Price Transparency
What Hospitals Need To Know About Price Transparency in 2024
The CMS price transparency requirements have significantly changed the landscape for price disclosure for US hospitals. The FY19 IPPS Final Rule initiated requirements in order for hospitals to comply with language in the Affordable Care Act. The rule required hospitals to “make available a list of their current standard charges via the Internet in a machine readable format and to update this information at least annually, or more often as appropriate. This could be in the form of the chargemaster itself or another form of the hospital’s choice, as long as the information is in machine readable format.”
The CY24 OPPS Final Rule (CMS-1786-FC) contains additional information and requirements regarding hospital price transparency. On November 30th we hosted a webinar to review the new price transparency requirements. This webinar will review key changes that are being phased in from January 1, 2024, to January 1, 2025 and is available here!
Several attendees sent us excellent questions! We answer them here.
CY24 OPPS Final Rule Resources
You can download the CY24 OPPS Final Rule summary slide deck here and read the white paper here!
Here is a summary of the CMS template! (Note: this link will open an Excel file.)
Here is the CMS Hospital Price Transparency main page.
Here is the link to the GitHub Repository for CMS technical instructions for complying with the new template.
Have questions about your hospital’s Price Transparency? You can write us here, or call us at (888) 779-5663.
The Cleverley + Associates Process
We provide several tools and services to help hospitals build pricing strategies and to share their pricing in a compliant and transparent way with their community.
RATE ADVISOR™ CONSULTING:
Our industry-leading consulting service is utilized by hundreds of hospitals across the country each year. In addition to collecting the information needed to build the disclosure documents, this service also allows the organization to proactively assess and make necessary adjustments to enhance market position.
COMPREHENSIVE MACHINE READABLE FILE:
Cleverley + Associates partners with hundreds of hospitals each year to produce the comprehensive machine-readable file for compliance with the CMS price transparency requirements. We encode hospital-supplied data into the appropriate data fields to deliver a file that meets the CMS specifications.
CONSUMER FRIENDLY SHOPPABLE SERVICES:
Hospitals have the opportunity to either post a static view of the required information or utilize a web-based tool to estimate patient responsibility for these services. Cleverley + Associates provides hospitals these two options.
A Short History of Hospital Price Transparency Regulation
For a more in-depth history, check out our blog post!
We’re Here to Help!
Have more questions? You can write us here!
