BC Advantage - 2024 Issue 6

Health Insurers Are Ignoring Price Transparency Rules at the Expense of Private Practice

Since January 1, 2023, the Transparency in Coverage Rule required health insurance providers and health insurers to provide price information to participants in a publicly accessible place. This means consumers should, in theory, be able to go to any payor's website and see what different doctors, hospitals, and health systems are charging for the same services. The law was meant to allow consumers the ability to shop for healthcare services based on cost and, thus, hopefully lower their healthcare expenditures.   What we have observed is a contrast to what was intended to happen. Insurance payors have been slow...

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