Embrace Price Transparency with the ModMed Quoting Tool
Our quoting tool’s easy interface helps you estimate out-of-pocket costs for patients
People have become accustomed to seeing prices before making consumer purchases. They may expect the same transparency as they evaluate their healthcare choices. In fact, cost estimates may be crucial to their decision-making.
A study, conducted by The Harris Poll® and commissioned by Change Healthcare, found that more than half (53%) of patients surveyed said they avoided care because they weren’t sure how much it would cost.*
Discussions around price may be challenging for front office staff and patients. Both may wish they had more clarity around what patients may expect.
Our Quoting Tool may help provide some of that clarity, helping to smooth the quality of conversations and build trust between patients and practices.
Here, we’ll explore how the Quoting Tool may help you incorporate transparency into the financial policies at your practice.
Potential Impacts of Price Transparency
Price transparency may be a catalyst for patient trust, helping your practice foster a better patient-provider relationship. With our Quoting Tool, you may be able to help patients understand their responsibilities and expenses.
The Quoting Tool provides itemized costs by CPT codes, custom codes, product and inventory. It also itemizes discounts and additional fees.
Itemization may provide patients with additional visibility and practices with greater control over how discounts may apply.
As price transparency becomes more commonplace, patients may become more comfortable making price comparisons across providers.
Some providers may wonder if transparency has the potential to drive healthcare prices downward, as providers may compete on price to win patient loyalty.
This may occur in some cases, but price is not the only factor patients consider when choosing a provider. And while price transparency is important, accurate pricing is not always as straightforward.
For example, a diagnosis may change or patients may change insurance plans during open enrollment. These changes may impact total or out-of-pocket costs or create unknowns that make price estimation dependent on certain outcomes or scenarios.
How the Quoting Tool Works
The Quoting Tool is designed to be easy for providers and their staff to use, informing patient discussions and decisions. Here’s a brief overview of how it works:
Start a quote. The tab to start a quote is found on the home screen of our EHR, EMA®. This is also how you can access previously created quotes.
Include patient data. Type in the patient’s name to enter a quote workflow that automatically includes patient information, like date of birth and available balance details. Enter any insurance information or indicate if the patient intends to self-pay.
Include practice and procedure data. Add your provider and service location information. For practices with single options for these fields, they automatically populate. Then, add service or procedure details, discounts and additional fees to tailor the quote.
Quotes can be saved, printed and digitally signed while patients are in the office. If you need to access or modify a quote later, you can use the Quote ID to click into the quote details and fine-tune as needed — the quote is saved to the patient’s chart. Quotes that were converted into bills for treatments and procedures are easy to track.
Bring Price Transparency to Your Practice
As price transparency evolves, our Quoting Tool may provide financial clarity, informing conversations through itemized breakdowns, discounts and fees. Its user-friendly interface may help guide staff through conversations around price, fostering open dialogue around healthcare billing.
For more on how your practice can pave the way for price transparency, reach out for a demo.
*The 2020 Change Healthcare – Harris Poll Consumer Experience Index
This blog is intended for informational purposes only and does not constitute legal or medical advice. Please consult with your legal counsel and other qualified advisors to ensure compliance with applicable laws, regulations and standards.
