Outpatient Surgery Magazine - Subscribers

The Secret of Gritflowness - October 2020 - Outpatient Surgery Magazine

Outpatient Surgery Magazine, providing current information on Surgical Services, Surgical Facility Administration, Outpatient Surgery News and Trends, OR Excellence and more.

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Page 65 of 75

6 6 • O U T P A T I E N T S U R G E R Y M A G A Z I N E • O C T O B E R 2 0 2 0 T he beauty of the price transparency model lies in its simplicity. You present all-in pric- ing for each procedure your surgery center offers, and patients pay the advertised amount. That's it. There are no hidden costs, no surprise bills and your facility, surgeons and anesthesia providers get paid upfront for each case. Increasing numbers of forward-thinking facili- ties recognize price transparency can fix a broken healthcare system built on price gouging and prof- iteering. Joining the movement now will allow you to capture more business in the short term and set your facility apart from the competition as transparent pricing gains traction. Here's how to get started. Set your prices Poll your surgeons. Simply ask them how much money they want to make for each procedure they perform. Do the same with anesthesiologists. Ask them to put a price on their time. For the facili- ty fee, take a time-and-materials approach to calcu- late how much it costs to run each of your ORs for 30 minutes. Calculate your fixed costs — staffing, utilities, insurance — and pad it a bit to cover vari- able supply costs for each case. I suggest using the price list we created for my surgery center as a starting point (surgerycenterok.com). Customers visit the website to see exactly what they'll pay for procedures, from $4,000 for a one-sided cataract surgery to $38,000 for a single-level lumbar fusion. 1 Price Transparency Is on the Way The payment model promises to transform healthcare spending. Business Advisor G. Keith Smith, MD OPEN FOR BUSINESS Dr. Smith wants patients who undergo surgeries at the Surgery Center of Oklahoma to know exactly how much their bills will be well in advance of their procedures. Bryan Terry

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