Sixty-five percent of hospitals have published “robust” negotiated rates that analysts can use to compare prices, according to a study released Tuesday by data company Turquoise Health.
In addition, 80 health insurers have also published negotiated rates, representing the majority of people who are covered with health insurance in the US, according to the report.
Employers and eventually consumers are expected to use the data hospitals, health insurers, and self-insured employers are required to report to compare hospital rates and negotiate lower costs. Turquoise is one of the data companies compiling the data to make it understandable and usable.
Hospitals were required to file their negotiated rates Jan. 1, 2021, and “payers"—health insurers and self-insured employer plans— were required to do so as of July 1, 2022, under government regulations. Hospitals were slow to come up to speed, but insurers were largely compliant in July, Turquoise Health co-founder and CEO Chris Severn said in a webinar sponsored by the American Enterprise Institute on Monday.
For hospitals with more than 30 beds, the minimum civil monetary penalty for failure to comply is $10 per bed per day, capped at $5,500 per day. Insurers face a more significant penalty for noncompliance of around $100 per violation, per day, per affected enrollee.
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