BRENTWOOD, Tenn., June 29, 2020 (GLOBE NEWSWIRE) — Federal momentum towards healthcare price transparency surged forward with the June 23 summary judgment of U.S. District Court Judge Carl Nichols, upholding the power of the Department of Health and Human Services to require hospitals to publicly post their prices—even those negotiated with insurers.
The price transparency rule is set to go into effect on January 1, 2021, and requires hospitals to display online two sets of transparent price information:
- 300 consumer-friendly shoppable services, where shoppable is defined as procedures that can be scheduled by a consumer in advance.
- A comprehensive, machine-readable file of the charges for all items and services offered by the hospital.
MDsave, the company behind the world’s first online healthcare marketplace, has developed Private Label Hospital Sites with a compliance add-on to help hospitals meet federal transparency goals on this tight deadline, in a way that also benefits the facility by increasing patient satisfaction and allowing hospitals to compete in their market.
“Transparent pricing lets hospitals compete for new patients or to keep current patients, and patients benefit from that,” said Paul Ketchel, MDsave CEO and founder. “Patient satisfaction goes up when you make pricing understandable and simplify the billing process.”
The MDsave Private Label Hospital Sites give patients an easy-to-use storefront that’s exclusive to a single facility or hospital system and provide consumer-friendly shoppable services in a familiar ecommerce environment. The site can also host a list of machine-readable standard charges.
“What makes these sites so effective is what we call actionable transparency: patients can immediately act on the price they see, and complete their purchase just like any other online transaction,” explains Greg Born, MDsave President. “Hospitals get paid immediately which cuts out a lot of the administrative burden of collecting on bills.”
MDsave is offering limited-time introductory pricing through December 31, 2020.
To learn more, visit MDsave.com.
Co-located in Brentwood, Tenn. and San Francisco, Calif., MDsave is the world’s first online healthcare marketplace, bringing together patients seeking affordable, reliable care with providers offering high-quality services at fair prices. Using cutting-edge technology, MDsave simplifies the healthcare billing process for patients and providers alike through negotiated rates, bundled pricing, and upfront payment. The MDsave marketplace also helps employers and payers offer more value to employees and policyholders with out-of-pocket deductible costs. Launched in June 2012, the company offers a wealth of information on its website about common illnesses and procedures. For more information, visit https://www.mdsave.com.