The Centers for Medicare and Medicaid Services (CMS) has finalized another rule that requires all direct-to-consumer television advertisements for prescription drug and biological products covered by Medicare or Medicaid to include the list price.
Though it may be difficult, taking steps to improve healthcare price transparency will ultimately lead to better patient satisfaction and long-term benefits for hospitals and health systems.
Priority Health, an insurer in Michigan, has not only launched its own price transparency tool but it’s also rewarding members with $50 to $200 Visa gift cards for utilizing the app.
After a recent blood test, I received a bill that indicated the cost would be $527.00. Yikes! Fortunately, the invoice also showed an adjustment of $494.49 for which my insurance company seemed to be given the credit. Good news for me. Not so good for the hospital.
Consumers need data to help them make important decisions related not only to the cost of their healthcare, but also to the quality of providers, facilities and services. While it’s difficult to amass the data – and determine consistent measures – it’s quickly becoming a requirement.