HealthExec November 15, 2019
CMS has finalized a rule that will force hospitals to publish a public list of their standard charges for items and services they provide. The rule was originally proposed to take effect in 2020, but the finalized version won’t require the changes until 2021.
The rule is a major breakthrough to providing patients with more transparency for the costs of hospital services, with CMS hopeful that the additional information will help patients make better choices about their care with the ability to shop around for lower priced-services. Importantly, the rule includes definitions for five types of standard charges that includes payer-specific negotiated charges. These prices are important because most individuals with insurance coverage don’t pay list prices for care.
CMS...
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