BC Advantage - 2022 Issue 7

Why Health Insurance Companies Hate Price Transparency

More than a year ago, the federal government passed the Healthcare Price Transparency Act, which was primarily directed toward hospitals. Under the rule, hospitals are required to display their prices and allowed amounts in a machine-readable and consumer-friendly format. Furthermore, they are required to display the charge amounts, as well as the allowed amounts for each of the health plans they participate in. To date, only 14% of hospitals remain compliant, while health plans and the federal government look the other way. The federal government is still working out the enforcement. Currently, no fines have been issued. Presumably...

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