38 states have already proposed or passed legislation requiring hospitals to publish their hospital pricing. So what does this mean for hospitals? It means that in order to stay on top of the market, they must either meet or exceed expectations with their hospital pricing. Why? Because consumers will use pricing information when choosing services.
Marketing is all about the 4 P's. Product, Price, Promotion and Place. In the past, hospital pricing has been left to only certain individuals in the process, while product, place and promotion are the only factors that have been controlled. With the media questioning hospitals and health care every day, consumers have become more enlightened when it comes to their health care. They demand answers, and when you are in the business of consumer driven healthcare, you must provide answers.
Price is such an important part of the marketing mix, and it can no longer be ignored. If you are in the position to make real decisions about hospital pricing, you need to invest some time in researching hospital price comparisons and hospital prices in your area.
Hospital pricing specialists can provide you with up to date and accurate data that will enable you to make decisions based on your competitions pricing and services. By becoming a pricing leader in your area, you are essentially becoming the hospital benchmark for all other hospitals. If your hospital has become the benchmark for all others, then it is important for you to stay on top of your pricing and services so that you do not become overshadowed by others.
Hospital pricing specialists will provide you with definitive information that will allow you to make sound decisions regarding your hospital pricing. They will give you inpatient and outpatient data, as well as financial data including over 400 different factors. Once you have become more informed about not only your own hospital pricing, but of those in your area, you are then in a position to make a decision that makes the most sense.
With constant and changing legislation regarding hospitals and their practices, you have to be honest and upfront with consumers about your pricing. Hospitals that are not afraid to discuss their pricing and strategies will gain the trust of the wavering consumer. The media and consumers will continue to ask the questions, so why not have an open dialog about your hospital prices?
http://www.HospitalPricingSpecialists.com
Mary M Dillio is President of LuxVine Consulting, an Administrative Consulting Company located in New York City. LuxVine provides back-end office support as well as web content, writing & design services. http://www.luxvine.com
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