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When he returned to office President Trump has an opportunity to fix America’s broken healthcare system by doubling down on his first term to deliver price transparency for patients.
Instead of protecting American patients The Biden administration has repealed or failed to implement the basic requirement that patients know the cost of treatment before receiving it.
Finally removing the veil between medical services and price. Trump can empower patients to shop around for the right care at the right price. Avoid overcharging. and giving employers and unions a better idea of upfront costs to enable optimal design. health benefits
President-elect Trump speaks at AmericaFest Sunday, December 1, September 22, 2024 in Phoenix. (AP Photo/Rick Scuteri)
This commitment to reform should be a key agenda item in Trump’s first 100 days.
Five steps the new Trump administration must take to make America healthy again.
Trump’s 2019 executive order improves price and quality transparency in American health care. And as a result, health insurance and hospital price transparency rules gave Americans, for the first time, real price information about their medical services. Patients finally have the same information they do about goods. The rest they bought They observe broad price changes of 10 or more times for the same care. and choosing to purchase services that are inexpensive
Unfortunately, President Biden continues to undermine Trump’s transparency rules regarding hospitals, insurance companies, and prescription drugs. Hospital price transparency is the first move and should be taken as far as possible.
This is despite the current administration claiming a high level of compliance from the hospital. But the information that hospitals include is often incomplete. In fact A new study by PatientRightsAdvocate.org It shows that only 21.1% of hospitals nationwide are fully compliant with the policy. and both post discounted cash prices and negotiated rates by companies and all health insurance plans.
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Lackluster enforcement tends to push compliance in the wrong direction: In February, 34.5% of hospitals were in compliance, compared with 21.1% of hospitals found to be in compliance during the period. this fall The Biden administration has facilitated this noncompliance by refusing to enforce the rule. It has issued just 15 fines to thousands of non-compliant hospitals across the country.
The lack of enforcement goes hand in hand with executive actions that undermine these patient protections: The Biden administration is allowing hospitals to post backfill prices. Including estimates, algorithms and percentages instead of actual prices.
There are no consumer stores monitoring algorithms or percentages. They want prices for health services to be the same as for other services they use. Only real prices allow consumers to choose the highest quality care at the lowest possible price. and causing competition to reduce inflated costs.
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The estimates do not hold hospitals accountable if they burden patients with inflated final costs. And from next year onwards The Biden administration will allow hospitals to remain hidden from transparency requirements. So hospitals must display only one type of fee. Instead, the negotiated rate is all that is required to purchase the item.
The Biden administration continues to ignore the needs of patients. President Trump’s requirement for insurance companies to provide prescription drug prices and detailed costs to patients in advance through an advanced explanation of benefits has repeatedly been delayed. which patients can use to compare the benefits they have lost bag expenses
Trump could build on his first term efforts by strengthening and enforcing price transparency rules once he takes office.
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That means reversing the Biden administration’s rollbacks and delays to ensure hospitals are required to publish real prices in dollars and cents for all their services. And insurance companies share the information patients need to purchase prescription drugs and medical care. And it means issuing ongoing financial penalties for non-compliance.
Patients urgently need transparent pricing. Under the vague status quo US health care costs This rose to 17.3% of the economy, almost twice the developed world average. There are more than 100 million Americans. medical debtMany people face financial ruin from bills whose reference price is unknown. These challenges intensify efforts to improve the health of Americans.
These efforts are not only good for American health: A bipartisan group of 32 economists, including Arthur B. Laffer and Steve Forbes, recently sent a joint letter to Congress explaining that price transparency across How can the system redirect approximately $1 trillion per year from unproductive health care? complex industries to competitive economies This includes worker wages and business income.
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Recent poll reveals 92% of Americans support health care price transparency. Clearly, Americans of all political backgrounds are fed up with hidden healthcare costs. And this results in huge costs that they could avoid if they knew the price in advance.
President Trump can unite these Americans and polish his legacy by making health care price transparency a reality. and implement an appropriate and responsible health care system.
Click here to read more from Newt Gingrich.
Click here to read more from Bobby Jindal.
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