In the hopes of making it easier for patients to price shop for non-urgent services, on January 1, 2021, CMS made it mandatory for hospitals to publicly publish their standard and negotiated fees for 300 shoppable services online in a machine-readable format. While this rule doesn’t apply to private practices, many practices may benefit from publishing their pricing for services, and here’s why.
Today, many patients juggle with understanding their out-of-pocket costs from the high deductible and consumer-driven health plans that they signed up for. As a result, patients are asking how much each doctor’s visit and procedure will cost and what will be considered out-of-pocket for them. For patients, getting this information hasn’t always been easy. CMS is hoping that this rule will change that by mandating easy online access to pricing information…
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