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Hospital prices are going public soon
WDBJ7 ^ | December 26, 2018 | Caslee Sims

Posted on 12/27/2018 7:21:03 AM PST by buckalfa

Many Americans have left the hospital concerned or surprised at how much or little they've spent for a service there.

Well, thanks to a federal law, there will soon be more transparency on how much you'll be spending after your hospital visit.

Starting on January 1, 2019, a federal law will require hospitals to post a master list online for how much the facility charges for a service.

Often times, little to no price transparency can make it difficult for consumers to price compare.

Other times the final bill is almost never the same as the "sticker price" due to other charges such as insurance, and other discounts or premium charges, before a final charge is determined.

“The list prices are so high that the vast majority of hospitals don’t even try to collect list prices from uninsured patients,” said Benedic Ippolito, with the American Enterprise Institute, who has researched hospital list prices.

The federal law is being brought out as a measure to improve competition and help educate consumers, according to the Journal-News.

“We are just beginning on price transparency,” Seema Verma, head of U.S. Centers for Medicare & Medicaid told the Associated Press. “We know that hospitals have this information and we’re asking them to post what they have online.”

But real transparency comes when consumers can easily see what they will pay to a provider based on their insurance benefits, said Thomas Campanella, Baldwin Wallace University health care MBA program director. He said some insurance companies are providing that information through price comparison tools.

“I almost see it being more of a political ‘look at what we did,’” Campanella said of the requirement to post list prices.


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: hospital; hospitalprices; prices
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Price does not equal what you and/or your insurance carrier pay. Transparency is good, but this regulation has the potential of creating more confusion unless insurance interfaces are built into the data base and the consumer has some modicum of medical terminology.
1 posted on 12/27/2018 7:21:03 AM PST by buckalfa
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To: buckalfa

Ala ‘cart’?.....................


2 posted on 12/27/2018 7:23:15 AM PST by Red Badger (We are headed for a Civil War. It won't be nice like the last one....................)
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To: buckalfa

One of the best things Trump has done to date.


3 posted on 12/27/2018 7:24:44 AM PST by Buckeye McFrog
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To: buckalfa

More than likely, consumers will pay no more attention to these than they do the mandated calorie counts on restaurant menus.


4 posted on 12/27/2018 7:25:04 AM PST by fwdude (Forget the Catechism, the RCC's real doctrine is what it allows with impunity.)
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To: buckalfa

I hate obamacare, but it has a silver lining:

Because so many people became stuck with high deductible health insurance, it means that most of what people need is paid for out of pocket. This created a culture of a lot of people price comparing, forcing providers to say out loud what something was going to cost, forcing many to drop their prices so that what they say out loud doesn’t get them shot. :)


5 posted on 12/27/2018 7:26:46 AM PST by cuban leaf
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To: buckalfa

>>Starting on January 1, 2019, a federal law will require hospitals to post a master list online for how much the facility charges for a service.
>>
>>Often times, little to no price transparency can make it difficult for consumers to price compare.

Hotels do this (or they used to). I would see a posted notice on the back of a hotel room door saying that the price for the room fluctuates from between $59-$225 a night.


6 posted on 12/27/2018 7:27:23 AM PST by a fool in paradise (Denounce DUAC - The Democrats Un-American Activists Committtee)
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To: buckalfa

Does this mean as a 59 year old man i’ll be able to recognize and bypass the pregnancy test?


7 posted on 12/27/2018 7:27:51 AM PST by heshtesh
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To: buckalfa

As I understand it, these are the “sticker” prices that almost nobody pays.

What would be more useful would be in-network pricing, after insurance is factored in.


8 posted on 12/27/2018 7:28:03 AM PST by bkopto
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To: buckalfa

A few years ago I received a bill from my wife’s hospital stay. (I had a 6K deductible) for $ 3,600.00. I called and said I did not feel it was right that I be charged more than an insurance company and that I was ready to write a check immediately. The woman said to please hold as she had to check with her supervisor. When she came back she said, “How does $ 1,200.00 sound?”


9 posted on 12/27/2018 7:28:36 AM PST by IC Ken (Stop making stupid people famous)
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To: buckalfa

Twenty dollars for a Tylenol and twelve dollars for the cup they bring it in.


10 posted on 12/27/2018 7:30:53 AM PST by SkyDancer ( ~ Just Consider Me A Random Fact Generator ~ Eat Sleep Fly Repeat ~)
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To: buckalfa
Other times the final bill is almost never the same as the "sticker price" due to other charges such as insurance, and other discounts or premium charges, before a final charge is determined.

I got a bill from the lab for a standard blood and urine test. The list price was $1500. The insurance contract price was $75 and my copay was $5. How can any business have a 20-1 ratio between list and actual price?

I would like to see both the list price and the "usual and customary" price the insurance company pays.

11 posted on 12/27/2018 7:33:53 AM PST by KarlInOhio (Leave the job, leave the clearance. It should be the same rule for the Swamp as for everyone else.)
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To: buckalfa

Prices are what cash customers pay. You still don’t know what the insurance company is paying, which is far, far less.


12 posted on 12/27/2018 7:34:29 AM PST by akalinin
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To: IC Ken
That is a very good trick. I have done variations of the same several times with a very good rate of success. Jumping through hoops costs medical providers as well.

A medical savings account makes a lot of this possible. The next best thing is a cash savings account,

13 posted on 12/27/2018 7:34:49 AM PST by Vigilanteman (The politicized state destroys all aspects of civil society, human kindness and private charity.)
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To: a fool in paradise

An MRI for a recent hand injury was $3,000 at the hospital. $450 at the private MRI center.


14 posted on 12/27/2018 7:39:14 AM PST by tcrlaf (They told me it could never happen in America. And then it did....)
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To: buckalfa

My friend was charged $50 for a pill she never got.


15 posted on 12/27/2018 7:39:17 AM PST by Sacajaweau
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To: buckalfa

Have hospital stocks fallen through the floor? No? Then while important, this move alone isn’t enough to really free up the market.


16 posted on 12/27/2018 7:40:44 AM PST by 9YearLurker
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To: buckalfa

Eliminate insurance companys and premiums, develop a pay as you go free market system with portable health savings accounts. Health care will only get reasonably priced when the consumer watches the market and eleminates the middle man. Health care will never be free.


17 posted on 12/27/2018 7:44:46 AM PST by exnavy
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To: buckalfa

bmp


18 posted on 12/27/2018 7:45:09 AM PST by gattaca ("Government's first duty is to protect the people, not run their lives." Ronald Reagan)
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To: buckalfa

Indeed, hospital prices have nothing to do with the reality of their actual cost, profit, or availability.

America’s health system is a hybrid of Progressive ideals and fantasies, Soviet central planning, political pandering, and crony-capitalist rent-seeking and corruption. There’s not much connection to reality.


19 posted on 12/27/2018 7:51:32 AM PST by PGR88
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To: exnavy

“Health care will never be free.”
—————————————————————————————————

You can thank Government Indoctrination Camps (public schools) that your simple statement there cannot be understood by most people.

Nothing is ever truly free, someone always pays.


20 posted on 12/27/2018 7:53:06 AM PST by Romans Nine
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