Deerhold launches price transparency tool to support organizational readiness for the Transparency in Coverage Final Rule, effective January 1, 2023.
[Boston, MA - September 29, 2022]- Deerhold, a digital technology company delivering SaaS-based healthcare solutions in the U.S. and IT and software development services to companies around the globe, today announced the release of Tara, a healthcare price transparency tool. The tool is designed to help health plans and TPAs get compliant and stay compliant with the latest legislation from the Centers for Medicare and Medicaid Services (CMS) that goes into effect January 1, 2023.
The rule will require most group health plans and health insurance issuers in the group and individual market to disclose price and cost-sharing information to participants, beneficiaries, and enrollees (CMS - Transparency in Coverage Final Rule Fact Sheet). Phase 1 of the rule requires these organizations to provide an online tool that allows members to estimate their cost share (out-of-pocket expenses) for 500 covered items and services. Phase 2 will require cost sharing information for expanded services as well.
Deerhold’s tool is designed to help organizations quickly and easily get in compliance with this legislation. With economical pricing and the ability to implement in under a month, companies can be ready prior to January with peace of mind knowing they’ll be protected from fines for noncompliance.
Not only is it simple for companies to implement, the tool can be white labeled for brand consistency and is simple for members to use. Single sign-on empowers members to access the tool directly from their existing member portal. Cost-sharing information provided in the tool guides members to use networks more efficiently and find the most cost-effective in-network providers. Unlike other solutions available on the market, the tool can be easily customized for any specific plan design to ensure members get accurate information.
With Phase 2 of the rule on the horizon in 2024, maintaining compliance is just as important as getting in compliance with Phase 1. Deerhold’s tool includes future updates so organizations can maintain compliance as Phase 2 goes into effect for expanded items and services without having to purchase additional upgrades.
Companies looking to be well-prepared for current and future legislation with a simple, easy-to-use solution can reach out to Deerhold’s Senior VP of Business Development Scott MacEwen - email@example.com for more information or request a demo. Deerhold representatives Scott MacEwen and Vice Chairman of the Board Jeff Gasser will be present at SIIA's National Conference October 9-11 in Phoenix, Arizona, for further inquiries around price transparency.
Deerhold is a digital technology company, delivering SaaS-based healthcare solutions in the U.S. and IT and software development services to companies around the globe. Headquartered in Boston, we have offices in Kathmandu and Tokyo and are supported by a robust network of 500+ software engineers working from the U.S., Nepal and Japan. We offer healthcare solutions to assist organizations that need on line tools to remain compliant with the latest legislation. Our IT and development services range from data handling to software design and mobile applications. Our presence across time zones allows for a 24/7 work cycle and both offshore and onsite development services.