HB 1011: Pricing Transparency in Healthcare

Executive Summary

Beginning in 2018, HB 1011 requires health care providers to publish and provide to patients the charges for procedures rendered by the health care provider. Beginning in 2020, requires health care providers to publish and provide to patients the charges for each product or service rendered by the health care provider.

 

Analysis

A major expense Hoosier families have to deal with is healthcare.  Health insurance has become more and more expensive as has health care costs.  Part of the problem has been a lack of transparency.  In almost every other area of the economy a consumer is given the cost of the goods or services he or she is about to purchase BEFORE he or she purchases them.  Not so with healthcare. 

With a rapid increase in Hoosiers fleeing from traditional insurance and turning to alternatives like healthcare sharing ministries and the rising deductibles in traditional insurance, there is a growing need among Hoosier healthcare consumers (which is all of us at one point or another) to know the cost of their healthcare before they are needed, so that when they do have healthcare needs they can make informed decisions.

Greater transparency will create greater competition within the healthcare industry and provide better value and perhaps even better quality for Hoosier families.             

 

Conclusion

The prosperity or lack thereof of Hoosier families is often affected by healthcare costs.  SB 1011 would shed a light on healthcare costs and finally bring the healthcare industry into the company of almost every other industry where price transparency is concerned.

IFI supports HB 1011.