SB 952 – Hospital Price Transparency
SB 952 – Hospital Price Transparency
Health care costs have steadily risen over recent decades. At the same time, many individuals face difficulty accessing quality health care, even while they are paying a premium for it. The root causes of these difficulties are complex, and serious work needs to be done to address them, but one foundational truth must be recognized — pricing transparency is an essential building block to help tackle out-of-control costs. Federal, bipartisan action has already been taken to achieve this, but states must also do their part to ensure transparent pricing in health care. This is why I have introduced Senate Bill 952, which would protect patients and help address costs by strengthening pricing transparency here in Michigan.
Why exactly is pricing transparency so important? Consider these points:
- Prices for medical procedures, medications, and services should be readily available to patients. This includes clear and concise explanations of potential charges, with no hidden fees or surprise bills. Price transparency should be simple and easily understandable for all patients.
- Transparency protects patients, ensuring they are not left with surprise bills (sometimes so big that they can cause financial ruin).
- Price transparency gives patients the power to make informed choices about their health care. It allows them to comparison shop for medical services, just as they would for any other product or service. This encourages competition and will help drive down costs.
- When patients can easily access price information, health care providers will be incentivized to offer competitive pricing and improve the efficiency of their services. This competitive market will benefit patients by providing more affordable options.