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Price transparency essential to patient empowerment

Independent Women’s Voice (IWV) applauds the introduction of the “PRICE Transparency Act” today by Senator Mike Braun. The “PRICE Transparency Act” would require hospitals and insurers to reveal prices for care to patients beforehand, allowing consumers to make informed, price-conscious decisions for themselves and their loved ones.

While price transparency was important before the coronavirus, in the aftermath of the economic troubles caused by the pandemic, it is a crucial first step towards a competitive healthcare marketplace that empowers patients, expands access to quality care, and drives prices down.

 IWV Policy Director Hadley Heath Manning issued the following statement:

“Americans would never buy other goods or services without a price upfront. Non-emergency health care, which is over 90 percent of healthcare spending, should be no different. With transparent pricing, Americans can plan ahead or shop and compare prices and reviews from a variety of healthcare providers in order to find the best value. Price transparency measures have proven to reduce prices for all patients, not just aggressive shoppers. That’s the power of competition at work!

“President Trump has taken bold steps to fight for patients to have healthcare price transparency. But we know executive actions only go so far; they could easily be undone by a future administration controlled by healthcare industry cronies. That’s why the work of lawmakers like Sen. Braun is so important. Codifying these measures will help to ensure that price transparency is the law of the land and that this sunlight won’t set with any changing of White House control.

“American patients deserve that security, and they deserve the accountability and affordability in health care that transparency will bring. ”

Independent Women’s Voice has been a leading voice championing healthcare price transparency. IWV’s nationwide advocacy campaign has driven thousands of public comments in support of price transparency to the U.S. Department of Health and Human Services.

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