Soon you could know the prices of your hospital procedures ahead of time.
If you’ve been to the hospital, you know that often times, you won’t know the cost of your stay until after your procedures.
President Trump signed an executive order Monday requiring hospitals and insurance carriers to provide costs of procedures before the services are given.
“It really is, in a true sense, the opposite of Obamacare,” President Trump said. “You get much better pricing and you will get the doctor that you want. Maybe you will get better than the doctor you originally thought about. It’s pretty incredible.”
Trevor Croley, President of Croley Insurance and Financial says it’s supposed to create transparency.
“It’s supposed to create transparency between hospital systems, insurance carriers and then the patient being the end recipient of that information,” said Croley. “There’s a lot of unknowns on how all the dots are going to connect with this type of program, namely, in that it’s a pretty complicated system to begin with.”
The Trump administration claims the order will drive prices down.
“Prices will come down by numbers that you won’t even believe,” said Trump.
Croley says this is true, at least at first.
“People who are trying to be consumeristic in nature, will compare,” Croley said. “I think it will create some comparison shopping. I think ultimately down the road, I think it’s maybe going to level off.”
But what if you’re headed to the emergency room?
“Certainly, in an emergency situation, you’re not asking for, ‘What it’s going to cost to take my appendix out because it just ruptured?’ and ‘What other types of procedures am I going to get into with it,’ you’re just saying, ‘Get me well.'” said Croley. “I think people want to be informed but I don’t think most people really care.
“You don’t feel well, you’re going in for a procedure and they’re just disclosing to you, ‘Hey this is how much this is going to cost potentially,'” Croley said. “If you’re not feeling well, are you going to go price shop this thing? Maybe, maybe not. Probably not though.”
KOLR10 received a statement from CoxHealth today:
The requirements and implementation of the order have yet to be decided by the government. Once they’re known, CoxHealth and insurance networks will work together to publish information in compliance with federal law.Kaitlyn McConnell, CoxHealth Spokeswoman