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We could not agree more with Forbes. “Pricing Transparency” is a misnomer at best. More and more patients are requesting estimates on their services which take into account not just charges, but contractual allowances and applied benefits (deductibles, out of pocket, etc). In other words, patients want to know how much a service will COST, not what your charge master says. http://glassdoor.com/slink.htm?key=vQZ8u
As of January 1st 2019, all hospitals are required to post their price lists online in an effort to increase price transparency and allow patients to compare and make educated choices on their healthcare needs. The final rule which was announced in August 2018 requires all hospitals, including Long Term Care Hospitals to make their service pricing available in a readable electronic format for patients to view and these prices need to be updated annually. Though many providers have been posting their prices, often these values do not reflect real patient cost at the time of service and can lead to patient confusion or worse yet, loss of revenue to the provider (as patients may seek services elsewhere, where service cost appears to be cheaper). Download our white paper, “Pricing Transparency is Mandatory…Now What?”, and learn how your organization can make pricing transparency patient-focused and actionable. http://glassdoor.com/slink.htm?key=vQZw7
HealthWide Solutions has been working with LTCH’s nationwide in assessing revenue cycle processes, developing metric scorecards and improving workflow through technology optimization. We wanted to share some insight with you regarding DSO and where we have identified challenges associated with this metric and how to manage and reduce it. What could be increasing your DSO? DSO, or Days Sales Outstandingis a common performance metric measured within LTCH. Though a certain level of fluctuation in DSO is common, the struggle to mitigate recurrent, needless spikes in DSO is often at the core of improvement measures within LTCH. Ever changing payer/Medicare regulations, process gaps within the revenue cycle and the time (and delay) needed to identify these root causes often leads revenue cycle leadership scratching their heads as to where the DSO bottle neck exists and how to fix it. During our LTCH performance assessments, we often look to the following as the most common culprits increasing DSO: http://glassdoor.com/slink.htm?key=vQoo0
