GOP Senators seek to codify Trump administration rules on hospital and insurance price transparency

Several Republican Senators on Tuesday introduced a bill to cement health-related price transparency requirements issued by the Trump administration in connection with a presidential executive order.

The PRICE Transparency Act - introduced by Mike Braun of Indiana, Joni Ernst of Iowa, Mike Enzi of Wyoming, Chuck Grassley of Iowa, John Kennedy of Louisiana, and Kelly Loeffler of Georgia - would codify rules that demand hospitals and insurance providers clearly divulge costs. 

Hospitals would need to offer the public information such as negotiated rates and charges and the cost of services for people who pay with cash. Insurance companies would also be required to engage in actions to improve cost transparency.

Sen. Braun championed the bill, saying that it will both boost competition and decrease the healthcare prices.

“As a Main Street Entrepreneur who provided quality healthcare to my employees, this legislation will give Americans the chance to see the true costs of their healthcare visits, which will increase competition and lower healthcare costs,” Sen. Mike Braun said in a statement included in a press release.

“President Trump has been the leader on healthcare reform and this legislation takes his executive orders and makes it the law of the land, which is a win for all Americans,” he said.