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The Price Transparency Rule is an essential thing for healthcare. It helps the consumer to be aware of the cost of services. This is something every patient has a right to know. A healthcare provider that discloses their pricing will help to alleviate the stress and uncertainty of not knowing the financial requirements for a specific medical service.
President Biden has ordered healthcare providers to be transparent about the prices. This price transparency rule was composed in Trump’s presidency era. However, Biden decided to continue the ruling and make sure that this is implemented across the board.
In fact, The Biden administration is being very vigilant about the rule. Any healthcare provider that is not complying with this rule will have to pay a fine. It will put the goodwill of the hospitals at stake and cost them a lot of money should they not comply.
Some Hospitals are still hiding their prices. People are also claiming to observe a great variation of prices within a hospital. It’s disheartening to know that the people who save lives are the people who are more focused on saving money.
Even so, the data from some renowned researchers show a much higher non-compliant hospital ratio. But still, the Biden administration believes this ruling to be the most beneficial thing to enforce. Some are even suggesting implying more strict actions against the non-compliant. The suggestions are under consideration.
A few categories were formed after this ruling came into effect on Jan 1.:
- The Hospitals are disclosing every costing detail along with the prices they decided with the insurers.
- The hospitals are disclosing the least prices possible and are not mentioning the proper cost structure. They also are not mentioning the prices agreed upon with the insurers.
- The hospitals that are not at all complying to the rule.
The category that is in a risk zone is the third category. The Department of Health and Human Services has started sending letters to such hospitals since April. The letter conveys the intention of the government to audit the activities of the hospitals.
Moreover, there is communication. Especially, about the stronger actions that could be taken in the future should there remain a case of continuing non-compliance.
This ruling is not limited to the hospitals. Some agree it has also been made on Drug and medicine brands. The pricing rule will help to cut or decrease any illegal business ethics of such pharmacy brands that interact or that makes deals with hospitals or clinics.
Nobody can charge higher only because they are the market leaders. President Biden has mentioned the market-leading tactics of such pharmacy brands. He also mentioned how Americans are paying way higher for the prescribed medicines than any other country.
Even so, this price transparency rule is in favor of consumers and patients. But still, there are a lot of people who think it is impossible. They have a view that no patient or a person belonging to the public will read the whole pricing documents. It will cause so much confusion to the layman.
Thus, some hospitals are providing price estimation tools so that they do not have to skim through those lengthy pricing documents, before admitting their loved one for any services. The price estimation tool helps in saving time.
Thus, the Biden administration is trying its best to enforce the price transparency rule. The main aim is the betterment of its people in this era of a global pandemic.
For questions or to see a personalized demo of how we are helping hospitals deal with the implementation of Pricing Transparency contact us today!