The public debate around healthcare price transparency came to a head when the Centers for Medicare and Medicaid (CMS) issued its final rule for hospitals in November 2019. The rule will require hospitals to disclose all standard rates for care (including negotiated rates with payers) as well as surface 300 “shoppable” services by January 2021.
While reactions to the announcement have been mixed and public discussion continues (lawsuits have been filed), Cedar stands by the philosophy that what’s good for patients is ultimately good for providers.
The infographic below highlights the sizable gap between consumer expectations around transparency and the accessibility and accuracy of pricing information made available by providers. We believe that there is an opportunity for providers to narrow this gap and not only ensure compliance with the new rule, but leverage price transparency as a competitive advantage