About half of Colorado hospitals posted close to all of their prices required under federal transparency rules, a new report found.
Turquoise Health, a software company focused on price transparency in health care, rated 107 hospitals in Colorado and more than 6,000 nationwide based on how complete their machine-readable files of prices were.
Federal rules require hospitals to post their full list of prices in a format that a computer can search, as well as a list of 300 “shoppable” services or a cost-estimating tool. Turquoise Health used an algorithm measuring how complete the files were onFifty of the 107 Colorado hospitals received five stars.
A five-star ranking doesn’t necessarily mean that a hospital is complying with all federal rules, but it’s a sign that patients have access to better information for making decisions about care, said Carol Skenes, a payer and provider specialist at Turquoise Health. Colorado hospitals scored better than many states, which may reflect the amount of attention on transparency in the last few legislative sessions, she said.
“There are a handful of states that have taken price transparency as a central tenet,” she said. “I think there is a lot more motivation for people to get their ducks in a row.”
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