May 13, 2016

Easy-to-read Medical Bills, Price Transparency Tools and more in CarePayment’s News You Can Use

By CarePayment

Patient Experience a Key Driver in Profit Margin Growth for HospitalsHEALTHCARE PRICE TRANSPARENCY

New research suggests that prioritizing patient experience could help increase hospitals’ net margins, reports Healthcare Finance News. According to this new study, hospitals were able to increase their net margins by 50 percent. The study also advises hospitals and healthcare providers to focus on improving the patient experience rather than cutting costs in order to gain profitability.

Medical Bills May Soon Be As Easy to Read As Credit Card Statements

The U.S. Department of Health and Human Services recently just announced its new competition focused on medical bills. According to Marketplace, the competition is seeking the public’s help for a better solution to confusing medical bills and outdated billing processes. Participants have until August 10 to submit their work. Winners will be announced the following month.

Offering Price Transparency Tools Does Not Equal Lower Healthcare Spending

A new study from JAMA found price transparency tools does not lead to lower healthcare spending. Results from the research found adults using the tool spent $2,233 compared to $2,021 the year prior without the tool, reports Healthcare Finance News. Researchers believe these tools can be helpful if they were bundled with health plans that provide incentives for lowering healthcare spending.