Getting to terms with transparent payment rates
As we dispense with the secrecy of rates via the Hospital Price Transparency rule on January 1, we can expect a close scrutiny of previously hidden rates by all in the industry. While some stakeholders, particularly in the hospital setting, fear that exposing discounted rates will drive up healthcare costs, I truly believe that the rule will spur a healthier market competition. Payers and providers will shift the rate negotiations to focus on the value each party brings to the table. Volume, care outcomes and other meaningful factors will become more important as stakeholders seek to determine the new market rules. A focus on tangible variables directly related to care will open up more options for all parties, leading to a healthier market.

The stars are aligned in 2021 for real progress in healthcare. As we stand shoulder to shoulder, supported by innovative technologies and informed by lessons learned during this difficult year, I’m confident we will make great strides toward meaningful, positive changes.
About the author: Jay Sultan is the vice president of strategy for healthcare at LexisNexis Risk Solutions.

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