Healthcare Pricing Transparency is Going to Sting
And competitors aren't just local anymore. They're national and in some cases, even international, which belies the old saying, "all healthcare is local." Hospital leaders owe it to their organization to look at some of these comparisons themselves, and understand how they stack up against the competition.
Some hospitals and health systems, finding they can't compete well under their current cost structure, will be forced to lower prices, and that will impact their ability to continue to fund services that already lose money, or curtail their activities on community benefit, or even lower their charity care, both activities which produce little, or even negative financial return for the organization.
Tough decisions will be required as hospitals and health systems with higher relative prices find they have to adjust to retain business.
Those adjustments, for some, will be extremely painful.
Philip Betbeze is senior leadership editor with HealthLeaders Media.
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