Matej Mikulic
Research expert covering health, pharma & medtech
Hospital price transparency rule - Statistics & Facts
For far too long, the cost of hospital services in the United States has been behind walls, shrouded and unpredictable for the average consumer. The federal hospital price transparency rule, which came into effect in January 2021, was one major step towards unveiling the hidden price tags. For the first time, hospitals were required to publicly post their standard charges for services, including gross charges, discounted cash prices, payer-specific negotiated rates, and the minimum and maximum of these negotiated rates. The purpose of these price transparency regulations was to encourage competition in the health care markets and give patients the tools to compare costs. Not knowing the cost of care has plagued U.S. adults, even limiting their access to care. A disconcerting six in ten adults surveyed said they have delayed medical services due to not knowing the cost beforehand and whether they could afford it.
