Are you ready for the new CMS price transparency rule?
Yesterday, CMS announced a new proposed rule that would require hospitals to publicly post standardized prices for their services.
Health systems, justifiably, have a few concerns about the proposal. Complying will undoubtedly prove complicated and challenging.
Already, some healthcare leaders are raising concerns that this rule may not actually help patients. That’s because gross charges from a hospital don’t reflect what patients are actually responsible for—the final total only arises after a complex negotiation between provider, payer, and patient.
But it may be more constructive to think of this transparency initiative as a gesture of goodwill. The modern healthcare consumer wants transparency. They want to know what their care providers charge, and it’s only respectful to tell them.
As with all major changes in the industry, it pays to take the initiative. Health systems that adopt transparency sooner will undoubtedly enjoy an edge over their competitors.
We’ll have more thoughts on the new proposed rule in the coming weeks. Stay tuned.