CMS Offers New Price Transparency Tool for Medicare Procedures
As price transparency continues to be a main priority in the health care industry, the Centers for Medicare and Medicaid Services (CMS) is helping consumers make cost-effective decisions with a new online tool.
The Procedure Price Lookup tool displays national averages for the amount Medicare pays the hospital or ambulatory surgical center and the national average copayment amount a beneficiary with no Medicare supplemental insurance would pay the provider. These price comparisons are available for certain medical procedures.
What Hospitals, Health Clinics and Physician Groups Can Do
This online tool is launching as a requirement through the 21st Century Cures Act. Outside of federal requirements, it’s becoming more and more important for hospitals, clinics and physician groups to be proactive and make pricing transparency a priority. Beyond initial charges, consumers want to see out-of-pocket costs, and providing this information can help attract and retain patients.