WASHINGTON (NEXSTAR) — President Trump announced a new rule will require more transparency from healthcare providers, saying transparency will translate to consumers paying less.
“This is a real revolution in healthcare,” Health and Human Services Secretary Alex Azar says. He and President Trump announced a new rule that will require healthcare providers like hospital and doctors offices to publish prices for services including out of pocket costs to consumers.
“And they’ll get that information in time to act, to choose which hospital to go to, what doctor to go to and whether they want to get various services,” Azar said.
President Trump says the added transparency will spur competition among healthcare providers.
“Prices will come down by the numbers, you won’t even believe,” Trump said.
Leigh Purvis with AARP is cautiously optimistic.
“The idea of adding more transparency to what is a very opaque market, is definitely something that has a potential to help more consumers,” Purvis said.
The rules specifics aren’t actually written yet. The President’s Executive Order directs the Department of Health and Human Services to work on the rule.
“I think like everyone else we’re waiting to see the details of how it’s going to be implemented,” Purvis said.
It’s expected the healthcare industry will fight the proposed changes and there will be a lengthy rule writing and approval process. That means a final result is still a long way away.