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US hospitals could face $2 million fine for not disclosing prices under proposed Biden rule
By
Tami Luhby, CNN
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(CNN) The Biden administration is doubling down on a Trump-era rule that requires hospitals to disclose the rates they privately negotiate with insurers.
A large number of hospitals have yet to comply with that historic rule, which went into effect January 1 and also requires them to provide in an online, searchable way the rates for 300 common services, such as X-rays, outpatient visits, Cesarean deliveries and lab tests. In addition, hospitals must disclose the amount they are willing to accept in cash.
The proposed penalties would go into effect in January.
The Hospital Price Transparency rule was finalized in January of this year and requires each U.S. hospital to make public an annual list of its standard charges for services provided.
The Department of Health and Human Services noted many hospitals have failed to follow the rule.
As previously reported by FOX Business, the Biden administration recently advanced a Trump-era rule to prevent surprise medical billing.
The rule, set to go into effect in 2022, bans surprise billing for emergency services, high out-of-network cost-sharing, out-of-network charges for ancillary care at an in-network facility, and other out-of-network charges without advance notice.