Compliance with Price Transparency Mandate

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Price Transparency will empower patients to craft smart healthcare purchases through informed decisions. It will increase competitive pressures in health care markets and lead to lower prices, enhanced quality of care and improved patient experience

As stated in the legislation, “The purpose of the Final Rule effective January 1st, 2021 related to Price Transparency Requirements for Hospitals to Make Standard Charges Public is to establish requirements for hospitals operating in the United States to establish, update, and make public a list of their standard charges for the items and services that they provide”.

This point-of-view describes how the Price Transparency Final Rule will help to build patient trust in healthcare organizations and services by disclosing hospital standard charges across the healthcare ecosystem. Transparent display of 300 shoppable non-urgent services will enable competitive market pricing and improve decision making for payer and payee service need. The objectives of this paper is to enable transformation in the healthcare industry by empowering patients to take charge of their healthcare services and finances, and to help redefine patient experience by facilitating healthcare entities to build empathy. The transparent shoppable procedure pricing and related data will accelerate personalized service offerings for patients and reaffirm the patient trust in the healthcare organizations. This will also help patients to proactively plan for their healthcare spend and compliance with care. The paper illustrates how with the use of deep AI models and Digital Human Avatar, an-“always-on”, personalized and sentient patient experience related to healthcare services and costs can be provided to empower patients that will in turn build and establish empathy and trust within the healthcare ecosystem.

Price Transparency Mand...

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