{"id":7074,"date":"2013-05-22T19:01:17","date_gmt":"2013-05-22T23:01:17","guid":{"rendered":"http:\/\/www.poweryourpractice.com\/?p=7074"},"modified":"2025-07-01T10:17:10","modified_gmt":"2025-07-01T10:17:10","slug":"using-new-hhs-pricing-data-maximize-returns","status":"publish","type":"post","link":"https:\/\/carecloud.com\/continuum\/using-new-hhs-pricing-data-maximize-returns\/","title":{"rendered":"Using the New HHS Pricing Data to Maximize Your Returns"},"content":{"rendered":"

On May 8, Health and Human Services (HHS) Secretary Kathleen Sebelius released a massive data file, detailing what more than 3,000 hospitals charge for the 100 most frequently billed medical services under Medicare.<\/p>\n

As part of the Obama administration\u2019s efforts to increase healthcare transparency for patients, this pricing data can actually benefit your practice as well<\/strong>.<\/p>\n

See, hospitals often compete directly with private practices by offering many of the same services. And the competition will only increase as many physicians leave the private practice<\/a> for the hospital setting.<\/p>\n

If used properly, the release of the HHS pricing data will give your practice the upper hand against hospitals<\/strong> offering similar services. It\u2019s always helpful to know what your competitors are charging for care.<\/p>\n

Taking a Cue from Value Guides<\/strong><\/p>\n

When shopping for a vehicle, consumers turn to value guides like Kelly Blue Book or Black Book\u00ae to determine the price they should pay. What they don\u2019t know is how the guides calculate these values.<\/p>\n

It\u2019s actually quite simple. The value guides obtain information about the actual purchase prices of vehicles from dealerships and auctions across the country. Basically, a vehicle\u2019s value is calculated by finding the average price of those sales. The guides obtain data of sales from all over the nation to generate geographically specific values.<\/p>\n

With the release of the HHS pricing data, you now have access to this type of information, which could serve as a powerful tool for setting your own prices<\/strong>.<\/p>\n

Armed with this data, you can easily find the \u201cvalue\u201d of treatments offered at your practice that are also offered by local hospitals and then set your prices accordingly. You can lower rates if you\u2019re charging too much or raise them if you aren\u2019t asking for fair market value.<\/p>\n

Let\u2019s look at the treatment of kidney and urinary tract infections without major complications as an example.<\/p>\n

In the above screenshot taken directly from the data file, you can see how your location affects the price you can reasonably charge<\/strong>. In Montgomery, Ala., charging $10,000 would make your practice a viable option for patients who don\u2019t want to pay the exorbitant rates of the local hospitals. But in Elba, Ala., that same price would drive patients toward the hospital charging only $5,488.<\/p>\n

The data set\u2019s drop-down categories also make it easy to sort through the data to find the information you need. In fact, with this information, you can create your own value guide that will keep your practice one step ahead of competing hospitals.<\/p>\n

In such a competitive industry, using every advantage at your disposal is vital<\/strong>. Prior to the release of the HHS pricing data set, this type of information wasn\u2019t available outside the hospital setting, but now it\u2019s public domain. Use it to your advantage.<\/p>\n

Need more information that\u2019ll help you compete with the big boys? Check out our <\/strong>Physician\u2019s Guide to Marketing<\/strong><\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

On May 8, Health and Human Services (HHS) Secretary Kathleen Sebelius released a massive data file, detailing what more than 3,000 hospitals charge for the 100 most frequently billed medical services under Medicare. As part of the Obama administration\u2019s efforts to increase healthcare transparency for patients, this pricing data can actually benefit your practice as […]<\/p>\n","protected":false},"author":1,"featured_media":32786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-revenue"],"yoast_head":"\nLeverage HHS Pricing Data to Boost Healthcare Revenue<\/title>\n<meta name=\"description\" content=\"Newly released HHS pricing data showing the prices that over 3,000 hospitals charge can be used to adjust the pricing at your practice.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/carecloud.com\/continuum\/using-new-hhs-pricing-data-maximize-returns\/\" \/>\n<meta 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