The U.S. House Ways and Means Committee approved two pieces of legislation designed to increase price transparency and consolidation in healthcare.
HR 4822, the Health Care Price Transparency Act of 2023, would codify several existing regulations that require group health plans to disclose the amount of cost-sharing they would be responsible for paying for service by a provider. It also requires health plans to provide in- and out-of-network rate information for each item and service of available benefits and make this information available through a self-service tool.
HR 3284, the Providers and Payers COMPETE Act, requires HHS to compile a report about the effects of healthcare industry consolidation and its impact on competition in the healthcare delivery system. The bill also included a provision to revamp prior authorization processes for private Medicare Advantage insurers.
Democrats did not support either bill saying the transparency requirements should have also applied to Medicare Advantage plans. Democrats were also concerned that the bills did not include reporting for private equity firms in healthcare. Earlier this year, the U.S. House Energy and Commerce Committee passed a package of similar legislation with broader support from the minority, while the U.S. Senate also is working on bipartisan pricing legislation.
