We'll examine the forces that drive a hospital's pricing decision and learn how providers have developed the pricing strategies to deal with these influences. Independent Testing Facilities put great pressure on hospitals in service lines that have been lucrative. ASCs have taken away premium outpatient surgeries. Price sensitivity on "public relations" prices, e.g. emergency department, has increased. Government and interest groups influence pricing decisions, and there is constant pressure to maintain and improve the bottom line.
We'll answer the following questions:
What data is available for modeling?
What are some common problems?
What is the impact of price elasticity?
How can providers use advanced methods to accurately project the impact of pricing strategies?
1. Understand the current methods used in establishing pricing strategies.
2. Understand what data is available and what internal data is required for developing.
3. Understand the pricing strategies hospitals have deployed to improve the rational basis for their pricing.
4. Learn from a hospital case study of the process of developing, implementing and evaluating a pricing strategy.
5. Take away a list of internal questions to evaluate the status of their pricing strategy.