Hospital Price Transparency Has Arrived...
Are you compliant?
On December 18, 2020, CMS announced plans to audit a sample of hospitals, starting in January, for compliance with the Hospital Price Transparency Final Rule which became effective January 1, 2021. CMS also announced that in addition to the compliance audits they will be investigating complaints that are submitted to CMS and reviewing instances of non-compliance. Hospitals may face civil monetary penalties of up to $300 per day for non-compliance with the Final Rule.
The Hospital Price Transparency Final Rule states that each hospital operating in the United States (including territories) is required to provide publicly accessible standard charge information online (without barriers) about the items and services they provide in two ways:
• Comprehensive machine-readable file with all items and services
• Display of 300 shoppable services in a consumer-friendly format
A price estimator tool can be substituted for the 300 shoppable services display as long as it meets the shoppable services requirements. Legal action has failed to delay the deadline for implementation of the Hospital Price Transparency Final Rule.
Is your Hospital meeting the Final Rule requirements? If not, we have a software solution that can help.
Please contact our Pricing Transparency expert today for a viewing and demo of the software.
Richard T. (Terry) Lang, CPA, FHFMA
/ 716-440-6189
