Many employers feel like they’re grasping at straws when it comes to lowering healthcare costs — but a means of saving may just be in reach.
The Hospital Price Transparency Final Rule and the Transparency In Coverage Final Rule, effective in 2021 and 2022 respectfully, require hospitals to publish previously private rates for their services. Transparency In Coverage specifically reveals negotiated rates between hospitals and carriers across in-network providers. This means employers, especially those with self-funded plans, can pinpoint which providers and hospitals will give them the most bang for their buck. According to healthcare data company Turquoise Health, employers could save 27% across 500 common healthcare services.
