Executive Order Issued on Healthcare Price Transparency

///Executive Order Issued on Healthcare Price Transparency

Executive Order Issued on Healthcare Price Transparency

On Monday, June 24th, 2019, the Trump Administration will enact an executive order on the transparency of healthcare pricing. Within the order, healthcare providers and insurers will be required to disclose information about their negotiated rates and discounts. Through the Outpatient Prospective Payment System (OPPS) rule, federal agencies will be required start the regulatory process of forcing providers and insurers to release pricing information.

The healthcare industry has voiced their opposition and has served push-back on the matter. Earlier this year, 91% of hospitals reported concern over being required by the Centers for Medicare and Medicaid Services (CMS) to publish their prices publicly. Although providers are pushing back on the executive order, 88% of voters are in favor of this government initiative, according to a polling last month by the Harvard Center for American Political Studies and the Harris Poll.

According to the CMS Administrator, Seema Verma, “It is my hope you see price transparency and interoperability as marketing opportunities, not a competitive disadvantage.”

Other White House officials are continuing to work on similar healthcare rules, such as the STOP Surprise Medical Bills Act, which prohibits surprise billing for emergency and non-emergency care. Through this act, patient’s out-of-pocket spending will be limited to the in-network cost for out-of-network care.

 

Read the original article from RevCycleIntelligence here.

By | 2019-06-21T09:09:54+00:00 June 21st, 2019|Articles, Government Mandates and Compliance|0 Comments