For a typical hospital with a 10,000-line chargemaster, seven patient types, and 20 payer contracts, this could mean 1.4M calculations needed to fulfill the mandate. According to an HFMA Article on the topic, this detailed approach could cost a hospital several hundred thousand dollars to contract with a consulting firm.
However, ParaRev’s Price Transparency Tool, which uses the actual payer contract language as outlined in the CMS requirements to make those millions of calculations, costs under $30,000 in the first year, with nominal (under $3,000) quarterly maintenance fees thereafter. It is the most cost-effective and comprehensive solution out there today.
Consumers expect to shop for healthcare the same way they shop for other goods and services and healthcare providers must be ready to meet that need. Therefore, ParaRev has partnered with hospitals across the nation to empower them in providing this required information in a consumer-friendly, intuitive manner.
The team at ParaRev believes that price transparency and Patient Price Estimators are a useful and important component of healthcare consumerism and have spent the past year preparing for the release of these requirements. In speaking with hospital associations, clients, and business vendor groups, we are finding that we are one of the only vendors who can completely satisfy, to the spirit and letter of the law, both CMS requirements in a fully customizable manner.
ParaRev will construct procedure categories and subcategories based on the facility-approved list of services and will provide the implementation instructions for deployment. Initial and ongoing training and support are provided for the duration of the agreement. ParaRev will review your current website design to create a Patient cost estimator tool. The ParaRev Price Transparency Tool provides the Patient an easy to use decision tree to select the required services.
ParaRev will provide your facility a web-based control panel to allow updates and changes to the estimator on an ongoing basis (i.e. update prices, change benefit plans, add services, etc.) ParaRev will provide an optional insurance and benefit plan allowing Patients to enter their own benefit information to calculate their cost.
ParaRev will provide Medicare and Medicaid terms (where applicable) allowing Patients to calculate their cost and will incorporate the Hospital’s self-pay discount to allow self-pay Patients to calculate their cost. ParaRev will provide an option for the price estimate to be printed and will provide links and referrals to financial counseling, charity care policies, quality ratings, Patient satisfaction scores, and other information deemed pertinent by the Hospital. ParaRev will provide an internal web-based tool to review all registrations, estimates, and eligibility checks created by Patients. The ParaRev Price Transparency Tool statistics are tracked in the ParaRev Data Editor (PDE) according to general use, visits by date, top estimates by service, estimates by insurance, and file downloads.
The ParaRev Price Transparency Tool provides facilities with a system for publishing the CMS mandated files to a public website and generating Patient quotes of the top procedures for the facility. The purpose of the ParaRev Price Transparency Tool is to create a web-based system that follows federal requirements regarding Price Transparency and allows the Patient to determine their share of cost for healthcare services.