Question

There is much discussion regarding pricing transparency. Research the healthcare pricing transparency rule for hospitals that went into effect on January 1, 2019 requiring hospitals to post their standard charges online. Based upon your research, complete the following:

Part 1: Explain key aspects of this transparency rule, including the rule that required hospitals to post their standard charges online, the agency that established this rule, and the purpose of the rule. Do you think it will serve its intended purpose? Why or why not?

Part 1 should be approximately two paragraphs in length

Answer 1

To increase transparency in the healthcare system, the Centers for Medicare & Medicaid Services (CMS) on August 2, 2018 issued a rule where every hospital in the United States is required to establish standard price lists of all the services and items provided by the hospital and publish them online. Additionally, it needs to be done in a readable format, making links to be easily identified by the customers and updates shall be posted at least annually.

This will empower consumers and help them in making informed choices of their healthcare practices. I think that this patient-centered healthcare system will help in achieving greater interoperability, price transparency and burden reduction to the hospitals as they could have better flexibility. This would moreover help consumers in understanding their potential financial liability and help them in comparing charges across different hospitals.