The Transparent PRICE Act requires hospitals to publicly disclose detailed pricing information for at least 300 medical services in machine-readable and consumer-friendly formats, including gross charges, negotiated rates with different insurance plans, cash discounts, and the highest and lowest negotiated prices. Hospitals must maintain these price lists and update them at least annually, with full compliance required by January 1, 2024, though a temporary alternative allows price estimator tools to satisfy requirements before 2025. The bill also strengthens health insurance transparency by requiring insurers to provide real-time price estimates through online tools and to publicly disclose detailed rate and payment information every three months, starting January 1, 2025. Hospitals and insurers that fail to comply face civil monetary penalties ranging from $300 per day for small facilities to $10 per bed per day for larger hospitals, with a minimum of $5 million for year-long violations beginning in 2024. The legislation establishes a publicly available list of hospitals reviewed for compliance and requires annual congressional reports on enforcement activities, with the Government Accountability Office producing reports on compliance rates and price differences across different market areas.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.