The U.S. House of Representatives was scheduled to vote on a proposal aimed at improving healthcare cost transparency on Monday, but the vote was ultimately postponed. The bipartisan bill, known as the Lower Costs, More Transparency Act, seeks to address the issue of individuals not knowing the true cost of their healthcare services until after receiving care.
One of the key provisions of the bill is the requirement for hospitals, ambulatory surgical centers, and diagnostic laboratories to publicly list the prices of their services. This would enable individuals to have a better understanding of their healthcare costs in advance and make more informed decisions.
The bill also includes new regulations for Pharmacy Benefit Managers (PBMs), often referred to as middlemen in the healthcare industry. PBMs would be required to provide employers with detailed information on prescription drug spending, allowing for greater transparency in the pricing and reimbursement process.
While there is bipartisan support for the bill, it is facing opposition from both the healthcare industry and some Democrats. The American Hospital Association (AHA) has expressed concerns about the added regulatory burdens and opposes certain payment cuts proposed in the bill. Some House Democrats argue that the bill falls short in addressing transparency issues with private Medicare plans and privately owned healthcare facilities.
It remains unclear when or if the bill will be rescheduled for a vote. The bill requires a two-thirds majority in the House to pass.
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