Politics Health care price transparency bill can reduce costs and boost national economic recovery

02:52  29 july  2020
02:52  29 july  2020 Source:   thehill.com

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Cost /quality comparisons don't work in the same way for health care that they do for other big Federal legislators have even introduced several bills into Congress to make health care prices But will health care price transparency help reduce costs ? Seems it would. But health - care can be a

Citizens in most economically developed nations have health insurance coverage that results in only modest cost Improved quality of care could reduce overall healthcare cost and the patient’s experience of care . These steps include billing for such services properly, investigating additional

The COVID-19 pandemic and its associated economic fallout have exposed America's broken health care system once again. Countless patients are returning home from the hospital with no knowledge of the devastating medical bills awaiting them. And employers face new, COVID-induced health care costs at the same time their revenues have come under pressure.

a person sitting on a table: Health care price transparency bill can reduce costs and boost national economic recovery © istock Health care price transparency bill can reduce costs and boost national economic recovery

To bring long-overdue financial certainty to health care consumers, we introduced the Healthcare PRICE Transparency Act in the Senate. This bill will finally bring real prices to health care by requiring hospitals and health insurers to publish their discounted cash prices and secret negotiated rates. No American should ever again face the anxiety of being blindfolded from prices, only to receive medical bills laden with confusing codes and outrageous charges in the mail weeks or months after treatment.

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A price transparency law, such as New Hampshire's, significantly reduces the number of people He has outlined an executive order to direct his health agency to improve quality and transparency . The problems with health care costs and access in the United States are far too complex for a single

Health care costs can add up quickly and become a burden. Many Americans struggle to meet premium payments in order to be insured Group plans may be sponsored by an employer, which can reduce your direct cost if the employer pays into your premium as part of your employee benefits.

Under the status quo, where real prices are hidden, hospitals and insurers have carte blanche to raise prices on the backs of powerless and price-blind patients. This opaque dynamic is a significant reason why inflation-adjusted, per-capita health care costs have roughly doubled since 2000 to make up 18 percent of national GDP. Yet other areas of the economy with transparent prices, including LASIK eye surgery and cosmetic procedures, have seen flat or decreased prices over the same timeframe.

Our bill will allow Americans to shop for care as they do for nearly every other good and service in the economy. When consumers have access to prices upfront, hospitals and insurers must compete by distinguishing price and quality to attract patients. Those with ridiculous prices like $24,000 to treat a broken arm, $2,800 for stitches, or $600 for a bandage will lose their patients to providers that offer fair prices.

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Though health care costs are a significant burden to all levels of government, at the metropolitan level, that spending represents a substantial economic asset Improvements in health status may have a positive economic impact on households through increased productivity, reduced absenteeism, and

Health care costs have been rising due to more emergency room care , preventable chronic The Rising Cost of Health Care by Year and Its Causes. See for yourself if Obamacare increased health care Kimberly Amadeo has 20 years of experience in economic analysis and business strategy.

Patients, business owners, and local, state, and federal governments will then be empowered to identify the best quality care at the lowest price, greatly reducing runaway health care costs. Our fellow legislators should support this reform that is backed by 9 out of 10 Americans.

Hidden prices facilitate pervasive health care waste because providers and insurers can pass on redundant and unneeded costs to consumers with no economic consequences. According to a JAMA study last fall, waste accounts for 25 percent of the nearly $4 trillion the U.S. spends on health care each year. Such widespread waste could never exist in other economic sectors where providers are held accountable by informed consumers to cut costs.

No wonder there's ample economic and anecdotal evidence that health care price transparency dramatically lowers health care costs. Economists Art Laffer and Larry Van Horn found that cash prices for care are, on average, 39 percent less than insurance negotiated rates. Some intrepid employers, fed up with perpetually rising coverage costs, have reduced their health care burden by 30 to 50 percent by steering their employees to price transparent providers. Sen. Braun knows the power of health care price transparency firsthand. In 2008, he cut his company's health care costs and encouraged his employees to seek options through transparency by shopping around.

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Health care costs are rising—and the desire to pay, among both insurers and government, is Using BI and analytics tools, health care providers can drill into procurement and invoicing billing data In health care , unlike in many other industries, price is not necessarily the most important consideration.

Health care prices in the United States of America describes market and non-market factors that determine pricing , along with possible causes as to why prices are higher than other countries. Compared to other OECD countries

Americans, currently facing an uncertain economic climate, need these health care savings now more than ever. According to a recent study, one-third of small and medium-sized businesses expect to close for good. Tax revenues have plummeted, putting strains on government budgets nationwide. Cutting health care costs through price transparency will partially relieve one of the biggest cost burdens facing all Americans.

These health care savings will provide a significant economic stimulus at no cost to taxpayers. Patients will keep more of their paychecks to put toward good use, while employers will enjoy higher net earnings, which they can use to rehire the American workforce. Governments will devote a greater share of taxpayer dollars to services.

Hospital associations have fiercely lobbied against health care price transparency efforts to maintain their enormous profits. Yet this reform can help level the playing field between rural hospitals and their big-city competitors. When smaller hospitals can distinguish themselves based on price, they can attract new customers who otherwise bypass them for the name-brand hospital systems.

Health care reform, like health care itself, has been infected by unnecessary complexity for decades. The marvel of real prices can achieve policymakers' long-standing goal of bending the health care cost curve. The associated economic stimulus will boost the national recovery and put more money in Americans' wallets.

Chuck Grassley is chairman of the Senate Finance Committee. Mike Braun is a member of the Health, Education, Labor and Pensions Committee.

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