The news: Nearly 40% of healthcare execs agree price transparency is the healthcare industry’s greatest challenge this year, according to Optum’s new report surveying 150 health plan, provider, and employer clients.
Zooming out on the trend: The CMS enforced the Hospital Price Transparency rule in January 2021. It mandates healthcare providers to clearly post the rates for all their services that they negotiated with insurers.
But providers and health systems found it difficult to comply with the price rules.
What’s driving health execs to focus on price transparency now? The CMS is beginning to crack down on health systems and impose financial penalties.
Earlier this week, the Biden admin fined two hospitals for noncompliance with the rules.
It appears the CMS isn’t discriminating between large and small health systems when it comes to fines. Northside Hospital Cherookee only has 211 beds, for instance. Larger health systems usually contain at least 500 or more beds.
What’s next? Health execs will be on the hunt for digital solutions to address their top pain points, including price transparency.
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