The No Surprises Act is a law designed to increase medica billing transparency. The rule mandates that providers give certain consumers a good faith estimate (GFE) of treatment price. Additionally, practices may not charge for out-of-network care without informing the patient first. Part of a nationwide push to reduce healthcare payments, the bill officially started January 1, 2022.
Because of its recency, officials have set no precedents for enforcing this law. This ambiguity may partially explain why only 21% of providers prioritized transparent pricing in 2021. However, 90% of 2021 consumers reported that transparent pricing was important or very important. For practices to improve public perception, strict adherence to the law may be critical.
Here’s why patient engagement may rise because of the No Surprises Act.
Patient responsibility is increasing every year. Employer-insured deductibles rose 111% between 2010 and 2020. This cost increase has led many consumers to avoid seeking medical care. Those who purchase healthcare frequently report dissatisfaction with their service’s value.
Surprise medical bills are a significant problem in today’s landscape. Eighty-seven percent of consumers reported feeling surprised by a healthcare invoice in 2021. The average price of these bills ranged from $750 to $2600. An increasingly expensive healthcare system compounds the frustration these surprises cause. Uninformed patients are more likely to overextend and eventually default.
Fifty-six percent of surveyed consumers reported never having heard of the No Surprises Act. Of those who had heard, most only knew a little. As such, practices must uphold the No Surprises Act without patient prompting.
Because most providers have only tentatively embraced the law, early adopters can immediately gain favor. Maximizing transparency during and soon after scheduling is a rare, regulation-adhering principle. This strategy ensures consumers have a clear understanding of what their total services cost will be Consistently upholding early transparency will increase satisfaction and decrease defaults.
Practices improve patient engagement by giving consumers the tools to personally manage their healthcare. Medical experts push this independence since patients are typically away from professional guidance. The No Surprises Act will significantly boost engagement by empowering consumers with crucial knowledge.
The No Surprises Act also affects insurers. Clients can request an advanced explanation of benefits (EOB) from the payer when scheduled for care. The insurer must provide this document before the care occurs. Previously, agencies only sent an EOB after a service.
When paired with high practice transparency, these requirements can notably ease patients’ financial burdens. Consumers are more likely to repeat visits, and providers and patients will be more financially stable.
Healthcare experts have expressed concerns that GFEs may cause disruptions in workflow. As such, providers need more patient engagement support. AnodynePay provides patient payment software that keeps all your consumers’ financial information in one place. Our system automatically notifies regarding invoices and gives access to critical analytics. If maximizing patient engagement is a top goal, visit our website today.
1. Increasing healthcare costs are pushing patients away from medical care.
2. Surprise bills are frequent and often high.
3. Practices are responsible for enforcing the act without prompts from patients.
4. Patient engagement will rise by empowering consumers with knowledge.
5. Following the act may result in significant improvements in consumer relationships.
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