Biden to crackdown on hospital price transparency violations
The Biden administration wants to increase fines for hospitals that are not making clear, accessible pricing information available online, according to CMS’ proposed outpatient pay rule on Monday.
The agency has proposed increasing the minimum fine for violations of the hospital price transparency rule to $300 per day for hospitals with 30 or fewer beds. Hospitals with more than 30 beds would have to pay $10 per day for each bed up to $5,500 daily. Hospitals could face annual fines of $110,000 to more than $2 million, depending on their size.
“As President Biden made clear in his executive order promoting competition, a key to price fairness is price transparency,” HHS Secretary Xavier Becerra said in a statement. “No medical entity should be able to throttle competition at the expense of patients. I have fought anti-competitive practices before and strongly believe healthcare must be in reach for everyone. With today’s proposed rule, we are simply showing hospitals through stiffer penalties: concealing the costs of services and procedures will not be tolerated by this administration.”