As patients become more financially responsible for their healthcare as a result of their high-deductible plans, federal and state governments are pushing forward in their efforts to increase price transparency. In fact, on June 24th, President Trump signed an Executive Order that would require insurers, doctors, hospitals and others to provide pricing information about the negotiated cost of care. This new directive would provide patients information on the negotiated rates between insurers, hospitals, and physicians. Many believe that a key reason behind skyrocketing healthcare costs is the fact that healthcare prices are largely hidden from patients. Transparency creates competition, and competition drives down prices because patients can shop for their care.
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