President-elect Donald Trump is urged to prioritize health care price transparency to empower Americans to compare medical costs.
Key Facts:
– Trump’s 2019 executive order sought to reveal hospital, insurer, and prescription drug prices to consumers.
– Critics say the Biden administration watered down enforcement and delayed parts of these rules.
– Only about one-fifth of hospitals are fully complying, according to a recent study.
– The transparency push aims to help patients shop for care and reduce surprise bills.
– Advocates believe it could redirect up to $1 trillion annually to more productive areas of the economy.
The Rest of The Story:
During his first term, Trump pushed through regulations requiring hospitals to disclose actual prices.
Many hospitals have not followed through, and the federal government, under President Biden, has issued minimal penalties.
As a result, the data published by many facilities lacks the clarity patients need.
Supporters argue that genuine price transparency would let Americans choose more affordable care.
They say competition in health care would increase and lead to cost savings for employers, unions, and everyday consumers.
While efforts to implement transparency face resistance from big hospital networks and insurers, advocates claim stronger enforcement is the key to making these rules stick.
Price #transparency was a good start, but enforcement is key. Patients need clear, accurate hospital pricing to make informed decisions about their care. https://t.co/xYtsNCeQlf pic.twitter.com/zacFxlOqFO
— Sally Pipes (@sallypipes) December 30, 2024
The Bottom Line:
The road to clear, upfront health care pricing has been slow.
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Trump’s next administration could make a stronger commitment by pushing for tighter regulations and issuing more penalties for noncompliance.
By doing so, consumer advocates say patients will finally have the power to compare costs and make informed decisions about their care.