As healthcare continues to become a more consumer-driven industry, price transparency has become one of the most important elements for consumers navigating the patient financial journey. Improving clarity and accessibility surrounding healthcare costs allows consumers to make more informed decisions and engage in the billing process. New legislation rolled out over the last two years calls on insurers and healthcare providers to disclose the costs of each item and service they provide.
The No Surprises Act, which took effect in January 2022, is a law that prohibits out-of-network medical billing for services received at in-network facilities. The Hospital Price Transparency Rule requires hospitals to post pricing information online, in a format that can be easily understood, to assist consumers in the decision-making process. By understanding and following these laws, providers can improve their rates of collections and patient satisfaction scores, while patients can feel more secure and competent throughout the payment process.