Among the topics ready to take center stage at HFMA's 2009 ANI: The Healthcare Finance Conference is the increase in consumer-directed healthcare - in particular, the increase in options available to the consumer to pay for his or her healthcare needs.
More than 400 vendors are expected to have booths in the Washington State Convention and Trade Center's Exhibit Hall during the June 14-17 conference, many offering products designed to improve cost transparency, increase collection rates and cut down on uncollected debt. Among them is Craneware, a 10-year-old Orlando, Fla.-based supplier of business intelligence and revenue cycle software, which has been showcasing its new Patient Charge Estimator at recent trade shows.
"As consumers become increasingly cost-conscious, healthcare organizations need to better manage the entire patient experience, even before services are performed," said Jim Wilson, president of Craneware, in a recent press release. "With increasing financial responsibility being placed on the patient, accurate service estimation can make the difference in the healthcare provider a patient selects. Patient Charge Estimator can generate instant and accurate procedure estimates which can increase patient satisfaction, as well as dramatically enhance collections processes so hospitals can better serve their communities."
Driven by recent reports indicating more than 8 million Americans have their own health savings accounts (HSAs), Craneware officials developed a technology that allows hospitals to supply price information at the point of care, including an average, median, high and low estimate based on the hospital's own claims data and contracts.
Officials say Patient Charge Estimator not only allows the consumer to map out his or her healthcare bill, but also allows hospital officials to minimize cash flow risks.
Among the providers using Patient Charge Estimator is St. Joseph Hospital in Bangor, Maine, which began using the software earlier this year.
"Before we implemented the software from Craneware, price quotes were difficult for us to handle – involving spreadsheets and phone calls to medical records," said Lisa Killam, St. Joseph's reimbursement charge supervisor. "In the last five years, we've seen a dramatic increase in demand for price quotes from patients who need to know what a procedure is going to cost. Now, we're able to provide this information efficiently. Patient satisfaction has been a big benefit. Patients are so happy we can give this information to them on the spot – usually with no call back. Beyond answering questions, we look forward to giving patients pricing information in advance, so they know what to expect and can settle their account upfront."
Among the factors driving this pricing transparency is the federal government. On May 5, Congress introduced the Health Care Transparency Promotion Act of 2009, a bipartisan effort to make states create laws that direct hospitals and health plans to make public information on hospital charges, as well as provide some guidance on estimated out-of-pocket charges.
As of June 1, 37 states have passed legislation designed to comply with this act.