GUEST POST: Make the Best of the Price Transparency Requirement by Integrating with Your Digital Strategy

This is a featured guest post from HANYS, a Platinum sponsor of the 2020 Gala & Awards.

By Thomas Hallisey, Director, Health Information Technology Strategy, Healthcare Association of New York State

Several forces are working together to move the healthcare ecosystem to a digital-first (or “digital front door”) market, where consumer expectations and choice can dictate revenue share.

The pandemic has vastly increased the use of telehealth, new regulations are requiring open patient access and digital interoperability, and consumers have increased expectations for digital services they receive in so many other industries. All of these forces are quickly creating digital-first experiences and opening that digital front door to healthcare services.

We’ve likely all heard many experts, including those from HANYS, explain these changes and their implications, but have you considered all of these market forces as you look to meet the price transparency regulations set to come into effect on Jan. 1?

The new price transparency regulations mandate publicly posting charges in machine readable and consumer-friendly formats. It remains unlikely these regulations, opposed by HANYS, will be able to provide consumers much value absent an overhaul of the myriad of methods of reimbursement currently existing. However, since the regulations are here, you’re encouraged to look at making the best of these required changes by taking strategic implications and competitive aspects into consideration during implementation.

Users expect a seamless experience across the enterprise. Their expectations when accessing and evaluating prices are no different. You have the opportunity to stand out in the wide open digital health marketplace by seamlessly integrating price transparency into the overall digital user experience and adding additional tools, such as price comparisons.

Don’t just meet these new regulations, use the moment to advance your larger discussion on the consumer experience and your organization’s digital front door. You’ll not only increase customer satisfaction, but you can help drive revenue, as well.

If you require outside assistance in this undertaking, HANYS has partnered with IBM to bring their tools and expertise to you. IBM can help aid you in your strategic design and execution to meet the new regulations on-time and most effectively. You can find out more here.