HFMA creates price transparency task force

The Healthcare Financial Management Association has established a task force to address price transparency issues for hospitals, physicians, employer groups and patients, and eventually issue guidelines for the sector.

The announcement was made by HFMA Chief Executive Officer Joseph F. Fifer at the group's annual national institute in Orlando on Tuesday.

"Have you tried to navigate your way through the financial maze of healthcare? We're not there yet," Fifer told the audience as an introduction to Tuesday's keynote speaker, former Centers for Medicare & Medicaid Services Administrator Donald M. Berwick, M.D.

Fifer said the price transparency task force includes both healthcare and consumer groups. Participants announced on Tuesday include the Medical Group Management Association, the LeapFrog Group, America's Health Insurance Plans, and Catalyst for Payment Reform. Others would be announced as they come on board, Fifer said.

Fifer noted that rising consumerism in healthcare has prompted the need for the HFMA and its members to be better focused on price transparency.

The announcement comes just two days after the HFMA released draft guidelines regarding appropriate financial interactions between providers and patients. The association is seeking comment on the guidelines and plans to release a final version in the fall. Fifer told FierceHealthFinance Tuesday that the voluntary guidelines offer "a common-sense approach to financial interactions and is a terrific return on investment." 

To learn more:
- see a video of Fifer's announcement

 

Suggested Articles

The Senate Finance Committee has finally unveiled its long-awaited legislation on drug prices. 

Amazon Web Services executive Shez Partovi, M.D., spoke with FierceHealthcare where he thinks AWS can make the biggest impact in healthcare.

Healthcare’s RCM processes are in dire need of a 21st-century update that delivers greater automation and real-time transparency.