Finding the perfect balance between creating a patient-centric experience without sacrificing net revenue.
It’s no secret that healthcare premiums continue to rise and significantly outpace both employee earnings and the rate of inflation.
In fact, since 2011, single coverage deductibles are up a staggering 63% and premiums are up 19%. The increase in premiums alone almost doubles the increase in employee earnings (a modest 11%) and more than triples the rate of inflation (6%).
According to a 2017 Kaiser Family Foundation Survey, for a family covered by an employer plan, this equates to $18,764 in annual premiums.
With the cost of healthcare at an all-time high, the average patient might point the finger at the healthcare provider and pose this question:
“Why can’t you just lower your charges?”
However, we know it’s not that simple.
At a time when healthcare costs are more important to the patient than ever before, now is the time for healthcare providers to develop strategic pricing strategies not only to defend their charges, but to locate areas for cost adjustments. [Read more…]