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PATIENT FRIENDLY BILLING(R) Releases Consumerism in Health Care Report: Price Transparency a Key Focus

Posted on: Friday, 11 August 2006, 12:00 CDT

PATIENT FRIENDLY BILLING(R), a national project to make healthcare billing clearer to patients, has released its Consumerism in Health Care report. It addresses the key area of price transparency and puts forth that price information provided to consumers must be meaningful to them. Ultimately, the objective is to provide patients with easy and timely access to information that explains their financial obligation. Ideally, in most cases, consumers could receive price information in advance of receiving services. The document includes 11 points for hospitals and physicians to consider to address the impact of consumerism and help patients better understand the financial aspects of their health services.

The rising cost of health care-and the increasing share borne by the patient--is a key driver behind this radical change. It forces patients to be much more involved in their care decisions and active participants in demanding price and quality information. The healthcare industry can expect consumerism to have substantial impacts throughout the entire revenue cycle, from the point of pre-registration through patient account settlement.

"Consumerism gives providers the opportunity--and challenge-- to enhance the patient experience," says Dr. Richard L. Clarke, president and CEO of Healthcare Financial Management Association (HFMA). "The goal of this report is to present practical strategies that will help the healthcare industry adapt to consumerism and take advantage of those opportunities."

Through the report, HFMA and other Patient Friendly Billing project partners, encourage providers to review and consider on how to successfully transition to a consumer-oriented revenue cycle. The report outlines 11 areas to consider when preparing for consumerism in health care:

-- Adopt the guiding principles of the Patient Friendly Billing project consumerism initiative;

-- Embrace the possibilities consumerism presents to help patients better understand and more effectively use health services;

-- Work towards transparency in pricing;

-- Simplify charge and payment systems;

-- Make access and scheduling functions seamless, respectful, and convenient;

-- Upgrade consumer service skills among financial services employees;

-- Improve communication with patients concerning prices and payment responsibilities;

-- Work with payers to reformulate contracts based on pricing that is more easily understood by consumers;

-- Collaborate with payers on systems to facilitate real-time, electronic exchange of key information, including patients' benefits, coverage, and status;

-- Engage with government to develop national standards for comparability of quality; and

-- Advocate for regulatory revisions in line with the key objectives of consumerism in health care.

"Addressing the implications of consumerism is a vastly complex endeavor, requiring collaboration among government, providers, payers, employers and consumers themselves," says Dr. Clarke. "It is up to stakeholders in the healthcare industry to work together and fulfill their mission of patient care."

For a complete copy of the report or information concerning the Patient Friendly Billing project visit www.patientfriendlybilling.org.

About the Patient Friendly Billing Project

Established in 2000 and led by the Healthcare Financial Management Association (HFMA), the Patient Friendly Billing project began as a way to help hospital and health system leaders create a more patient-focused-and friendly-healthcare billing and collection process.

About HFMA

Healthcare Financial Management Association (HFMA) is the nation's leading personal membership organization for healthcare financial management professionals. HFMA brings perspective and clarity to the industry's complex issues in order to prepare and educate its members-- and most importantly, help them achieve professional success. Through instructive programs, cutting-edge publications and valuable partnerships, HFMA strengthens the future potential of not only individual careers, but also the organizations from which its members come. For more information about HFMA, visit www.hfma.org/.

PATIENT FRIENDLY BILLING(R) is a proprietary trademark of Healthcare Financial Management Association, Copyright(C) 2006, Healthcare Financial Management Association, All Rights Reserved.

Source: Business Wire

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