Health care price transparency has just become reality thanks to a huge assist from AMAC members! Throughout this year, tens of thousands of AMAC members contacted their members of Congress and also stated their opinion in support of President Trump’s price transparency Executive Order directly to the Centers for Medicare and Medicaid Services (CMS), the agency working to fulfill the order.
The final price transparency rule was announced today, and it is strong. According to a CMS press release, “Under this final rule, about 200 million Americans will gain access to real-time price information, enabling them to know how much their healthcare will cost them before going in for treatment. The rule requires group health plans and health insurance issuers in the individual and group markets to not only provide easy-to-understand personalized information on enrollee cost-sharing for healthcare services, but they must also publicly disclose the rates they actually pay healthcare providers for specific services. This will allow for unprecedented price transparency that will benefit employers, providers, and patients to help drive down healthcare costs.”
The advocacy on behalf of President Trump’s order by AMAC members was overwhelming and translated into a final rule that will reduce the secrecy behind healthcare pricing and bring welcomed competition to the private healthcare industry. Healthcare consumers may also expect real-time, personalized access to cost-sharing information, including estimates of their cost-sharing liability, through an internet based self-service tool. Importantly, patients will be empowered to shop and compare costs between specific providers before receiving care. Making this information available to the public will drive innovation and support informed, price-conscious decision-making.
AMAC Action has been lobbying aggressively for healthcare price transparency and this major victory would not have been accomplished without AMAC members getting involved and taking action. We sincerely thank you. Your voices were heard loud and clear!
You can read the entire CMS press release here.