Making it easier for Americans to figure out how much they owe for hospital care could drive down costs and reduce health care spending by $1 trillion.
EXCLUSIVE: Requiring price transparency from hospitals and insurance companies could drastically slash national health care costs and extend the average American life expectancy, according to a new report published by advocacy group Patient Rights Advocate . System-wide health care price transparency could reduce federal spending by more than $1 trillion annually, while simultaneously improving health outcomes and lifting the average life expectancy in the U.S.
When prices are known, consumers choose affordable care at best-market rates and benefit from competition," the report said. "Consumers will avoid price-gouging providers and insurance companies, applying pressure to lower prices." Prices charged for health care vary dramatically depending on several factors, including whether a patient is in or out of the patient's insurance network and what price the hospital negotiated with the insurance company.
Price transparency will unleash a competitive, affordable health system that eliminates widespread waste, overbilling, and price gouging under the opaque status quo," the report said. It will also "shine sunlight on the market distortions, inefficiencies, and asymmetries that drive up expenditures and worsen health outcomes." The U.S.
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