Preparing for Price Transparency Requirements and Patient Demands

The most successful physician groups anticipate trends and incorporate necessary changes into their practice culture. From protecting patient data to ensuring compliant billing, practices that understand regulatory requirements and proactively create an environment that fosters compliance enjoy greater patient satisfaction and decreased government scrutiny. The same holds true for practices that understand price transparency. While many physician practices are embracing a consumer-driven approach, others may be left behind. Evolving to stay competitive by keeping pace with consumerism and price transparency demands will be critical.

The policy goal of illuminating healthcare costs so patients may better assess treatment options seems worthwhile, but there is much uncertainty about what price transparency will ultimately look like. This is especially true for physician practices, which have taken a back seat due to the industry’s focus on hospitals.