Everything there is to know about the Trump Executive Order of Increasing Transparency on Healthcare Prices

President Donald Trump has officially issued an executive order which claims to decrease healthcare prices and costs by increasing price transparency. This executive order was signed to decrease healthcare prices and be transparent about the prices with the patients. 

Although this order isn’t quite detailed yet, it is believed that like many policy announcements done by the President, this executive order will also take process rules and regulations as time passes. 

President Trump wants to increase choices and competition in the healthcare sector which is why he believes that lowering the costs and increasing price transparency will make the patients in control. 

This order was signed at an event at the White House on the 24^th of June. 

The Department of Health and Human Services will be required to develop and design new rules regarding these services. The Secretary of HHS, Alex Azar claims that his department will be expected to provide all information on the costs the patients and insurers will be paying when they receive these healthcare services.   

How does this decision affect the healthcare industry?

Like most decisions taken by President Donald Trump previously for the healthcare sector, this initiative was also taken as part of a series. 

As the President wants the public to take more responsibility for the misbalanced healthcare sector, he believes that this initiative is one of the first steps in achieving a subtly balanced and competitive healthcare industry. This initiative alone will be a stepping stone in reaching full transparency of healthcare prices.  

As there is obvious variation in prices regarding healthcare services, patients tend to look up information to find the cheapest and reliable healthcare institute to rely on. This causes a major difference in the kind of quality and treatment for patients to receive in hospitals. 

Trump believes that patients face a lot of difficulty and unfairness when it comes to looking for the best healthcare services at reasonable prices. Not only does this cause the prices to go higher for everyone, but accessibility to the most basic services can become a challenge.

The reformation of the whole healthcare sector heavily depends on the correlation between quality and price. Disclosing actual prices and rates of these services can reassure the public about the quality they will be receiving in exchange. 

With this order, researchers and insurers will have more access to data that will clarify prices and quality of services to the patients. Hospitals will be required to negotiate with the government if contractual procedures and legitimate information need disclosing. 

Prices will drastically drop-down of these services and the public will have more access to other goods and services they need in their lives. 

Having public access to this kind of information will make the lives of so many people easier and simpler. People will know which kind of services they will have to pay for and what kind of quality treatment they will receive.

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