We’re excited to share the topic and questions for this week’s #HITsm chat happening Friday, 7/16 at Noon ET (9 AM PT). This week’s chat will be hosted by Hailey Froisland (@haileyfroisland) on the topic “CMS Price Transparency Rule: Is it Working?”
Finalized in 2019, the CMS (Centers for Medicare & Medicaid Services) Price Transparency Final Rule is now taking effect, but the reality of the Rule isn’t quite as simple as some had expected.
As of January 1st, hospitals are legally required to publicly post their privately-negotiated deals with insurers and the discounts they offer to patients who pay with cash. The rule applies to every single item and service they provide. It’s a big move, and many have called it the beginning of a “new era” in healthcare.
Although many have praised the initiative, not everyone agrees that it’s a good thing. Some in the industry have criticized the rule, saying it will cause an increase in healthcare prices and a decrease in industry competition. Others are worried that it won’t be enough, especially since some studies have shown a low compliance rate among hospitals. Audits will be performed, and hospitals that are non-compliant can be fined up to $300 per day until they meet the requirements. Some critics have cited the cost of compliance as an issue, especially for smaller organizations. Hospital organizations have even been involved in lawsuits to prevent the Rule from taking effect, but to no avail.
There are many perspectives and implications, which makes it a complicated subject. But it’s a valuable one, since patient access to information is a top priority among many healthcare organizations today. With many people feeling helpless about their healthcare situations, it’s a good sign that solutions are being discussed and something is being done.
Resources:
- Health Affairs Blog: New Year, New CMS Price Transparency Rules for Hospitals
- NPR: Hospitals Forced To Be More Transparent About Pricing. Will That Save You Money?
- CMS.gov: Transparency in Coverage Final Rule Fact Sheet
Join us for this week’s #HITsm chat where we’ll discuss the following questions and topics.
Topics for this week’s #HITsm Chat:
T1: Arguments have been made for and against the CMS Price Transparency Final Rule. What’s your take? #HITsm
T2: Do you feel that the new rule will be effective enough to really bring about a “new era” in the American healthcare experience? Why or why not? What else would it need for it to do that? #HITsm
T3: How likely are you (or your friends/family) to actually look up the CMS standard charges of hospitals near you? Are you likely to make changes based on your findings? Would your answer change if the data more accurate and specific to the price you’d pay? #HITsm
T4: Some studies have shown that there is a low compliance rate regarding the new CMS rule among hospitals. Why do you think this is the case? #HITsm
T5: Do you think that hospitals that remain non-compliant will suffer social consequences? Why or why not? #HITsm
Bonus Question: What improvements or changes would you make to the new Transparency Rule? #HITsm
Upcoming #HITsm Chat Schedule
7/23 – TBD
TBD
We look forward to learning from the #HITsm community! As always, let us know if you’d like to host a future #HITsm chat or if you know someone you think we should invite to host.
If you’re searching for the latest #HITsm chat, you can always find the latest #HITsm chat and schedule of chats here.
