Price Transparency 2.0: Helping Patients Identify and Select Providers of High-Value Medical Services

James Capretta and David Bernstein
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James Capretta: American Enterprise Institute

AEI Economic Perspectives, 2023

Abstract: Policymakers in the United States have an opportunity to convert bipartisan support for transparent health care prices into savings for patients and taxpayers. While significant new federal rules are forcing more disclosure of previously unseen fee schedules, they need refinement to help consumers play a more active role in the market. The current reliance on pricing tied to insurance billing codes instead of meaningful bundles of services is a major impediment. Four changes to the current suite of requirements would improve results: (1) pricing disclosure of standardized, consumer-focused bundles of services; (2) mandatory (and enforced) provider participation in the disclosure system with regularly scheduled updates; (3) guaranteed access to care for all consumers at the disclosed prices, irrespective of their insurance coverage; and (4) coordination of insurance payments with transparency efforts to ensure patients can benefit fully when choosing low-priced options.

Keywords: AEI Economic Perspectives; Health care costs; Health care policy; hospitals; Surprise medical billing (search for similar items in EconPapers)
JEL-codes: A (search for similar items in EconPapers)
Date: 2023
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