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Executive Order Issued Increasing Price Transparency for Healthcare Services; Drug Costs Next

Executive Order Issued Increasing Price Transparency for Healthcare Services; Drug Costs Next

On Monday, President Trump signed an executive order aimed to bring more transparency to healthcare pricing.

The president has directed The Department of Health and Human Services (HHS) to begin issuing rules requiring hospitals and doctors’ offices to reveal what patients really pay for services. The rules will require healthcare providers and insurers to inform patients about any out-of-pocket costs prior to receiving any services or treatment.

HHS Secretary Alex Azar said this would decrease prices because it would cause patients to shop around for the best cost options for their health care.

The agencies also plan to address “surprise billing” – where patients receive a bill after their visit for costs that their insurance company won’t cover.

In addition to creating more transparency for healthcare costs, the administration says they are working on proposals that will bring more transparency and lower prices to prescription drug costs for consumers.