President Trump's Healthcare Price Transparency Executive Order
President Trump's executive order on healthcare price transparency is praised by a nonprofit patient's rights advocacy group for delivering real prices to consumers, potentially saving billions by 2025.
Key Points
- 1 in 3 Americans postponed or avoided care due to fear of unknown costs
- 100 million Americans are in medical debt
- Potential savings of $80 billion by 2025 for consumers, employers, and insurers
Pros
- Provides real prices to consumers before receiving care
- Creates a functional market where consumers benefit from competition and choice to lower costs
- Protects patients from overcharges, errors, and fraud
Cons
- Potential challenges in ensuring all hospitals and insurers comply with the transparency regulations