CMS has come out and made it official:
Hospitals will be required to post online a list of their standard charges under a rule finalized Thursday by the Trump administration.
While hospitals are already required to make this information public on request, the Centers for Medicare and Medicaid Services (CMS) said the new rule would require the info be posted online to “encourage price transparency” and improve “public accessibility.”
In a pure free market system this would be great. The problem is the insurance companies and Medicaid and Medicare get their own deals from these same hospitals that is NOT the price that they give self-pay patients. THOSE are the prices that need to be transparent. Why? The future may be the past as we move back to that “major medical” insurance model. This is basically catastrophic insurance where the consumer has to shop around for the best prices. This is why Keith Smith MD and his Surgical Center of Oklahoma is so awesome. He has been doing this for years and his prices have always been low!
I think this CMS move is a good one. The next step is to force the hospitals to show ALL their prices as noted above. Then we can let patients pick like they do on Amazon (emergencies situations being the exception).
I know others believe differently so let’s hear your thoughts.