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When President-elect Trump returns to office, he will have an opportunity to repair America’s broken health care system by doubling down on his first-term goal of providing price transparency to patients.
Instead of protecting American patients, the Biden administration has either rescinded or completely failed to implement a very basic requirement that patients know the cost of their treatment before receiving it.
By finally lifting the veil between health care services and prices, President Trump will ensure patients can buy the right care at the right price, avoid overbilling, and help employers and unions optimize health benefits. This will allow you to better understand costs in advance so that you can design accordingly. .
President-elect Trump will speak at America Fest in Phoenix on Sunday, December 22, 2024. (AP Photo/Rick Scutelli)
A recommitment to this reform should be at the top of President Trump’s agenda for his first 100 days.
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President Trump’s 2019 Executive Order to Improve Price and Quality Transparency in American Health Care and the resulting Hospital and Health Insurance Price Transparency Rule provide Americans with real price information about health care services. I was able to get it for the first time. Patients are finally able to shop around for affordable services, having the same information they would about any other product they purchase, finding a 10x wider price variation for the same treatment, and more.
Unfortunately, President Biden has steadily undermined President Trump’s transparency rules for hospitals, insurance companies, and prescription drugs. This is the first time hospital price transparency has been introduced, and there will be more to come.
Although the current administration claims that hospital compliance is high, the information provided by hospitals is often incomplete. In fact, a new study by PatientRightsAdvocate.org shows that hospitals nationwide that are fully compliant and post both discounted cash prices and all rates negotiated by health insurance carriers and plans It has been shown that only 21.1% of the
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Lackluster enforcement is likely driving compliance in the wrong direction. This fall, 21.1% of hospitals were found to be in compliance, compared to 34.5% in February. The Biden administration encouraged this violation by refusing to enforce the rule and issuing only 15 fines to thousands of noncompliant hospitals across the country.
Lack of enforcement is coupled with administrative measures that undermine these patient protections. The Biden administration is allowing hospitals to post alternative prices, including estimates, algorithms and percentages, in place of actual prices.
No consumer cares about checking algorithms or percentages. Like any other service we consume, we need a price for medical services. Only real prices allow consumers to choose the highest quality care at the lowest possible price and compete to reduce inflated costs.
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Estimates do not hold the hospital accountable if it leaves the patient with a high final bill. And starting next year, the Biden administration will allow hospitals to continue to hide from transparency requirements so they only have to display a single type of rate instead of all the negotiated rates needed to shop around.
The Biden administration continues to neglect patient needs, as President Trump demands that insurance companies provide patients upfront with the prices and detailed costs of prescription drugs with detailed explanations of benefits available to patients. I repeatedly delayed what I was doing. pocket cost.
President Trump can continue his first-term efforts by strengthening and enforcing price transparency rules as soon as he takes office.
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It requires hospitals to publish the actual prices in dollars and cents for all services and to ensure that insurance companies share the information patients need to purchase prescription drugs and medical care. It means reversing the setbacks and delays made by the Biden administration. And that means continuing financial penalties for violations.
Patients urgently need transparent pricing. Amid the current uncertainty, U.S. health spending has ballooned to 17.3% of the economy, nearly twice the developed world average. More than 100 million Americans have medical debt, and many face financial ruin from bills with unknown underlying values. These challenges exacerbate any attempt to improve the health of Americans.
These efforts aren’t just good for America’s health; A bipartisan group of 32 economists, including Arthur B. Laffer and Steve Forbes, recently sent a joint letter to Congress explaining how system-wide price transparency could reduce the annual cost of unproductive health care. I explained how we will allocate about $1 trillion. The impact of industrial parks on the competitive economy, including worker wages and corporate profits.
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A recent poll found that 92% of Americans support health care price transparency. It’s clear that Americans of all political stripes are tired of hidden medical costs and huge bills that could have been avoided if they had known the prices upfront.
President Trump can unite these Americans and shine on his legacy by creating health care price transparency and implementing an affordable and accountable health care system.
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