Employee Benefit News July 8, 2024
Are Americans getting any closer to price transparency in their healthcare experience? The latest update from the Centers for Medicare and Medicaid Services (CMS) may have inched us toward that reality.
It’s been over three years since the Hospital Price Transparency Rule went into effect, requiring all hospitals to reveal what they charge for their services and insurer-negotiated rates. Whether hospitals were truly doing their best to comply has remained a point of doubt in the healthcare space — but now that compliance has become a lot easier to check and enforce.
Starting July 1, CMS is requiring hospitals to use a standard, machine-readable file format that reveals not only prices and rates, but also the reasoning behind...
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