The Biden administration is cracking down on hospitals that keep their prices secret.
Under a policy announced last week, failing to abide by Trump-era hospital price transparency rules will no longer prompt a warning letter from the Centers for Medicare and Medicaid Services. Instead, hospitals will have 45 days to submit a Corrective Action Plan for meeting these requirements — or face a fine.
It seems that not even Democrats can quarrel with former President Trump’s price-transparency reforms — nor should they. For healthcare markets to function properly, patients and payers must be able to shop around for the highest-value care. That’s impossible without good information on what hospitals actually charge.