Do you want more business at your healthcare facility? Give prospective patients your price list.
A small study published in the April issue of the American Surgeon found that by disclosing prices for common medical procedures, healthcare facilities can generate more patient traffic, earn additional revenue, and achieve greater patient satisfaction.
Researchers from Johns Hopkins University tallied survey results from six ambulatory surgical centers across the U.S. Five of the six centers reported an approximately 50% increase in median patient volume one year after implementing price transparency.
In addition, four centers experienced a 30% increase in revenue and three centers reported an average of seven new third-party administrator contracts. Five centers said patient satisfaction and engagement rose after implementing the price disclosures (Am Surg, Vol. 84:4, pp. 604-608).
"There's a growing movement in the United States for transparent and fixed pricing for predictable services, and this study suggests that the market rewards such practices," said lead author Dr. Martin Makary, a professor of surgery, in a release from Johns Hopkins Medicine.
Makary cautioned that the results do not necessarily prove that price transparency leads to positive business outcomes and patient satisfaction, but officials at all six centers recommended the open disclosure policy as an effective marketing strategy.
