Despite new rules in the US requiring providers to collect and report pricing transparency data, just over three quarters of hospitals are lagging behind. If this data can be accurately collected and analyzed, it could help establish fair value-based pricing models that could benefit both patients and providers. In addition, the law targets payer-related data.
According to Jay Asser, “On the payer side, there’s been no shortage of data since the law went into effect on July 1, 2022, with Turquoise Health recently reporting that it amassed 630 terabytes of insurer price transparency data. Despite the overwhelming volume, payers have yet to figure out the best way to display all that information, as payer-machine readable files have varied 50-100 times in size, according to Turquoise Health.”
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(Source: Health Leaders, April 5th, 2023)