Us Congress Senate Bill SB3548

Us Congress 2023-2024 Regular Session

• Introduced: 12/14/23
• Refer: 12/14/23

Caption

Health Care Prices Revealed and Information to Consumers Explained Transparency Act

Impact

If enacted, SB3548 would significantly alter current healthcare regulations by ensuring that hospitals and group health plans adhere to strict disclosure requirements. Effective from January 1, 2025, the statute aims to eliminate confusion around healthcare pricing by requiring detailed listing of standard charges, including gross and discounted cash prices. Furthermore, it establishes enforcement mechanisms, including civil monetary penalties for non-compliance, which could lead to improved adherence among providers and increased accountability.

Summary

SB3548, officially titled the Health Care Prices Revealed and Information to Consumers Explained Transparency Act, seeks to enhance price transparency in healthcare, specifically among hospitals and insurers. The bill mandates hospitals to publicly disclose their standard charges and the costs associated with various services, compelling them to provide this information in a consumer-friendly format. This transparency aims to empower consumers by giving them clearer insights into healthcare costs, fostering better decision-making and potentially reducing out-of-pocket expenses for patients.

Contention

While supporters argue that the bill will help consumers make informed choices about their healthcare options, there are concerns about the feasibility and potential backlash from healthcare providers. Critics fear that mandates to disclose sensitive pricing information may inadvertently lead to increased costs or limit negotiations between insurers and providers, ultimately hindering competition. Additionally, the transition to compliance may impose operational challenges on healthcare institutions, particularly smaller hospitals that may lack the infrastructure to meet these new requirements.