Pricing Transparency Solution Addresses Proposed Out of Pocket Disclosure Initiatives

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As we have seen in so many other sectors of our economy, empowered consumers make better decisions, causing prices to go down and the level of quality to increase

Denver, CO (PRWEB) June 11, 2009

Recently awarded the Peer Review distinction by HFMA, FHS ClearQuote is addressing key proposed initiatives listed in HR 2249 by producing credible out-of-pocket estimates for patients after evaluating provider charges, patient benefits and negotiated pricing between the provider and insurance company.

HR 2249, introduced by Reps. Gene Green (D-TX) and Michael Burgess, M.D., (R-TX) and co-sponsored by Reps. Henry Cuellar (D-TX), John Carter (R-TX) and Mac Thornberry (R-TX), would require states to mandate disclosure of information on hospital charges. The bill directs states to establish and maintain laws requiring disclosure of information on hospital charges and provide individuals with information about estimated out-of-pocket costs for health care services . Additionally, the bill requires hospitals and health plans to make such information available to the public.

The issue of pricing transparency has caught the eye of consumers and financial experts as well as prominent political figures focused on healthcare initiatives such as Representative Nathan Deal (R-GA).

"As we have seen in so many other sectors of our economy, empowered consumers make better decisions, causing prices to go down and the level of quality to increase," said Rep. Nathan Deal (R-GA.). "This straightforward concept will make significant progress in improving the healthcare of all America and will give healthcare providers the resources they need to improve patient care."

Addressing the rising demands of healthcare price transparency and the shifting burden of healthcare costs, ClearQuote allows providers to establish the patient's financial obligation via a secure, web-based solution. ClearQuote evaluates provider charges, patient benefits, and negotiated contract pricing between the provider and insurance company generating estimates that are credible and defendable. FHS Corp. has created the only estimation solution to successfully earn the HFMA Peer Review designation.

"Providing procedure costs to patients is not true transparency," said Tim Estes, Co-founder and CEO, FHS Corp. "The complexity of the contractual reimbursement, the definition of the reason for the healthcare visit, and the validity of the patient-specific insurance benefits all contribute to a credible out of pocket amount. Without that, consumers are still in the dark regarding their financial responsibility for healthcare services. Recent events such as HR 2249 and our designated HFMA Peer Review status shows that transparency change is happening."

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