News: Comment period for price transparency rule extended

The federal government has extended the comment period for the proposed rule mandating price transparency by two weeks, ending on January 29, reported HealthLeaders Media.

CMS said in a media release that the 15-day extension was needed to account for robust public feedback and the consideration of the holiday season.

If finalized, the proposed Transparency in Coverage Rule would take effect in 2021, mandating that consumers have real-time access to cost-sharing information, including out-of-pocket expenses, through a user-friendly online tool that most group health plans and health insurance issuers would be required to have.

The rule would also require insurers to disclose on their websites their negotiated rates for in-network providers and allowed amounts paid for out-of-network providers, noted HealthLeaders Media.

"Making this information available to the public is intended to drive innovation, support informed, price-conscious decision-making, and promote competition in the healthcare industry," CMS said of the proposed rules.

The proposed rule on health plan transparency was unveiled in November 2019, as one of two rules mandating price transparency from hospitals and insurers. Both proposals were met with a chorus of boos from payers and providers.

Earlier this month, providers filed suit to stop the proposed rule on hospital transparency, which takes effect on January 1, 2021.

Editor’s note: This article originally appeared in HealthLeaders Media. To read about the proposed rules, click here. To read about the challenges raised by hospital groups, click here.