Imposing Price Transparency Sets Stage for Healthcare Pricing Reform
The U.S. President Donald Trump signed an executive order aiming to improve price transparency on healthcare costs by directing federal agencies to strictly enforce a 2019 order he signed during his first term. The order directs the Departments of the Treasury, Labor, and Health and Human Services to within 90 days come up with a framework to enforce the requirement for health insurers and hospitals to disclose healthcare cost details. This includes requiring the disclosure of actual prices not estimates, update existing guidance or proposing new regulations that ensure price information is standardized.
- The move reflects a growing trend in the U.S. healthcare system towards greater accountability and transparency, which could lead to more informed decision-making by patients and providers alike.
- How will the widespread adoption of price transparency impact the long-term sustainability of healthcare services and programs in the United States?