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Health care price transparency solutions
Transparency in health care can be a catalyst for growth
As health care pricing transparency regulations and COVID-19 accelerate market disruption and changes in consumer behavior demand new engagement models, how can your organization prepare for the powerful shift toward more consumer-centric pricing transparency?
Our health care price transparency solutions
Through the combination of our proprietary tools and modeling methodologies, and our deep industry and technical experience, we can help your business leverage pricing and contracting strategies as a sustained source of market advantage. Together, we can help you outperform your peers and improve your overall market and brand value.
Our health care price transparency solutions help your organization for the future of consumer-centric health care by addressing key considerations and challenges in three priority areas:
Preparing for price transparency
Build your strategy
- What is my current price position?
- Do I understand the payor/provider dynamics in the market?
- What is my brand and how can I leverage it?
- Establish a sustainable governance structure (e.g., Price Transparency Council) to ensure organizational alignment
- Understand your price and rate position relative to your market comparators
- Evaluate your brand identity and areas of strengths in the market
- Assess your market power as it relates to payor rates
- What are my confidentiality concerns? Do I have existing NDAs with certain payors?
- Are there areas with high transparency exposure that should be evaluated for an off-cycle price change?
- Evaluate services with high transparency risk (e.g., shoppable) and consider off-cycle price changes
- Communicate with payors what exactly you will be posting, especially payors with existing confidentiality agreements
- Build the required machine-readable files in formats ready for website upload
Get ready to talk about your pricing
- What is my marketing plan to ensure I am in control of the value narrative?
- How to I develop a communication strategy to effectively engage with patients and payors?
- Design a consumer-friendly patient engagement strategy that encourages a transparent patient provider dialogue around cost of care
- Expect rate pressure from payors, and develop a proactive communication strategy to facilitate favorable contract negotiations
- Be ready for media inquiries with a consistent, defensible message
The health care pricing transparency imperative
Information and price transparency can be a catalyst for change and an opportunity for growth in the consumer-centric future.
1 Hospital Pricing Specialists Survey, January 2019
2 Deloitte Center for Health Solutions: 2019 Global Health Care Consumer Survey
3 PNC Health Consumer Survey, March 2015
4 Deloitte Health Forward Blog: “Will Consumers Trust Health Care Organizations After COVID-19?”
Addressing your price transparency challenges: How Deloitte can help
Deloitte’s Health Care Pricing practice works with health care executives across the country to address all aspects of pricing strategies and managed care contracting to align the organization’s overall pricing strategy with its business, market, and patient priorities.
As the leading health care consulting firm in the country, our team includes recognized thought leaders and subject matter experts specialists on health care pricing strategies, along with advanced data modeling specialists professionals who will work with you to address the key questions and issues related to pricing strategy, including:
- How do I prepare my organization to ensure we're compliant with current and upcoming price transparency regulations?
- How do I communicate effectively with my patients/members and provide accurate liability estimates in a patient friendly, authentic manner?
- How can I drive increased patient/member volume by effectively engaging patients in a transparent, patient friendly dialogue around the cost of services?
- How can I leverage information and health care transparency as a transformative tool to drive changes around patient engagement, managed care contracting, and financial sustainability?
- How can I work with my payer/provider partners to truly collaborate and innovate around the consumer/member pricing experience?
The road to consumer-centric pricing