RevCycle Intelligence April 13, 2021
Hospital price transparency tools lack data standardization, leading to inaccurate pricing comparisons for consumers, payers, and employers.
Many hospitals are not complying with the CMS price transparency rule more than four months after its passage, according to a new KFF analysis that calls for data standardization.
Put into effect on January 1, the federal rule aims to improve price competition by revealing how much health plans pay hospitals for health services. Hospitals must post prices (including the hospital gross charge, discounted rate, and payer-specific negotiated rates) in two formats prominently on their website.
First, the rule requires hospitals to provide a machine-readable file for healthcare stakeholders to compare prices across providers. Second, hospitals must outline pricing information through a consumer-facing...
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