At St. Luke’s in Bethlehem, PA, less revenue is more when patients agree to up-front pricing, and then pay in full!
According to Healthcare Finance News the Pennsylvania hospital has turned requirements for transparency from a burden to a boon. St. Luke’s not only provides transparent pricing but for many common outpatient services, gives patients the option for all-in-one pricing and fixed patient cost share based on the patient’s benefits.
In some cases, patients who choose to pay the all-in-one price up front can save as much as $500 on their cost share. The hospital “eats” the discount, from the patient’s view, but understanding the costs that providers incur on the backend, is happy to have the money in the bank.
This looks like smart business: good financial and good customer-centric policies creating a win-win.