Three ways your medical practice might lose out by not being transparent enough

In reaction to sweeping changes occurring in the healthcare industry, private practice physician-owners and network providers are seeing an increase in their patient population’s enrollment in High-Deductible Health Plans (HDHPs), which place a bigger financial burden on the consumer and require price transparency from providers. Patients, providers and payors can all view transparency in different ways, but healthcare organizations and private medical practices must meet the expectations for transparency from their constituents in order to keep pace with the market.

There are three distinct ways a medical practice could lose out by not being transparent enough in today’s competitive market. A medical practice may…

1. Be unable to demonstrate value in order to participate in payment programs
2. Lose a growing number of “patient consumers”
3. Compete ineffectively with other practices in the market

Healthcare organizations and medical practices can prevent these negative effects by adhering to our transparency suggestions. To learn how to move your private medical practice toward the new transparency standards today’s healthcare market expects, read our report on “Transparency in Healthcare” here.