{"id":6808,"date":"2023-11-02T13:57:33","date_gmt":"2023-11-02T14:57:33","guid":{"rendered":"https:\/\/wifamily.news\/?p=6808"},"modified":"2023-11-02T15:12:15","modified_gmt":"2023-11-02T15:12:15","slug":"wi-patients-stand-to-benefit-most-from-healthcare-price-transparency","status":"publish","type":"post","link":"https:\/\/wifamily.news\/?p=6808","title":{"rendered":"WI Patients Stand to Benefit Most from Healthcare Price Transparency"},"content":{"rendered":"<p>This post originally appeared at <a href=\"https:\/\/will-law.org\/wi-patients-stand-to-benefit-most-from-healthcare-price-transparency\/\">https:\/\/will-law.org\/wi-patients-stand-to-benefit-most-from-healthcare-price-transparency\/<\/a><\/p>\n<div class=\"et_pb_section et_pb_section_0 et_section_regular\">\n<div class=\"et_pb_row et_pb_row_0\">\n<div class=\"et_pb_column et_pb_column_3_4 et_pb_column_0  et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_module et_pb_text et_pb_text_0  et_pb_text_align_left et_pb_bg_layout_light\">\n<div class=\"et_pb_text_inner\">\n<h3>By Miranda Spindt<\/h3>\n<p><span data-contrast=\"auto\">Healthcare costs have continued to rise and become a top concern, putting a strain on individuals and families. But <\/span><a href=\"https:\/\/www.ncbi.nlm.nih.gov\/pmc\/articles\/PMC9940230\/\"><span data-contrast=\"none\">a recent analysis<\/span><\/a><span data-contrast=\"auto\"> by Dr. Stephen Parente from the University of Minnesota has provided some encouraging news. The study reveals that lower-income individuals stand to benefit significantly from increased healthcare price transparency, with a meaningful decrease in healthcare costs. This analysis reaffirms the positive impact that greater price transparency can have on the lives of all Americans, and Wisconsinites<\/span> <span data-contrast=\"auto\">especially. <\/span><span>\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The regional impact of price transparency legislation found in the study is particularly noteworthy. According to Parente\u2019s analysis, the Midwest region is set to be the most substantial beneficiary with a potential $20 billion in savings and an 8% reduction in medical expenditure. The first table shows the estimated cost reduction for each region. This would be a great improvement in Wisconsin where the cost of healthcare is a large concern.\u00a0<\/span><span>\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">A <\/span><a href=\"https:\/\/the-alliance.org\/news\/high-health-care-prices-hurt-us-all-the-latest-rand-hospital-transparency-study-2\/#:~:text=May%2023%2C%202022%2C%20Madison%2C,round%3A%20hospital%20prices%20remain%20high.\"><span data-contrast=\"none\">recent study<\/span><\/a><span data-contrast=\"auto\"> by the RAND Corporation indicates that Wisconsin\u2019s hospital prices are the 4th highest in the nation.\u00a0<\/span><span>\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">A <\/span><a href=\"https:\/\/www.healthcarevaluehub.org\/application\/files\/6715\/8352\/0434\/Hub-Altarum_Data_Brief_No._58_-_Wisconsin_Healthcare_Affordability.pdf\"><span data-contrast=\"none\">2020 survey of Wisconsinites<\/span><\/a><span data-contrast=\"auto\"> found that almost half of Wisconsinites\u201447%\u2014 have delayed or completely avoided receiving healthcare.\u00a0<\/span><span>\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Four in five Wisconsinites are worried about being able to afford our healthcare costs in the future, and <\/span><a href=\"https:\/\/www.healthcarevaluehub.org\/application\/files\/6715\/8352\/0434\/Hub-Altarum_Data_Brief_No._58_-_Wisconsin_Healthcare_Affordability.pdf\"><span data-contrast=\"none\">73% of respondents<\/span><\/a><span data-contrast=\"auto\"> said healthcare was the most important issue to them.<\/span><span>\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">A <\/span><a href=\"https:\/\/www.wha.org\/vv-legislative-11-11-2022\/1\"><span data-contrast=\"none\">study by Forbes<\/span><\/a><span data-contrast=\"auto\"> found that healthcare costs in Wisconsin are nearly $10,000 per person each year.