Enhancing Healthcare Revenue Streams: Key Steps for Your RCM Team to Improve Patient Collections
According to a recent survey from the Healthcare Financial Management Association (HFMA) and Eliciting Insights, hospitals and health systems find...
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The recent proposal introduced by the Centers for Medicare & Medicaid Services (CMS) on July 31, 2023, outlined significant changes to the Price Transparency initiative, specifically focusing on the machine-readable file (MRF).
These changes could reshape how hospitals disclose pricing information, potentially impacting operations and compliance strategies.
The proposed changes set forth by CMS aim to enhance transparency in healthcare pricing, empowering patients by providing information needed to make informed decisions about their medical care and increases competition among healthcare providers to lower costs.
Let's delve into the details of this proposal and understand the steps necessary to approach each item.
The key focal point of this latest proposal revolves around the concept of Expanded Data Elements.
CMS believes that a more comprehensive view of hospital pricing practices is crucial for patients to fully understand their healthcare costs. To achieve this, the proposed changes introduce an array of new data elements that hospitals would be required to include in the machine-readable file (MRF), if finalized as proposed. These additions encompass both general and hospital-specific information, as well as enhanced data points corresponding to standard charges.
CMS believes with this proposal these expanded data elements not only offer patients a clearer picture of healthcare pricing but also promote a higher degree of accountability and transparency within the healthcare industry.
The remaining key aspects of the proposal include:
FinThrive recognizes the significance of these proposed changes and is dedicated to supporting hospitals in adapting to the evolving regulations. Many hospitals that have leveraged our Price Transparency machine-readable file are already compliant with existing requirements. In response to the proposed changes, we have taken a proactive approach, including:
For hospitals, it’s crucial to maintain compliance and provide transparent pricing information to patients. This recent CMS proposal underscores the importance of machine-readable files and their role in empowering patients to make informed decisions about their healthcare.
As you familiarize yourself with the proposed changes, we encourage you to publish your comments on the rule on the CMS website. These are invaluable in shaping the final regulations and ensuring they reflect the diverse needs of the healthcare industry.
At FinThrive, we’re committed to supporting hospitals in understanding these year-end updates and beyond. Learn more about how you can partner with FinThrive to navigate compliance with confidence.
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