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Importance of Price Transparency Reinforced by Executive Order

TransUnion Healthcare
Blog Post07/03/2019
Business
Importance of Price Transparency Reinforced by Executive Order

Between the executive order issued by President Trump on June 24, and CMS’ enforcement of new price transparency rules earlier this year, there’s a clear need for patients to know how much care will cost up front, and providers will be required to provide this information in a consumer-friendly manner. With these measures in place, the hope is the healthcare environment will become more transparent, accessible and affordable.

“As it stands today, patients aren’t always able to know the costs of their medical care before services are rendered. This is unlike any other industry,” said Evan Goad, Vice President Business Operations, TransUnion Healthcare. “With this increased focus on price transparency, patients are enabled to make more informed healthcare decisions and providers are able to better engage with patients early about the financial aspects of their care.”

The executive order directs the Department of Health and Human Services (HHS) to develop and issue rules requiring payers and hospitals to:

  • Release negotiated rates for services
  • Provide patients with advance notice of out-of-pocket costs

While it’s too soon to determine how federal departments will implement rules, providers and payers can enhance their price transparency efforts today. TransUnion Healthcare’s suite of estimation and price transparency solutions can help clients meet requirements and deliver transparency that patients are entitled to.

Learn more in our infographic about why price transparency is important for patients and providers.

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