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The Trump administration has released its final rule about hospital price transparency. Starting January 1, 2021, hospitals must provide easily accessible pricing/billing information to patients.
According to The Centers for Medicare and Medicaid Services (CMS) press release, the information listed would include “the gross charges, payer-specific negotiated charges, the amount the hospital is willing to accept in cash from a patient, and the minimum and maximum negotiated charges”. CMS will also have greater authority over enforcement (hospital audits) and compliance, issuing fines for $300 per day for those who are noncompliant.
The new rule will take effect January 2021. Hospitals will continue to work towards making sure all their applicable data is available online.
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