\u00a0<\/span><span>\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">In Wisconsin, a <\/span><a href=\"https:\/\/turquoise.health\/service_offerings?location=53233&amp;q=Blood+test%2C+clotting+time&amp;service_name=blood-test-clotting-time&amp;provider_name=&amp;distance=25&amp;page=1&amp;sort=cost\"><span data-contrast=\"none\">blood test for clotting time<\/span><\/a><span data-contrast=\"auto\"> can range from $17.50 to $135.47 and a <\/span><a href=\"https:\/\/turquoise.health\/service_offerings?location=53233&amp;q=Joint+replacement+%28hip+or+knee%29&amp;service_name=joint-replacement-hip-or-knee&amp;provider_name=&amp;sort=cost&amp;page=1&amp;distance=50\"><span data-contrast=\"none\">joint replacement (hip or knee)<\/span><\/a><span data-contrast=\"auto\"> can cost between $17,513 and $65,927.<\/span><span>\u00a0<\/span><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-32167 size-large aligncenter\" src=\"https:\/\/wifamily.news\/wp-content\/uploads\/2023\/11\/Screenshot-2023-10-31-at-12.06.10-PM-1024x607-1.png\" alt=\"\" width=\"1024\" height=\"607\" \/><\/p>\n<p><span class=\"TextRun SCXW130378485 BCX4\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW130378485 BCX4\">Stephen Parente\u2019s analysis also suggests that price <\/span><span class=\"NormalTextRun SCXW130378485 BCX4\">transparency <\/span><span class=\"NormalTextRun SCXW130378485 BCX4\">can<\/span><span class=\"NormalTextRun SCXW130378485 BCX4\"> be <\/span><span class=\"NormalTextRun SCXW130378485 BCX4\">a game-changer<\/span><span class=\"NormalTextRun SCXW130378485 BCX4\"> for those at the lower end of the income spectrum. With a reduction of 7.4% for individuals earning less than 100% of the Federal Poverty Level, and 7.5% for those earning between 100% and 137% of the Federal Poverty Level, these findings underscore the potential for <\/span><span class=\"NormalTextRun SCXW130378485 BCX4\">substantial<\/span><span class=\"NormalTextRun SCXW130378485 BCX4\"> savings. <\/span><span class=\"NormalTextRun SCXW130378485 BCX4\">T<\/span><span class=\"NormalTextRun SCXW130378485 BCX4\">he very people who often struggle to make ends meet and face the toughest financial challenges are the ones who stand to benefit the most from this legislation.<\/span><span class=\"NormalTextRun SCXW130378485 BCX4\"> According to the <\/span><\/span><a class=\"Hyperlink SCXW130378485 BCX4\" href=\"https:\/\/www.census.gov\/library\/stories\/2021\/04\/who-had-medical-debt-in-united-states.html\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW130378485 BCX4\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW130378485 BCX4\" data-ccp-charstyle=\"Hyperlink\">U.S. Census<\/span><span class=\"NormalTextRun SCXW130378485 BCX4\" data-ccp-charstyle=\"Hyperlink\"> data<\/span><\/span><\/a><span class=\"TextRun SCXW130378485 BCX4\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW130378485 BCX4\">, <\/span><span class=\"NormalTextRun SCXW130378485 BCX4\">11.3% of <\/span><span class=\"NormalTextRun SCXW130378485 BCX4\">hous<\/span><span class=\"NormalTextRun SCXW130378485 BCX4\">eholds below the poverty level <\/span><span class=\"NormalTextRun SCXW130378485 BCX4\">have high medical debt compared to 3.4% of households above the federal poverty level.<\/span> <span class=\"NormalTextRun SCXW130378485 BCX4\">The<\/span><span class=\"NormalTextRun SCXW130378485 BCX4\"> table below shows the <\/span><span class=\"NormalTextRun SCXW130378485 BCX4\">estimated benefit for the remaining income levels.\u00a0<\/span><\/span><span class=\"EOP SCXW130378485 BCX4\">\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-32169 size-large aligncenter\" src=\"https:\/\/wifamily.news\/wp-content\/uploads\/2023\/11\/Screenshot-2023-10-31-at-12.06.40-PM-1024x532-1.png\" alt=\"\" width=\"1024\" height=\"532\" \/><\/p>\n<p><span data-contrast=\"auto\">The Trump Administration introduced federal price transparency rules in 2019 that require hospitals to post the prices of 300 shoppable services in a consumer-friendly format and the standard charges of all items and services in a machine-readable file. The Biden administration continued this rule and strengthened non-compliance penalties in 2022. However, <\/span><a href=\"https:\/\/www.patientrightsadvocate.org\/july-semi-annual-compliance-report-2023\"><span data-contrast=\"none\">only 36% of hospitals<\/span><\/a><span data-contrast=\"auto\"> nationwide, and 49% in