Healthcare concerns remain a top issue for the American people and as such President Trump is trying to address these issues. He has just signed his highly anticipated executive order on hospital and insurer price transparency, stating “No Americans should be blindsided by bills for medical services they never agreed to in advance.” Trump goes on to say, “We are fundamentally changing the nature of the health-care marketplace.”
President Trump’s order is being seen by some as a smart move – tying into a rare bipartisan effort in Congress focused on lowing the price of healthcare and improving transparency. Policymakers seem to be paying close attention to these kinds of bills and the potential pitfalls that could affect consumers.
The executive order directs the Department of Health and Human Services to provide patients with information on out-of-pocket costs prior to any procedures and requires hospitals and insurers to disclose negotiated rates. The president believes hospitals and insurers have benefited greatly at the expense of the American people.
There seems to be wiggle room in the order that will allow the Centers for Medicare and Medicaid Services as well as Health and Human Services to decide via rule-making whether hospitals and insurers can publish individual rates, or whether they can keep pricing information more general and only publish aggregated rates.
“We are fundamentally changing the nature of the health-care marketplace.” ~President Trump
Health and Human Services will also be responsible for determining regulatory steps and researching barriers that may impact the transparency of healthcare costs.
Critics of the initiative believe prices will rise once businesses learn some of their competitors are receiving deeper discounts from insurers.
Blue Chip Benefits will continue to monitor efforts of this order, so please stay tuned for additional information.