X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
collage of capitol dome with stars in a sepia version A health care SEC would demand and collect all prices and data on outcomes, and require certified, independent appraisers to attest that the numbers comply with accepted measurement standards. (Photo: Shutterstock)

(Bloomberg Opinion) –The U.S. health care system suffers from a lack of transparency. Employers, insurers and individual consumers pay varying prices for treatments, drugs and digital information of varying quality, without knowing whether the prices are relatively high or low, or whether they receive good value for the money. This protects providers from needing to compete on the price and quality of their care. Lack of competition, in turn, inflates the cost and probably also diminishes the quality of health care.

President Donald Trump’s administration has begun to shine a light on the situation by requiring hospitals to publish their charges. Beginning next January, they must do so in a manner that consumers can easily understand. The required information includes the rates hospitals negotiate with insurers. And insurers, for their part, will need to reveal how much they pay both in-network and out-of-network providers, and disclose consumers’ cost-sharing liability.

 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.