 21st Century Cures Act. Outside of federal requirements, it’s becoming more and more important for hospitals, clinics and physician groups to be proactive and make pricing transparency a priority. Beyond initial charges, consumers want to see out-of-pocket costs, and providing this information can help attract and retain patients.
The Anders Health Care Group can identify opportunities to prioritize pricing transparency in your organization while optimizing the revenue cycle. Contact an Anders advisor to discuss your needs.
Our firm provides this information for general educational guidance only and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Podcasts posted by Anders CPAs + Advisors are not intended to be used and cannot be used by any individual or business, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Please note that some content may be generated using artificial intelligence and is intended for educational and informational purposes only. In no way does listening, reading, emailing or interacting on social media with our content establish a professional relationship.
All Insights
