How Will Price Transparency Engage Consumers?
Only in healthcare do we routinely make purchases with no idea what we are actually going to pay. That’s why pressure for price transparency for consumers is rapidly intensifying. The rule requires group health plans and health insurance issuers in the individual and group markets to provide easy-to-understand personalized information on enrollee cost-sharing for healthcare services and to publicly disclose the rates they pay healthcare providers for specific services.
In other words, we are quickly moving to a market where people can and will make informed healthcare choices based on price as one of several factors. Far from being just a burden—transparency is actually a tremendous opportunity to differentiate yourself as a healthcare leader in the 21st century.
Under this final rule, about 200 million Americans will gain access to real-time price information, enabling them to know how much their healthcare will cost them before going in for treatment. In this session, we will start with an overview of the Payer Price Transparency rules. We will cover the basics of each of the requirements, data required to be available and key dates.
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