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

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