The Stakes Are High:
The “grace” period, in which most hospitals may receive warning letters or requests for corrective action plans from CMS, will likely come to an end in 2022. In response to a high rate of hospital price transparency rule noncompliance, CMS issued a proposed rule on July 19, 2021, to increase Civil Monetary Penalties (CMP) from a nominal $300 per day to up to $5,500 per day. For hospitals with over 550 beds, that translates to over $2M annually.
During this informative session Panacea Chief Executive Officer, Fred Stodolak, and Executive Vice President, Goving Goyal, cover:
- A refresher on the rule requirements, including CMS’s most recent actions and proposals impacting hospitals and health systems
- How to avoid public shaming from the media and drastic financial penalties from CMS
- Several surprising statistics on nationwide compliance and consumer-use rates of patient estimation systems
- How to leverage price transparency requirements to improve patient satisfaction and market-share potential