Cost Estimates On-Demand: Introducing the TrueCost Calculator
In most situations as a consumer, there are certain aspects of selecting and purchasing goods or services that we typically take for granted. For example, if you go into a restaurant, there are usually prices available for the food and beverages you may purchase. When getting work done on your house or car, most times you can request estimates from several contractors or auto shops before choosing the one offering the best work at the most reasonable price. Unfortunately, the same price transparency and freedom of choice has never really applied to healthcare… until now.
We at Health iPASS are proud to announce a new feature: the TrueCost Calculator. This tool supplements the healthcare price transparency providers have come to expect from our platform, but the estimates are not tied to any specific appointment. Translation? You can now provide patients with on-demand, clear cost estimates for services.
Here are a few examples of how the TrueCost Calculator can be used at your practice.
Case #1: Your patient is considering an elective surgery. With the TrueCost Calculator you can print or email an accurate estimate determined by patient’s insurance, service type & provider, and your clinic’s custom billing codes. The patient knows exactly what is owed and can make pre-service deposits that are applied directly to their account.
Benefit: Say hello to zero A/R as you collect for care before the patient even sets foot in your office. The added bonus is that with a deposit made, the patient is more likely to follow through on the scheduled surgery.
Case #2: The TrueCost Calculator can also be used as an extension of the check-out procedure. For example, if the patient does not make a payment right after their visit, you can send them the estimate along with a mobile check-out opportunity.
Benefit: By delivering multiple opportunities to pay, you increase likelihood the patient will make the payment.
Case #3: Finally, the TrueCost Calculator can be used to help patients prepare and budget for upcoming health-related expenses. Let’s say your patient has been told that she will likely need a joint replacement in the next year. You can print or email an accurate estimate to the patient so that she can financially prepare for the surgery.
Benefit: Patients hate surprise bills. 2 in 3 American adults worry about surprise medical bills and would not be able to pay them in full. The solution is simple-- a patient who is informed about medical costs is more likely to pay them. Empowering your patients to plan for their care while also collecting more money to grow your practice? Sounds like a win-win.
Medical price transparency is undoubtably becoming more important due to healthcare consumerism and goings-on in Congress such as the No Surprises Act, which goes into effect starting 2022. Our TrueCost Calculator can help your practice deliver the financial clarity your patients need to make better healthcare decisions while also boosting its own financial health.