Hospitals are Breaking This Rule: Hospital Transparency Rule & Medical Debt- Questions about health insurance? Call us at iHealthBrokers at 888-410-0344. Our services are 100% FREE!
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Under the hospital transparency rule, which took effect Jan. 1, 2021, the law requires hospitals to list the cash prices for procedures on their websites in two forms: one that is easily accessible for patients and that includes a cost estimator for the 300 most common services, and another that is machine-readable — essentially a spreadsheet. That allows patients to know exactly what they should expect to pay and lets them compare the reduced cash prices with the prices they would pay if they went through insurance.
A report analyzed 5,000 hospitals nationwide and found that just 300, or fewer than 6 percent, were fully compliant with the rule and 50 percent had neither of the two required components!
Many procedures done in hospitals are elective or scheduled ahead of time, which means patients have time to shop around and compare prices. It’s unpleasant enough to need a major medical procedure, but to be hit with a larger than expected medical bill because of a hospital’s greed and lack of compliance is absolutely despicable.
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