Trump administration announces a plan that would require hospitals to disclose negotiated rates with insurance companies in an effort to increase transparency for consumers.
The Trump administration announced a plan Friday that would require hospitals to disclose negotiated rates with insurance companies in an effort to increase transparency for consumers.
The rule is set to go into effect on Jan. 1, 2021, according to HHS, so hospitals have time to comply with the new policies. And if hospitals fail to comply, they could ultimately face fines. The administration also announced a proposed rule on Friday that “would require most employer-based group health plans and health insurance issuers offering group and individual coverage to disclose price and cost-sharing information to participants, beneficiaries and enrollees upfront.”
Serota added in his statement that “clinicians and medical facilities could see in the negotiated payments a roadmap to bidding up prices rather than lowering rates.”
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