Webinar Review: Delivering The Healthcare Pricing Transparency That Consumers Are Demanding

Webinar Link

https://www.healthcatalyst.com/webinar/delivering-healthcare-pricing-transparency-consumers-demanding/#

Summary and Application

This webinar provides an overview of Health City Cayman Islands presented by Gene Thompson. Health City Cayman Islands is a hospital mostly consisting of outpatient procedures, but includes a level 2 trauma center and hospital services. The main focus of the webinar is to give insight on what they are doing to be able to provide the transparent pricing that is demanded by consumers in our modern society. Although it's a system that can't be completely replicated in the United States due to laws and restrictions there is a lot that can be taken and applied to hospitals in the United States. Applicable key points are listed below.

1. Bundled Pricing: Bundled pricing is the biggest factor in being able to be transparent with your pricing. Organizations that have fixed pricing tend to focus more on quality as well. It is what consumers want and the financial model should be built around it.
2. Market Challenges: Some of the top factors hindering low prices includes complications being profitable in a fee-for-service model, profit centers that are individually motivated, payment authorizations with contracted payers, and disorganization of data.
3. Delivery: Delivery should be transparent and predictable enabling everyone to know what they will be paying and avoiding confusion in regards to labor costs. Delivery should also aimed towards simplicity and volume which will decrease variation and drive efficiency resulting in more adjudicated claims. Lastly there should be a focus on data and operations. Metrics should be used as a tool to guide decision making, and operations should be optimized by reducing, reusing, and recycling.
4. Self-Evaluation: Key performance indicators (KPIs) should be used to continually monitor performance. Reports should be analyzed and used to evaluate where improvements can be made.
5. Lessons Learned: A focus on quality and a fee-for-outcomes vs a fee-for-service is what gives the competitive advantage because it aligns provider incentives and drives patient demand.

References

Affordable Healthcare | Cardiology | Orthopedic Surgery. https://www.healthcitycaymanislands.com/. 

“Delivering The Healthcare Pricing Transparency That Consumers Are Demanding.” Health Catalyst, https://www.healthcatalyst.com/webinar/delivering-healthcare-pricing-transparency-consumers-demanding/.