{"id":8334,"date":"2013-08-04T17:00:21","date_gmt":"2013-08-04T21:00:21","guid":{"rendered":"http:\/\/www.poweryourpractice.com\/?p=8334"},"modified":"2013-08-04T17:00:21","modified_gmt":"2013-08-04T21:00:21","slug":"healthcare-price-transparency","status":"publish","type":"post","link":"https:\/\/carecloud.com\/continuum\/healthcare-price-transparency\/","title":{"rendered":"What Can Your Practice Learn from a Lunch Menu?"},"content":{"rendered":"<p>Imagine if patients could look up the cost of a\u00a0particular treatment or procedure\u00a0as easy as they look up appetizers on a restaurant menu. Thanks to some progressive thinking in an Oklahoma surgery center, this approach may be closer than you think.<\/p>\n<p>Recently, the <a href=\"http:\/\/www.surgerycenterok.com\/pricing\/\">Surgery Center of Oklahoma<\/a> took the initial steps toward total healthcare price transparency by posting all-inclusive surgery rates online. The result? They uncovered a pricing advantage they had over area hospitals.<\/p>\n<p><!--more-->\u00a0\u201cWhen we first started, we thought we were about half the price of the hospitals,\u201d said Dr. Lantier, co-founder of the center. \u201cThen, we found out we\u2019re less than half price. Then, we find out we\u2019re a sixth to an eighth of what their prices are. I can\u2019t believe the <a href=\"https:\/\/www.carecloud.com\/continuum\/patient-portal-patients-access\/\">average person<\/a> can afford health care at these prices.\u201d<\/p>\n<h3><strong>Healthcare Transparency<\/strong><\/h3>\n<p>It\u2019s common for hospitals to protect their pricelist closely. But Dr. Lantier and his colleague, Dr. Keith Smith, believe that <strong>private practices will attract more patients by increasing transparency and accountability<\/strong>.<\/p>\n<p>\u201cWhat we&#8217;ve discovered is that healthcare really doesn&#8217;t cost that much,&#8221; said Dr. Keith Smith, the other founder of the Surgery Center of Oklahoma. &#8220;What people are being charged for is another matter altogether.&#8221;<\/p>\n<p>An online medical pricing menu may look something like this:\u00a0patient physicals &#8211; $40; lab work \u2013 $80; diabetes screening \u2013 $200. All prices should be guaranteed, so patients aren\u2019t wary of surprise fees.<\/p>\n<p>It seems to be working. As news has spread of the center\u2019s affordable pricing, out-of-town patients have quickly started flocking to the center \u2013 first from Canada, then from the rest of the U.S.<\/p>\n<p>Tom Gang flew his son from California to Oklahoma for a basketball-related knee surgery that would have cost five times as much in his home state. Even with travel expenses taken into account, the price of the surgery was still significantly more affordable with the out-of-state provider.<\/p>\n<p>\u201cIt was well worth it,\u201d said\u00a0Gang. \u201cI need a rotator cuff surgery right now. I\u2019m thinking about flying out there and having my surgery because it was such a positive experience for us.\u201d<\/p>\n<h3><strong>Price Matching<\/strong><\/h3>\n<p>Now, other medical providers in the state may lower their <strong>prices in response to the free market competition the \u201cmenu model\u201d is driving<\/strong>. As <a href=\"https:\/\/www.carecloud.com\/continuum\/practice-management\/patient-education-resources-improve-care-and-grow-your-practice\/\">better-informed patients<\/a> are becoming empowered, larger providers are adapting to their demands.<\/p>\n<p>\u201cHospitals are having to match our prices because patients are printing their prices in one hand and holding a ticket to Oklahoma City in the other hand,\u201d said Dr. Smith. \u201cWe\u2019re actually causing a deflationary effect on pricing all over the United States.\u201d<\/p>\n<p>But not everyone is on board with the menu model. As patients demand price matching, some hospitals are resisting.<\/p>\n<p>Craig Jones,\u00a0Oklahoma Hospital Association President, supports transparency in patient education but admits the pricing issue is more complicated. He does not expect major metro hospitals to offer online price menus anytime soon.<\/p>\n<p>\u201cWhere we can reveal information that\u2019s meaningful to the patient, we very much support that; that\u2019s what hospitals need to do,\u201d said Jones. \u201cThe difficulty when you compare hospitals with surgery centers is that surgery centers mostly work on elective procedures that are a bit more predictable.\u201d<\/p>\n<p>There is a drawback to the menu model. <strong>Due to Medicare regulations, providers aren\u2019t allowed to post pricing<\/strong>. As a result, the Surgery Center of Oklahoma can accept private insurance but does not operate on federally insured patients.<\/p>\n<p>Yet, around the industry, this seems to be the future of health care pricing. This past May, <a href=\"https:\/\/www.carecloud.com\/continuum\/using-new-hhs-pricing-data-maximize-returns\/\">in an effort to increase patient accessibility to affordable health care<\/a>, Health and Human Services (HHS) released a\u00a0massive data file, detailing what more than 3,000 hospitals charge for the 100 most frequently billed medical services under Medicare.<\/p>\n<p>So if you\u2019re a low-cost provider, <strong>the menu model may be an effective way of promoting your affordability to patients<\/strong>. Chances are your private practice is far less expensive than the larger providers in your area. Don\u2019t be afraid to put your prices out there. It may help you expand your patient base.<\/p>\n<p><strong>Want to keep receiving articles on the latest trends in health care? Sign up for our newsletter today!<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Imagine if patients could look up the cost of a\u00a0particular treatment or procedure\u00a0as easy as they look up appetizers on a restaurant menu. Thanks to some progressive thinking in an Oklahoma surgery center, this approach may be closer than you think. Recently, the Surgery Center of Oklahoma took the initial steps toward total healthcare price [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":32787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[2],"class_list":["post-8334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-growth","tag-growth"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What can your Practice learn from a Lunch Menu? \u2013 Continuum<\/title>\n<meta name=\"description\" content=\"the Surgery Center of Oklahoma took the initial steps toward total healthcare price transparency by posting all-inclusive surgery rates online.\" \/>\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\/healthcare-price-transparency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What can your Practice learn from a Lunch Menu? 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