![]() ![]() The costs included in a chargemaster are the maximum amount a hospital may charge for an item or service. In part, that is because the chargemaster price has little in common with the price a patient might pay out-of-pocket for a service. In addition to initial uncertainty about what type of pricing information to share and how to share it, many providers believed publishing price lists, also known as chargemasters, would not provide many, if any, benefits to patients. About one-quarter stated they would only publish standard pricing.Less than 30% said they would provide their standard prices, along with additional pricing information.More than 40% of providers weren't sure how they would go about publishing their prices. ![]() Early Impact of Price TransparencyĪ poll taken before the hospital pricing transparency law took effect found that the vast majority of providers, 92%, were concerned about how the public would perceive their prices once they were made available. With time, the law may completely eliminate this common misperception and reward hospitals and physicians that do the best job vs. This could lead to disagreements over who should pay what.īut another interesting outcome of the new legislation is that it will become clear that more expensive doesn't mean better when it comes to healthcare. For example, the new rule could highlight the difference between a hospital's standard price for a procedure and how much a payer reimburses the provider. Hospital price transparency will certainly change the way the current system works. They don't wait to receive a surprise invoice in the mail four to six weeks later. When someone goes grocery shopping, they know exactly how much they need to pay before they leave the store with their purchases. After all, no other industry gives people the price of a product or service only after they have purchased it. Those in favor of hospital pricing transparency argue that withholding this information prevents patients from making an informed decision. ![]() The price lists need to be kept up-to-date and include every service and item the hospital provides. have been required to post a list of their prices online in a machine-readable format. What is hospital price transparency? It allows patients to see what a particular service or treatment will cost at a specific hospital and lets them make comparisons between healthcare providers.
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