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Hospital Price Transparency Rule

Published on May 3rd, 2021 by Triton Benefits & HR Solutions

Every hospital in the United States is required to provide clear and accessible pricing information online about the services they provide.

This rule was put into place starting January 1st. This information will now be provided in two different ways: A comprehensive machine-readable file featuring all items and services provided by the hospital and in a display of services consumers can shop for in a consumer-friendly format.

The hospital price transparency rule makes it much simpler for consumers to compare prices across different hospitals and evaluate the cost of care before deciding whether or not to visit a certain hospital.

This level of transparency allows consumers to educate themselves as well as empowering staff members with a more in-depth way on how to compare pricing when researching different options.

Many organizations may not be aware of the new rule, as the pandemic has forced employers to shift their attention elsewhere. From providing employees with a remote work plan to making difficult decisions such as laying off employees or deciding which ones to furlough.

Additionally, health literacy in America is extremely low. Employers have to help educate their employees beyond the open enrollment process. Going forward, we will begin to see brokers provide their customers with this information as one of the many different services they offer.

This is where Triton comes in. As we continue to keep our finger on the pulse of everything related to healthcare and benefits we will work closely with the HR professional of your organization to help make fully informed decisions to put your organization in the best position possible. Contact us today for additional healthcare resources.

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