Monday, December 2, 2019

Start with Transparency to Reform Health Care

Hospital Cost Transparency is a necessary first step in Affordable Health Care

“No one would buy a car without knowing the sticker price. Few would hire a house painter without getting an estimate — or several — first. Yet, hospital patients usually don’t learn the cost of their medical care until after they’ve been treated and receive a bill.”

“A new Centers for Medicare & Medicaid Services rule could change all that by demanding price transparency of every U.S. hospital. By January, 2021, the federal agency will require hospitals to disclose charges for every service they provide, including cash discounts and rates negotiated with third-party payers, such as insurance companies. Additionally, they’ll be required to publish plain-language estimated costs for all associated charges for 300 “shoppable” services, such as joint replacements and other common treatments.”

What Does a Knee Replacement Really Cost?

The actual cost? $10,550 at most, including the physicians. The list price was five times that amount.