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Health Care PRICE Transparency Act
12/20/2023, 8:15 AM
Summary of Bill HR 410
The bill also requires health care providers to make their prices publicly available on their websites, as well as in a standardized format that allows for easy comparison between different providers. This is intended to help patients make more informed decisions about their health care and potentially lower costs by encouraging competition among providers.
Additionally, the Health Care PRICE Transparency Act includes provisions to improve the accuracy of price information, such as requiring providers to update their prices regularly and to provide clear explanations of any additional fees or charges that may apply. Overall, the goal of this legislation is to empower patients to make more informed decisions about their health care and to increase competition in the health care market, potentially leading to lower costs for consumers.
Congressional Summary of HR 410
Health Care Prices Revealed and Information to Consumers Explained Transparency Act or the Health Care PRICE Transparency Act
This bill provides statutory authority for requirements for hospitals and health insurance plans to disclose certain information about the costs for items and services.
Specifically, hospitals must publish in their list of standard charges certain rates negotiated with insurers, discounts for cash payments, and billing codes. Further, hospitals generally must publish the standard charges for the services provided by the hospital that may be scheduled in advance.
Additionally, insurance plans must publish the in-network and out-of-network charges for covered items and services and the negotiated prices for covered prescription drugs. Plans must provide a tool for consumers to search for this cost information. Consumers also may request additional information about the costs of specific items or services under their plans.
