From: Health Care Reform
Report Finds Compliance With Health Care Price Transparency Rules Is on the Rise
A recent report from health care price transparency startup Turquoise Health found that the current state of payer and hospital price transparency is evolving beyond reluctant acceptance. The startup’s second Price Transparency Impact Report attributed this shift to the compliance of more health care organizations and vendors wanting to build on available data. Read on for key report findings and takeaways.
Key Findings
The report compiled data from nearly 6,400 applicable hospitals. At the end of the first quarter of 2023:
- 5,383 hospitals (84.2%) posted machine-readable files with pricing data.
- 4,703 hospitals (73.6%) posted data with significant negotiated rates.
- 4,514 hospitals (70.6%) posted cash rates.
- 4,819 hospitals (75.4%) posted surgery rates.
“The increased compliance numbers usher in a transformational era where data will be embedded in revenue cycle workflows, contract negotiations, and become an integral part of running a savvy health care organization.” – Turquoise Health
These numbers increased since last fall, in which only 76% of hospitals had machine-readable files and 65% posted negotiated rates. The latest data represents all sites of service and over 95% of commercially insured lives in the United States.
Takeaways
Over the past few years, hospital groups have faced scrutiny and criticism for their slow compliance with price transparency regulations. This issue has even been brought up in Congress, where the House Energy and Commerce Committee’s health subcommittee members pressed experts. Greater price transparency should help proactive employers and employees who make an effort to review relevant data.
Employers should continue to monitor health care trends, including price transparency. Contact George Belcher Evans & Wilmer today for more information.
Provided by George Belcher Evans & Wilmer
