Ge Bai, PhD, CPA, is a Professor of Accounting at the Johns Hopkins Carey Business School and Professor of Health Policy and Management at the Johns Hopkins Bloomberg School of Public Health.
, implemented four years ago by the Department of Health and Human Services, requires U.S. hospitals to disclose their charges, commercial negotiated prices, and cash prices. The goal is to stimulate price competition and contain healthcare spending. So, what have we learned?that average commercial prices for common hospital services have dropped since the rule’s implementation, highlighting the promising potential of price transparency to curb price increases.
The disclosed pricing data also revealed important pricing disparities that can inform policy and practice. For example, prices at physician-owned hospitals areIt’s worth noting that healthcare services and products not covered by insurance, such as plastic surgery and over-the-counter drugs, disclose prices in the most patient-friendly way without any government regulation.
When policymakers put their thumbs on the scale to pick winners and losers, the process is influenced by large players, thereby harming competition and patient welfare. In contrast, free competition, by empowering all patients to decide winners and losers, is the antidote to high prices and low quality, both of which run contrary to their best interests.
Price transparency has strong bipartisan support and broad appeal to voters because it simply makes sense. It is a necessary catalyst to jumpstart the transformation of our healthcare system into a competitive, fair, and patient-oriented one that leverages American dynamism to organically address unsustainable healthcare spending.in the Senate. Accompanied by reforms that align patient incentives and level the playing field for providers, a bright and healthy America could be on the horizon.
Competition Congress Spending Affordable Physician Hospital Consolidation Employer Patient
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