TEMPLE, Texas, Dec. 4, 2019 /PRNewswire-PRWeb/ -- AppRev, An OSG Company, announced today the introduction of the Pricing Transparency Solution. The cloud-based solution enables hospitals to comply with new pricing transparency rules recently disclosed by the Centers for Medicare & Medicaid, which are set to take effect January 1, 2021.
On November 15th, the U.S. Department of Health & Human Services announced the soon-to-be-published "Medicare and Medicaid Programs: CY 2020 Hospital Outpatient PPS Policy Changes and Payment Rates and Ambulatory Surgical Center Payment System Policy Changes and Payment Rates. Price Transparency Requirements for Hospitals to Make Standard Charges Public." With these new rules hospitals will be required to do the following:
Publish a "comprehensive machine-readable file that contains all standard charges for all items and services provided by the hospital" including the following:
- Description of each item or service
- Gross charge, by place of service, if applicable
- Payer-specific negotiated rate with identification of the payer
- De-identified minimum negotiated rate
- De-identified maximum negotiated rate
- Discounted cash price that applies to each item or service
- The identified billing code such as HCPCS, NDC or DRG, as applicable
Although DRGs (MS and APR) are not typically listed as standard charges in hospitals, the ruling will require that their rates be included in the published file. AppRev is recommending that customers publish the average charge for each DRG in order to accommodate for the large variance among discharges.
AppRev's Pricing Transparency solution simplifies the complex, time-consuming process with a turnkey solution that accommodates individual hospitals' differentiated strategies.
As a leading partner in the revenue cycle landscape, AppRev is uniquely connected to the pulse of the industry. In preparation for this new ruling, AppRev offers providers a clear and efficient means to meeting the new requirements, laying the groundwork for providing accurate and compliant pricing transparency.
"AppRev has been working with hospitals for more than 15 years. Helping them present charge information to the public in a meaningful way is a natural progression in our relationship with our customers," said Seth Avery, President and CEO of AppRev. "We're here to assist our customers in navigating the ever-changing hospital pricing transparency landscape."
The latest Pricing Transparency solution aligns closely with AppRev's existing suite of offerings, keeping hospitals on the forefront of technology-enabled revenue cycle optimization.
About AppRev
AppRev, An OSG Company based in Temple, Texas, delivers results through Artificial Intelligence (AI) services and technology that allow hospitals and physicians to optimize revenue cycle performance. Using our cloud-based, Service Supported Software™ Pricing Analytics, Charge Accuracy and Denials Intelligence solutions, providers can identify, quantify, resolve and measure key revenue cycle issues. All AppRev solutions employ ongoing measurement of revenue cycle improvement and can be tailored to meet customer requirements. AppRev works with more than 150 hospitals throughout the United States and Bermuda.
About OSG
For more than 25 years, OSG has been a leading outsourced provider of omnichannel billing and payment solutions, offering a full suite of integrated customer communications and engagement solutions that transform the way our clients reach their customers. From transactional documents to strategic marketing initiatives, OSG employs cutting-edge digital technology to expertly craft communications that enhance the customer experience. OSG's reputation for excellence is based upon award-winning communications solutions and long-term investment in clients' success.
SOURCE AppRev
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