Since January 1, 2021, all U.S. hospitals have been required to provide clear, accessible pricing information regarding their provided items and services under the federal Price Transparency Rule. But as of 2022, around just 70% of hospitals were in compliance with these requirements.
The Centers for Medicare and Medicaid Services (CMS) has since implemented additional measures to drive standardization of implementation and made several updates to the enforcement process. Meanwhile, additional legislation is on the table—if passed, it would take effect in 2024.
This fact sheet explains the latest updates in price transparency and what providers need to do now.
“Without a significantly greater effort than basic compliance, you can elevate the patient experience—from estimates through billing and collections—while introducing greater speed and cost efficiency to your revenue cycle.”
