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Just 5.6% of hospitals are compliant with price transparency rule

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More than 94% of the nation’s hospitals are not in full compliance with the price disclosure rule mandated by the Centers for Medicare and Medicaid Services, according to new data from PatientsRightsAdvocate.org.

Implemented on Jan. 1, the rule is intended to make hospital pricing information more accessible to patients so they can compare costs and better inform their care; this means hospitals have to post negotiated rates, and display prices, for virtually all items and services.

Yet in the almost seven months since the rule’s implementation, only 5.6% of hospitals are fully compliant. And 80.6% of hospitals didn’t publish payer-specific negotiated charges “clearly associated with the names of each third-party payer and plan,” as required by the rule.

In addition, 51.6% of the 500 hospitals surveyed did not publish any negotiated rates at all, while 39.6% did not publish any discounted cash prices.

WHAT’S THE IMPACT

The findings not only demonstrate hospitals’ lack of compliance but underscore Americans’ general support for such rules, and suggest that failing to follow through on price transparency requirements could alienate a large swath of a given health system’s customer base.The numbers bear this out: 85% of Americans believe that cutting costs and improving quality by making […]

Click here to view original web page at www.healthcarefinancenews.com

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