Executive Order to Make Healthcare Pricing More Transparent
Jennifer Lewerenz | Jun 25, 2019 AT 7:21 am
(KNSI) - President Donald Trump is making moves designed to make healthcare pricing more transparent.
A new executive order requires healthcare providers and insurers to disclose how much a service will cost before it happens.
During a White House event Monday, President Trump said patients have been at a disadvantage for too long.
"It's been virtually impossible for Americans to know the real price and quality of healthcare services and the services they receive. With today's historic action, we are fundamentally changing the nature of the healthcare marketplace."
The move could upend the traditional insurance business model of making public pricing negotiations which have typically been kept secret.
Minnesota is home to several medical and health care companies including: Allina, Blue Cross Blue Shield, CentraCare Health, Fairview Health, HealthEast, HealthPartners, Mayo Clinic, Medtronic, St. Jude Medical, Starkey Hearing Technologies, Thrifty White, United Health Group and Upsher-Smith.