Executives of Denver-based Financial Healthcare Systems met recently with former Congressman Bob Beauprez to discuss ways that the healthcare industry might address the ongoing lack of price transparency.
Denver, Colo. (PRWeb) April 9, 2007 -- Executives of Denver-based Financial Healthcare Systems met recently with former Congressman Bob Beauprez to discuss ways that the healthcare industry might address the ongoing lack of price transparency.
As a Republican member of Colorado's delegation, Beauprez was keenly aware of patients' inability to gain access to exact out-of-pocket liabilities prior to treatment, and how this informational vacuum reduces patients' ability to leverage normal buyer-seller forces.
Beauprez witnessed a demonstration of Financial Healthcare Systems' ACE Logicus software that integrates data from insurance companies and healthcare providers, resulting in an estimate of charges that patients can expect to encounter in connection with specific treatments.
"We believe the healthcare industry has operated far too long in the silos of provider, insurance company and patient, with far too little communication between the three," said Travis Gentry, president and chief operating officer of FHS. "When the provider has instant access to the insurance company's contract and the patient's information, that's when you finally end up with true price transparency."
Several elements affect an individual's out-of-pocket liability, even though a healthcare provider might have a standard rate for treatment. Those elements include co-pays, deductibles and co-insurance. The FHS software integrates that complete data.
In the meeting with Beauprez, FHS Chief Executive Officer Tim Estes explained that healthcare providers can motivate themselves to pursue price transparency when they begin to understand the positive effect on accounts receivable.
"Healthcare providers transform themselves from adversaries to advocates, in relation to patients," said Estes. "A satisfied, well-informed patient is more likely to pay the bill."
About Financial Healthcare Systems
Denver-based Financial Healthcare Systems provides an Internet-based solution to the healthcare industry's challenge of informing patients about their real-time, out-of-pocket liability prior to treatment. FHS's ACE Logicus™ integrates data from insurance companies and providers, equipping providers with the information they need to transform themselves from patient adversaries to patient advocates. By allowing patients to plan for actual expenses, providers can reduce accounts receivable and improve their cash flow. For more information visit www.fhscorp.net or call 303-216-0202.
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