Trump Administration Updates Price Transparency Guides
On May 22nd, the Departments of Health and Human Services (HHS), Treasury and Labor announced a joint effort to advance President Trump’s directive to ensure Americans have clear information about healthcare prices by issuing a Request for Information (RFI), in which they seek public input on how to improve prescription drug price transparency.
According to the press release, the agencies released updated guidance for health plans and issuers that sets a precise applicability date for publishing an enhanced technical format for disclosures.
At the same time, the Centers for Medicare & Medicaid Services(CMS) published updated guidance to strengthen the Hospital Price Transparency requirements. This requires hospitals to post the actual prices of items and services, not estimates. CMS also issued its own RFI to gather public feedback on how to enhance hospital compliance and enforcement, and ensure that the data shared is accurate and complete.
“Transparency empowers individuals to make well-informed healthcare decisions for themselves and their families,” said Deputy Secretary of Labor Keith Sonderling in a statement.
“Americans deserve to know exactly what they’re paying for and what they’re getting in return. We’re pulling back the curtain on pricing and ultimately value – because accountability is a foundation of a healthier nation,” CMS Chief of Staff and Deputy Administrator Stephanie Carlton said in a statement.
