A new federal healthcare rule will require hospitals to publicly post prices for every service they offer. Not only that, but they also need to break down those prices by component and procedures.
What it means…
The Transparency in Coverage rule helps patients choose where to go for healthcare, with the matter of price under consideration. The Trump administration rule, which goes into effect this month, might make healthcare affordable to all while driving down the outrageous medical bills.
Wait… What do you mean by AFFORDABLE?
The above rule has already been implemented in certain surgical centers, which are offering knee replacement for as low as $15,000. In most of the hospital systems, where the itemized pricing system is hidden, the price can range anywhere between $60,000 to $75,000.
Now imagine, if it is possible to save nearly $50,000 in knee replacement, it will not only help individuals and their families save more, but also will reduce the cost for the employers.
So, CHEAPEST or BEST?
This question is bound to arise in the mind of most. To answer it, let’s look at an instance. An MRI in Boston at a discounted cash price can be around $250. However, in the same facility, the price for an MRI can go up to $2,000 at an insured negotiated rate. Transparency in pricing lets a customer know these numbers beforehand, and then make a wise choice.