Piggy bank wearing mask next to shopping car with dollars The price transparency rule is just the first step in reforming a system with a history of price secrecy, and bringing those practices into the light will take time. (Photo: Shutterstock)

Since the hospital price transparency rule went into effect in January, the rate of compliance has been low. The rule was supposed to allow consumers to find the negotiated rate for common health care procedures and better estimate how much it will cost them. And while many consumers continue to be unaware of the new rule, those that do try to take advantage of it are likely to come up empty-handed.

A new proposal from the Centers for Medicare and Medicaid Services would increase the penalties for noncompliance. If approved, starting in January 2022, the penalty would rise to $300 a day for smaller hospitals and $10 per bed per day for larger hospitals, up to a daily maximum of $5,500. The maximum per-year penalty would rise from its current limit of $109,500 to $2,007,500 for large hospitals.

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Emily Payne

Emily Payne is the current deputy editor for ALM's Business & Finance Markets and former managing editor for BenefitsPRO. A Wisconsin native, she has spent the past decade writing and editing for various athletic and fitness publications. She holds an English degree and Business certificate from the University of Wisconsin.

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