TruBridge, LLC, a subsidiary of CPSI (NASDAQ: CPSI), a healthcare solutions company, announced today the availability of a price transparency solution that gives patients the ability to shop for healthcare services based on price, supporting a more patient-driven healthcare experience. This solution also enables hospitals of all sizes, regardless of their Electronic Health Record (EHR) provider, to meet the Centers for Medicare & Medicaid Services (“CMS”) price transparency mandate that goes into effect in January 2021 for all U.S. hospitals.
The TruBridge price transparency solution, available to use with any EHR, allows patients to enter their insurance information to generate and print patient-friendly, facility-specific estimates, and allows hospitals to provide an improved patient experience by offering price transparency for their healthcare services.
The CMS mandate requires that hospitals publicly post standard charge information for at least 300 shoppable services, which gives patients the ability to compare payer-specific negotiated charges across healthcare settings. It also requires hospitals to post rates online for those services in a searchable and consumer-friendly manner. The online tool is intended to allow patients to generate an estimate of the amount the patient would be obligated to pay for the selected service.
“Having this solution implemented well ahead of the deadline has given us peace of mind that we will be ready in January,” said Tiffany Huston, manager of patient financial services at Door County Medical Center in Sturgeon Bay, Wisconsin. “But most importantly, providing an online, easy to use estimator provides patients and their families with greater control of their healthcare costs. In addition, ensuring that patients clearly understand the service price and their specific payment liability ultimately improves the collectability of the amount owed.”
According to Chris Fowler, president of TruBridge, “All healthcare organizations strive to deliver patient-centered care, and this new price transparency mandate continues to advance the goal of keeping patients informed about the costs associated with the care they receive. TruBridge is committed to supporting this effort now and in the future by delivering EHR-agnostic solutions that support patients and healthcare organizations alike.”
In an effort to help stop the spread of COVID-19 and make meeting the January 2021 deadline as easy as possible for healthcare providers, TruBridge offers a 100% remote, limited contact implementation.
TruBridge, a member of the CPSI family of companies, provides business, consulting, and an end-to-end Revenue Cycle Management (RCM) solution. With our arsenal of RCM offerings that include an HFMA Peer Reviewed® product and an HFMA Peer Reviewed® complete outsourcing service, TruBridge helps hospitals, physician clinics, and skilled nursing organizations of all sizes become more efficient at serving their communities. For further information visit www.trubridge.com.
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified generally by the use of forward-looking terminology and words such as “expects,” “anticipates,” “estimates,” “believes,” “projects,” “targets,” “predicts,” “intends,” “plans,” “potential,” “may,” “continue,” “should,” “will” and words of comparable meaning. Without limiting the generality of the preceding statement, all statements in this press release relating to the ability of TruBridge’s solutions to support a more patient-driven healthcare experience and enable hospitals to satisfy regulatory requirements are forward-looking statements. We caution investors that any such forward-looking statements are only predictions and are not guarantees of future performance. Certain risks, uncertainties and other factors may cause actual results to differ materially from those projected in the forward-looking statements. Such factors may include: risks related to the ability of TruBridge’s price transparency solution to generate patient-friendly, facility-specific estimates of payer-specific negotiated charges across healthcare settings; risks related to the ability of TruBridge’s price transparency solution to enable hospitals to satisfy the CMS price transparency mandate that goes into effect in January 2021; the impact of COVID-19 and related economic disruptions which could materially affect the Company’s revenue, gross margin and income, as well as the Company’s financial position and/or liquidity; actions to be taken by the Company in response to the pandemic; the legal, regulatory and administrative developments that occur at the federal, state and local levels; potential disruptions, breaches, or other incidents affecting the proper operation, availability, or security of the Company’s or its partners’ information systems, including unauthorized access to or theft of patient, business associate, or other sensitive information or inability to provide patient care because of system unavailability; changes in revenues due to declining hospital demand and deteriorating macroeconomic conditions (including increases in uninsured and underinsured patients); potential increased expenses related to labor or other expenditures; and the impact of our substantial indebtedness and the ability to refinance such indebtedness on acceptable terms or at all, as well as risks associated with disruptions in the financial markets and the business of financial institutions as the result of the COVID-19 pandemic which could impact us from a financial perspective. Numerous other risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. Such factors include risk factors described from time to time in CPSI’s public releases and reports filed with the Securities and Exchange Commission, including but not limited to, CPSI’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10Q. We also caution investors that the forward-looking information described herein represents CPSI’s outlook only as of this date, and CPSI undertakes no obligation to update or revise any forward-looking statements to reflect events or development after the date of this press release.