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February 24, 2023

CMS States 70% of Hospitals Are Now Complying With Hospital Price Transparency Rules

According to recent data from the Centers for Medicare & Medicaid Services (CMS), 70% of hospitals are now in compliance with the agency's price transparency rules, which require hospitals to publicly disclose standard charges and negotiated rates with insurers. This is a significant increase from the initial compliance rate of 47% when the price transparency rules went into effect on January 1, 2021. Fierce Healthcare adds, however, that since the beginning of 2023, CMS has handed out almost 500 warnings to hospitals still falling short on price transparency. CMS likewise plans to standardize hospital reporting requirements and to streamline the agency’s enforcement processes. Although a hospital may be meeting the requirements, CMS also cautioned that the hospital pricing information may still not be easily accessible or useful to an individual. CMS notes that although significant progress has been made, it will continue to explore alternative approaches to ensure full compliance with the price transparency rules to promote greater transparency and price competition in the healthcare industry.

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