How organizations can help patients learn about their care costs
Patient demand for price information is increasing, but many providers continue to struggle to generate meaningful estimates for them. According to Advisory Board research, 89 percent of patients want to know their medical costs in advance of receiving care. Giving patients a simple, intuitive way to find this information on their own helps organizations to attract new patients and retain existing ones.
However, it’s often difficult to develop accurate estimates because prices vary significantly with patient-specific inputs, and even if providers come up with an estimate, it’s often inaccurate or confusing. Every provider's price transparency strategy will depend on internal capabilities, brand strategy and their price point relative to the market. In a recent report, Advisory Board research has compiled best practices in implementing price transparency; several strategies depend heavily on better use of information technology.