Improving Price and Quality Transparency in American Healthcare To Put Patients First

What it means

This order aims to make healthcare prices and quality more transparent, requiring hospitals to publicly post standard charges and negotiated rates. It also directs agencies to develop regulations that would inform patients about out-of-pocket costs before receiving care, and expands access to tax-advantaged health savings accounts.

Expected impact

• Consumers will have better access to healthcare pricing information, potentially enabling them to make more cost-effective choices
• Hospitals and insurance companies will need to be more transparent about their pricing structures
• Increased competition among healthcare providers as patients can more easily compare prices
• Potential reduction in healthcare costs over time as price transparency may drive down inflated charges
• Expanded options for health savings accounts and flexible spending arrangements
• Possible decrease in surprise medical billing through improved price disclosure