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Transparent PRICE Act
12/15/2023, 3:57 PM
Summary of Bill HR 2691
Additionally, the bill mandates that drug manufacturers provide justification for any price increases that exceed the rate of inflation. This information would be made publicly available on a government website, allowing consumers and policymakers to better understand the factors driving drug prices.
The Transparent Prescription Drug Pricing Act also includes provisions to prevent price gouging and ensure that patients have access to affordable medications. It establishes penalties for companies that engage in unfair pricing practices and allows the government to negotiate drug prices on behalf of Medicare beneficiaries. Overall, the goal of this legislation is to promote transparency and accountability in the pharmaceutical industry, ultimately leading to lower drug prices for American consumers.
Congressional Summary of HR 2691
Transparent Prices Required to Inform Consumer and Employers Act or the Transparent PRICE Act
This bill revises the hospital price transparency requirements and the health plan price transparency requirements.
Specifically, the bill provides statutory authority for the requirement that hospitals publish specified pricing information for each item or service the hospital provides. It also requires the Centers for Medicare & Medicaid Services (CMS) to implement a standard method and format for hospitals to disclose such pricing information. The method and format may be similar to any template already established by the CMS. The bill requires the CMS to regularly monitor the accuracy of such pricing information and establishes civil penalties for violations of the requirements.
The CMS also must establish and maintain on its website a list of each hospital that is not in compliance with the requirements (including whether it has been issued a warning or civil penalty) and a list of each hospital that is in compliance.
Additionally, the bill requires health insurance plans to report every three months certain rate and payment information for in-network services, out-of-network services, and prescription drugs available under the plan.
The bill requires the Government Accountability Office to report on the compliance with, and enforcement of, the requirements of this bill.
