Healthcare Executive Advocates Price Transparency, Consumerism
Lack of price transparency in the healthcare industry has affected patients' ability to educate themselves, thus driving up healthcare costs, says Travis Gentry, president of Denver-based Financial Healthcare Systems.
Denver, CO (PRWEB) March 12, 2007
Price transparency in the healthcare industry will become a reality only when patients understand and recognize their out-of-pocket liability prior to treatment, according to Travis Gentry, president of Denver-based Financial Healthcare Systems.
Gentry addresses the issues of price transparency and patient consumerism in a paper entitled "Transparency, Consumerism and the Patient," now available online at www. fhscorp. net.
Gentry acknowledges that the publication of provider charges represents a form of price transparency, particularly for self-pay patients. However, those patients only represent a small percent of the population. True transparency, he writes, occurs when patients also understand their out-of-pocket expenses in relation to their deductibles and co-pays.
Gentry addresses two elements - technology and process - that he thinks are necessary for the integration of contracts, charges and benefits. The integration of data from insurance companies and providers will help patients become educated consumers, prompting them to shop for the most appropriate transactions as shoppers do in more traditional marketplaces.
Technology, Gentry writes, should be used in conjunction with process change. Tools available to the healthcare industry include features such as credit scoring and e-cashiering. However, he writes, providers should not rely entirely on these tools to solve issues. Combining process, which creates change, with the correct use of technology, which supports change, will result in a healthcare industry that is ready to provide patients with a positive experience, says Gentry.
Gentry is available to speak at appropriate conferences and events on the topic of price transparency. Please call 303-216-0202.
About Financial Healthcare Systems
Financial Healthcare Systems provides an Internet-based solution to the healthcare industry's challenge of estimating patients' costs and collecting payment at the time of treatment. FHS's software verifies the patient's demographic information, insurance coverage, benefits and credit rating. Serving hospitals, clinics and physician offices, the software also calculates "meaningful" information about a patient's out-of-pocket liability on a real-time basis. For more information or for a copy of the paper, visit www. fhscorp. net or call (303) 216-0202.
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