Wisconsin, are complying. <\/span><span>\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">We know that price transparency works. New Hampshire was a pioneer in providing pricing information to consumers, with a website that predates the federal rules and offers estimates on over 120 procedures. A <\/span><a href=\"https:\/\/www-personal.umich.edu\/~zachb\/zbrown_eqm_effects_price_transparency.pdf\"><span data-contrast=\"none\">2019 study<\/span><\/a><span data-contrast=\"auto\"> by the University of Michigan and National Bureau of Economic Research found that patients saved $7.9 million, and insurers saved $36 million, in the first year of implementation. A <\/span><a href=\"https:\/\/will-law.org\/wp-content\/uploads\/2021\/01\/2019-08-09-health_transparency_brief_final-ii.pdf\"><span data-contrast=\"none\">2019 study by WILL<\/span><\/a><span data-contrast=\"auto\"> compared each state\u2019s level of healthcare transparency with measures of healthcare affordability. The study found that greater transparency had a statistically significant effect on lowering healthcare costs. This study further confirms the benefits we should expect from full implementation of federal and state rules.\u00a0<\/span><span>\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">In Wisconsin, <\/span><a href=\"https:\/\/docs.legis.wisconsin.gov\/2023\/related\/proposals\/sb328\"><span data-contrast=\"none\">Senate Bill 328<\/span><\/a><span data-contrast=\"auto\"> would codify the federal price transparency rule in Wisconsin and authorize the state\u2019s Department of Health Services to enforce it. This bill mirrors the federal rule, so hospitals in compliance with the federal rule would also comply with the state law. Today, there are about 33 states that have implemented some kind of price transparency law, many of which were passed by bipartisan coalitions. While price transparency is not a silver bullet to fixing our healthcare system, we know that it works and can bring significant cost-savings for patients. This is an important first step towards stalling, and possibly reversing, the rising costs of healthcare and the recent data shows that Wisconsin would be poised to benefit greatly from such a move.<\/span><span>\u00a0<\/span><\/p>\n<\/div><\/div>\n<\/p><\/div>\n<div class=\"et_pb_column et_pb_column_1_4 et_pb_column_1  et_pb_css_mix_blend_mode_passthrough et-last-child\">\n<div class=\"et_pb_module et_pb_team_member et_pb_team_member_0 clearfix  et_pb_text_align_left et_pb_bg_layout_light\">\n<div class=\"et_pb_team_member_image et-waypoint et_pb_animation_off\"><img loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"980\" src=\"https:\/\/wifamily.news\/wp-content\/uploads\/2023\/02\/Miranda-Spindt.jpg\" alt=\"Miranda Spindt\" class=\"wp-image-21572\" \/><\/div>\n<div class=\"et_pb_team_member_description\">\n<h4 class=\"et_pb_module_header\">Miranda Spindt<\/h4>\n<p class=\"et_pb_member_position\">Policy Associate<\/p>\n<div>\n<p>Miranda@will-law.org<\/p>\n<\/div><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>The post <a href=\"https:\/\/will-law.org\/wi-patients-stand-to-benefit-most-from-healthcare-price-transparency\/\">WI Patients Stand to Benefit Most from Healthcare Price Transparency<\/a> appeared first on <a href=\"https:\/\/will-law.org\">Wisconsin Institute for Law &amp; Liberty<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This post originally appeared at https:\/\/will-law.org\/wi-patients-stand-to-benefit-most-from-healthcare-price-transparency\/ By Miranda Spindt Healthcare costs have continued to rise&#8230;<\/p>\n","protected":false},"author":12,"featured_media":6810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-6808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-will"],"_links":{"self":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/6808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6808"}],"version-history":[{"count":3,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/6808\/revisions"}],"predecessor-version":[{"id":6813,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/6808\/revisions\/6813"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/media\/6810"}],"wp:attachment":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}