#015 Learn how Hospital Price Transparency rule, as directed by Obamacare, Trump administration rule and Biden administration execution, will help you take control and save on your health insurance premiums and out of pocket costs.
As of January 1, 2021, hospitals must publish and provide consumers the price of the services before providing their services.
You, the consumer and patient, need to ask (demand…nicely) that the doctor inform you of the cost of the procedure before you agree to undergo the procedure or otherwise be treated by the doctor. The CMS asks you to report complaints if you do not get what you expect.
Visit CMS Hospital Price Transparency page
Visit healthcare.gov Patient Protection Affordable Care Act pages
No different than anything else you buy, you should want to comparison shop. And the information to comparison shop should now be readily available from the doctor.
Why shouldn't you see a menu of prices for services provided by hospitals? The answer is you should! And you should demand it if you don't! Or at least find another hospital that does, like Surgery Center of Oklahoma…..they publish their prices! You may just find that a short plane ride to Oklahoma City for surgery is cheaper than staying home where they won't tell you what it will cost…..wonder why they won't tell you…….! #makethemcompete
Unfortunately, the way that some hospitals are attempting to comply with the transparency law leaves much to be desired. I am confident that market competition from yet-to-be-discovered sources will find great opportunity in the incumbent's complacency in much the same way that a guy selling books forever changed the way we purchase all kinds of items from lots of now defunct retail stores.
In the next episode, we'll cover how insurance companies address transparency and what you need from them.
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