Patients today are very educated about healthcare, and many are also footing a bigger proportion of the bill than ever before. As a result, there is a great deal of concern over pricing for health care services. While some offices worry about revealing too much about pricing, it can actually increase patient satisfaction. When consumers understand the quality that they are receiving for the price and the true value of care, they are more likely to make an educated decision.

Why Is Price Transparency So Hard?

Price transparency is a problem that many in the healthcare industry are already aware of. However, nothing captures a potential patient’s attention more than cost. As more consumers utilize high-deductible health plans (HDHPs), they are hoping to spend less in the short-term at the risk of shelling out more if they are injured. As a practice, it can be difficult to predict a course of treatment for a patient in advance, which leads to a misperception on behalf of patients that doctors are intentionally misleading about how much care will cost. 

What Solutions Could You Implement?

Some practices are experimenting with price estimators to increase price transparency and improve patient satisfaction. This allows you to engage the patient and explain potential treatments one-on-one. When presenting pricing, consider explaining things in one of two ways:

• A bundled out-of-pocket estimate for medically necessary services
• An estimate of the rate for a procedure covered by insurance and the associated patient costs

Remember that we are living in the age of Amazon, which means that consumers want the most possible for their money, in addition to transparency over what they will be getting. In your conversations, you should also make it clear that everything is an estimate. The projected costs might not align with the actual costs due to a variety of reasons.  

Showing Additional Benefits

While price is the biggest pain point when it comes to patient satisfaction, there are many other things your practice can do to show your value. Board certification, experience and patient experience all make a difference in what patients are willing to pay. When talking to patients and marketing, make it clear that you have plenty to offer beyond the actual services and procedures you provide.

Take Care of Your Physicians with Vetters Enterprises

Vetters Enterprises specializes in practice management, private practice business support and revenue cycle optimization. We can perform in-depth assessments of your practice or facility and identify potential issues. Let us keep your business as healthy as you keep your patients! Give us a call at (443) 352-0088.