WASHINGTON, D.C. — The Departments of Labor, Health and Human Services, and the Treasury have announced new measures to advance healthcare price transparency. These actions, initiated on Thursday, May 22, aim to provide Americans with clear, actionable information to make informed healthcare decisions.
The departments jointly issued a Request for Information (RFI) seeking public feedback on improving prescription drug price transparency. The RFI invites input on current price disclosure requirements, challenges in accessing data for reporting, and state-level approaches to price innovation. The goal is to refine prescription drug pricing information, making it both accurate and comprehensible for consumers.
Additionally, updated guidance for health plans and issuers was released. This guidance establishes an applicability date for an enhanced technical format for price disclosures, aiming to eliminate redundant data and simplify cost information for users.
“Transparency empowers individuals to make well-informed health care decisions for themselves and their families,” said Deputy Secretary of Labor Keith Sonderling. “The departments’ actions today execute President Trump’s mission to address rising health care costs by promoting competition in the marketplace.”
The Centers for Medicare & Medicaid Services (CMS) also unveiled measures to bolster hospital price transparency. New guidance requires hospitals to share actual prices for items and services rather than estimates. CMS issued its own RFI to gain insights on improving compliance and ensuring shared pricing data is both accurate and complete.
“Transparency in health care is essential, not optional,” remarked CMS Chief of Staff and Deputy Administrator Stephanie Carlton. “Americans deserve to know exactly what they’re paying for and what they’re getting in return. We’re pulling back the curtain on pricing and ultimately value – because accountability is a foundation of a healthier nation.”
These actions align with Executive Order 14221, “Making America Healthy Again by Empowering Patients with Clear, Accurate, and Actionable Healthcare Pricing Information.” The regulations include requirements for health plans and insurers to disclose in-network rates and prescription drug prices, as well as mandates for hospitals to post standard charges in an accessible format for consumers.
By increasing the clarity and accessibility of healthcare pricing, these steps are poised to combat rising healthcare costs, fuel competition, and enable patients to make informed choices.
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