The Price Transparency requirements issued by the Centers for Medicare & Medicaid (CMS) in response to the Executive Order signed by President Trump in June 2019, are scheduled to go into effect January 1, 2021. These requirements will force hospitals to publish billed charge and third-party contract rate information at a procedure code level. With the Price Transparency requirement on the heels of recovery from the COVID-19 pandemic, hospitals will be challenged with implementation resources and costs. Still, key negotiated data points will be in the hands of third-party payers and consumers.
In this installment of our Forward series, we explore the need for a strategic response to this mandate, made ever more urgent by the added financial pressures providers are facing today due to the COVID-19 pandemic.