Service Package Price Benchmarking Now Available with Vitalware Hospital Price Index™
The number one goal with developing Hospital Price Index (HPI) was to help hospitals fully comply with the price transparency mandate – and to do it with much less effort and stress than it’d take to do themselves. With that foundation in place, we looked for ways we could provide hospitals more value around their newly created service packages and pricing strategies. That’s where service package benchmarking comes in.
By including commonly reported services, HPI service package benchmarking gives our clients an apples-to-apples comparison of two competitors’ TOTAL cost of procedures. This is a new level of analysis beyond just looking at the cost of a single line item, and a useful tool for competitive analysis.
By including commonly reported services, HPI service package benchmarking gives our clients an apples-to-apples comparison of two competitors’ TOTAL cost of procedures. This is a new level of analysis beyond just looking at the cost of a single line item, and a useful tool for competitive analysis. Within HPI, you are able to line up your service packages against your CDM price; your low, high, and average claims price; your payor negotiated plan rate; and lined up against your two nearest competitors to see how they priced the same claim last year.
While our chargemaster solution, VitalCDM, has had price and peer benchmarking for quite some time, price benchmarking that includes items and services integral to the procedure – such as anesthesia, recovery, drugs, and supplies – can only be captured through claims analysis. Now, after we create your service packages for HPI, we are able to connect those to not only your Medicare SAF data, but also your competitors’. This connection gives you new insight into how your service packages and single service items compare with your competitors.
Price transparency regulation has already made patients more consumer-like. As patients get more and more used to “shopping” for hospital services (not just individual line items), it’s imperative that your pricing is in line with your competitors so you don’t lose patients. Service package benchmarking will allow you to analyze just that.
Delivering value beyond price transparency compliance, HPI now gives you a place to analyze, manage, and compare the data that is displayed. This will keep you confidently competitive, which is why we can’t wait to get this into the hands of our clients. You can learn more about HPI or request a consultation here.
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Learn More About Hospital Price Index™
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