Trump to order hospitals to be transparent about healthcare costs

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All the iran talk it may have gotten lost in the shuffle though bit but an fascinating executive order signed by the president yesterday talk a little bit about it president trump signed an executive order that is aimed at curbing healthcare costs by making things more transparent this would require health insurance and health providers to reveal the pricing for patients the president saying there's no consistency no predictability the way it is now so here's what's going to happen it doesn't change the actual healthcare system but what it does do is create rules that would require hospitals to disclose the prices to patients now the question is how is this all going to work that's what we don't know is it going to be something where you'd go to you know the the emergency room for treatment of something and they hand you a piece of paper and say here's all the charges and this is what you would be expected to pay or we also don't know whether or not it's going to be what what we'll pay or what health insurance providers have negotiated with the hospitals and the doctors and that's the key because health insurance companies have been notoriously very secretive when it comes to how they negotiate these prices and how they come up with these prices you know you get one of those explanation of benefits and it'll say this procedure cost you a thousand dollars we negotiated that down to three hundred and fifty dollars and you have to pay a hundred and twenty-five so it's like well how did you get to that three hundred and fifty deals originally costs you know how do you figure that out that's what we don't know yet and we're still waiting to hear that a lot of times there are unintended consequences are insurers are healthcare groups sending any warnings about this order yeah there are some who are saying that they're concerned about this because you know some there have been studies done in the past say when you disclose the prices for things and there are very few competitors what you get is let's say you have to hospitals in town and one of the east end of town says i'm going to charge you five thousand dollars for this procedure and they one of the west and a challenge says i'm going to charge your seven hundred seventy five hundred dollars for this procedure well he goes well wow we could be charging seven seventy five hundred let's raise our prices that's a concern people are saying that that could be a concern and the other thing again is how do you come up with these prices i mean you know we we have decided that also signed an executive order saying do you have to put prices on drugs when it comes to tv commercials so starting next week we're going to start seeing those at the end of the healthcare commercial urea the drug commercial you're going to see here's what you would be expected to pay with insurance here's what you would be expected to pay for this drug without insurance so the trump administration is trying to say look we maybe can't change the entire healthcare system but we'll be can do is kinda change things and make it a little bit more transparent because we all have these high deductibles are health insurance networks are getting narrower narrower and a lot of doctors are acting more like independent contractors rather than being employed by hospitals so they're charging whatever they want so let's try and get it out there on the table so we can be better health care consumers we're talking to a._b._c. news correspondent cheri preston so this order has a couple of extra prongs to it as well including an expansion of health

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