No Surprises Act and other federal price transparency regulations among the compliance needs that strategic pricing methodology can address
Kodiak Solutions offers hospitals a proven, technology-driven strategic pricing methodology to set prices across thousands of procedures and services to meet regulatory and market pressures.
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Hospitals and health systems must comply with price transparency requirements under multiple federal laws or regulations, including the No Surprises Act, new inpatient and outpatient Medicare prospective payment regulations, and tightening rules from the Centers for Medicare & Medicaid Services (CMS).
The business pressures of pricing are no less intense: Pricing strategy can affect an additional 0.25% to 0.5% of net revenue for health systems.
“The impact of pricing on revenue can make all the difference in a time of incredibly tight margins,” said Tracey Coyne, Vice President, Finance and Reimbursement Strategic Pricing Lead. “Hospitals have never faced more regulatory scrutiny on price transparency, and compliance requires public disclosure of prices in most cases, raising the stakes for making consistent, defensible prices across thousands of procedures and services.”
Kodiak Solutions experts partner with hospital and health system management teams to co-develop custom versions of Kodiak’s strategic pricing methodology. The customized recommendations also are based on a provider organization’s existing financial data as analyzed by Kodiak Revenue Cycle Analytics platform. The optimized, data-driven pricing strategy that results offers health systems:
- Improved rates based on the organization’s market position, fee schedules, and payor mix;
- Standardized pricing within and across the organization’s service lines, departments and care settings;
- Market-based pricing to attract and retain patients; and
- Consistent pricing that is defensible when publishing to the community.
Hospitals and health systems that work with the Kodiak Solutions strategic pricing team receive an electronic upload of new prices, reports on changes in gross and net revenue by facility, department and payor, a price inconsistency report, and more.
Kodiak Solutions recently hosted a webinar on pricing transparency, No Surprises Act compliance and other topics related to strategic pricing that is available online.
To discuss Kodiak Solutions’ strategic pricing methodology, call (463) 270-8252 to schedule an appointment with Coyne.
About Kodiak Solutions
Kodiak Solutions is a leading technology and tech-enabled services company that simplifies complex business problems for healthcare provider organizations. For nearly two decades as a part of Crowe LLP, Kodiak created and developed our proprietary net revenue reporting solution, Revenue Cycle Analytics. Kodiak also provides a broad suite of software and services in support of CFOs looking for solutions in financial reporting, reimbursement, revenue cycle, risk and compliance, and unclaimed property. Kodiak’s 450 employees engage with more than 2,100 hospitals and 300,000 practice-based physicians, across all 50 states, and serve as the unclaimed property outsourcing provider of choice for more than 2,000 companies. To learn more, visit our website.
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“Hospitals have never faced more regulatory scrutiny on price transparency, and compliance requires public disclosure of prices... raising the stakes for making consistent, defensible prices.” --Tracey Coyne, Vice President, Kodiak Solutions
Contacts
For Media:
Vince Galloro
(312) 625-2137
vince.galloro@sunrisehlth.com
