The ColoHealth Health & Wealth Newsletter
June 2022
Vol. 12, Issue 12

Only 14% of Hospitals are Complying with the Price Transparency Rule (Here’s How to Fight Back)

On January 1st, 2021, a new rule went into effect that would force hospitals to post their prices for all to see. The Price Transparency Rule not only mandates that hospitals post the prices to all of their shoppable services, but also include info on cash discounts.

But according to a study by PatientRightsAdvocate.Org, only about 14% of hospitals are in full compliance. And although nearly 400 official warnings have been issued, the federal government has done nothing to penalize the offenders.

Now, a year and a half later, American patients are still being shafted by hidden prices, shady cost structures, and a healthcare system that will do anything to keep people like you and I from getting a better deal.

As healthcare consumer advocates, we’re not going to take this injustice sitting down, and we invite you to join the fight.

Hospital Price Transparency is an Essential Healthcare Freedom

I’ve written about the Price Transparency rule before, using this newsletter as a soapbox to encourage our readers to reclaim this essential healthcare freedom. But as time goes on, it’s become clear that we’re going to have to fight even harder for the healthcare that we deserve.  

And that’s about a lot more than just price transparency. It includes the right to affordable rates, better coverage, and access to new or non-traditional healthcare plans.  

5 Ways to Protect Your Healthcare Freedoms from Government Inaction

1.) See if Your Hospital is Following the Rules

Your local hospital is required to post a list of at least 300 shoppable health services. Some hospitals are posting far less than this, and some are posting none at all. If your hospital isn’t in compliance, call them directly to demand the information you need.

If you want to take it a step further, you can submit a complaint directly by sending an email to  [email protected]

2.) Compare Prices to Get the Best Deal

If you know that you’re in need of a health service, take some time to shop around. Even the most common procedures and treatments can vary wildly in cost. And these prices not only vary between markets and cities, but can also vary within a single hospital.

Remember, some additional costs like lab tests, radiology, or anesthesia might not be included in the main cost list. In addition, charges can be different depending on inpatient vs. outpatient care. Not knowing these costs as well can lead to a much bigger hospital bill than expected.

3.) Always Ask for Discounts

Most hospitals (but not all) are happy to provide discounts to cash-paying patients. That’s because paying cash means they don’t have to go through the insurance companies, which means they make more off the service.

Cash discount information is included in the Price Transparency Rule. If you can’t find the cash discount posted online, call the hospital directly and ask that they get you a copy.

In addition to cash discounts, some hospitals and doctors can offer additional discounts. Before you go in for a procedure or treatment, simply ask if there is a way to get you a better deal. It’s quite possible that you’ll find a way to save a few more bucks, and there is nothing to lose.  

4.) Support a Range of Choice in Healthcare

Even with subsidies, some ACA health insurance plans are either too expensive or too restrictive for some Americans. This is why it’s critical that we continue to support alternative healthcare models like Medical Cost Sharing, Health Savings Accounts, and more.

Remember: Every single one of us deserves a health plan that fits our needs. Forcing people into a bad-fit plan is not only a detriment to our health, but also an infraction on our basic rights.

5.) Spread the Word about Healthcare Freedom

If we’re going to change the American healthcare landscape, we’re going to need every one of us. If you know someone that is struggling to pay for their medical expenses, take a few minutes to introduce them to the Price Transparency rule. Remind them that, as a consumer, they have a right to know exactly how much they will be paying, before the services are provided.

Then, you can invite them to join this newsletter, or send them over to our blog.

Our goal is to educate as many people as we can about their rights, and if at all possible, save them some real money in the process.  

To Your Health and Wealth,

Wiley P. Long III
President- ColoHealth

The ColoHealth Health & Wealth Newsletter is published monthly and emailed to subscribers at no charge. Subscribe now to stay on top of the critical information you need to know about health insurance, healthshare plans and managing your finances to achieve financial security.

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