3 Key Steps for Hospital Price Transparency Compliance
Hospitals are tasked with compiling standard charges – which, according to the requirements, include gross charges, discounted cash prices, de-identified minimum and maximum negotiated charges, and payer-specific negotiated rates – for all items and services, displaying it publicly in a machine-readable format and creating a separate consumer-friendly list of prices for at least 300 “shoppable” services.
To avoid penalties, hospitals must review price transparency requirements from CMS and fill any gaps at their organizations as soon as possible.
CMS advises hospital leaders to start by identifying each hospital in its system that must make available its list of standard charges, then pinpointing all items and services for which the hospital has already established a standard charge.
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