Making America Healthy Again by Empowering Patients With Clear, Accurate, and Actionable Healthcare Pricing Information
1. Purpose
This Executive Order aims to enhance transparency in healthcare pricing, allowing patients and employers to make informed decisions and address inequities within the system.
2. Key Actions And Directives
- Disclose Actual Prices of Healthcare Services: Within 90 days, the Secretaries of Treasury, Labor, and Health and Human Services must disclose the actual prices of items and services and enforce compliance.
- Standardize Pricing Information: The Secretaries are mandated to standardize pricing information across hospitals and health plans to facilitate comparison for consumers.
- Update Enforcement Policies: Update policies to ensure compliance and accountability for transparency regulations, addressing the shortcomings of previous enforcement.
3. Important Points
- Fundamental Change in Healthcare: The Executive Order seeks to rectify systemic issues in the American healthcare system by enforcing price transparency.
- Massive Potential Savings: Estimated savings of up to $80 billion by 2025 for consumers, employers, and insurers upon full implementation of regulations.
- Impact of Price Transparency: Recent data indicates a 6.3% annual decrease in prices for the most expensive healthcare services since implementing transparency measures.
- Addressing Prior Administration's Shortcomings: The Executive Order focuses on enforcing drug pricing transparency that was inadequately addressed in the previous administration.
- Legal Protections for Implementation: The order includes provisions that it does not create enforceable rights against the United States, clarifying the limits of its authority.
Disclaimer: ExecBrief's are AI generated, Please verify with the original source to confirm
Click here to provide feedback to help us improve your experience!
Comments