Policies and Practices | Pricing

Price Transparency in Health Care: Highlights from the Task Force Report

Policies and Practices | Pricing

Price Transparency in Health Care: Highlights from the Task Force Report

Convened by the Healthcare Financial Management Association (HFMA), a task force made up of health plans, providers, consumers, employer groups, physician groups, and others has released guiding principles and recommendations for improving price transparency in health care. The task force agreed that all Americans, regardless of their insurance status, should be able to receive accurate price estimates from a reliable source; that transparency should help people make meaningful price comparisons ahead of service; and that price estimates should be accompanied by other relevant information (e.g., quality, safety, or outcomes) that will help consumers assess the value of a healthcare service. The key recommendations include: 1. Health plans are in the best position to help their members find out the total estimated price of the service. Health plans should help members estimate their expected out-of-pocket costs, based on their current deductible status along with copayment and coinsurance information. Health plans

Want to read more?

Sign in with your HFMA account to get the whole story.  It's free to sign up!

You've used all your free article views for this month.

Belong to HFMA and get full access to all content, including online education and certifications.

Related Articles | Pricing

Trend | Pricing

How hospitals can create cost advantage where product differentiation is not present

Cost advantage can be achieved in two ways: Identifying whether efficient levels of cost exist and benchmarking.

News | Payment Trends

Is healthcare’s focus shifting from value to pricing?

Federal policy advisers see a shift from value-based payment to policies focused on cutting provider payments.

News | Transparency

Hospital executives urge colleagues to comment on upcoming transparency rules

Hospital and health leaders were urged by their colleagues to watch for and comment on coming rules implementing this week’s White House executive order on price transparency.

News | Transparency

Hospitals express concerns on latest transparency order

A new transparency executive order will require proposed rules within two months that could require release of negotiated hospital health plan rates.