Hospitals required to post prices January 1
In an effort to increase transparency for patients, The Centers for Medicare and Medicaid Services are requiring hospitals to post their standard prices online.
In an effort to increase transparency for patients, The Centers for Medicare and Medicaid Services are requiring hospitals to post their standard prices online. University Medical Center has had some of their prices online for years.
"This next year, especially a lot of the hospitals, are going to be finding, that middle ground, what can they put on there and what will meet the requirements," University Medical Center Eric Finley said.
What is posted online is the full price, but if you have commercial health insurance or any type of medicare or medicaid, you will pay less because the rates have already been negotiated down with those providers.
"We'll probably just put that full price on there, we might add a disclaimer on there that these prices can be negotiated, but what's really being required by the government is, tell us what your full price would be, and that's what we're putting on there," Finley said.
Insurance Agent, Ron Hettler, said patients probably won't look at the rates because it doesn't take insurance into account. If that was available, he said that would be more beneficial.
"It would at least give the insurance buyer a chance to figure out who might have the best pricing from a premium perspective based on how competitive or how inexpensive their charges are compared to other providers or insurance companies. There's an advantage to the insurance consumer if there was more information," Hettler said.
The mandate goes into effect New Years Day.
Link to Covenant Health pricing: https://www.covenanthealth.org/patients-and-visitors/for-patients/billing-and-payments/pricing/.