SAN DIEGO, CA, (October 18, 2022) — Turquoise Health published its first Price Transparency Impact Report today. The report, free to download on their website, outlines the healthcare industry’s progress to date on price transparency compliance and provides a roadmap for achieving industry-wide adoption.
“We expect the initial phase of price transparency adoption to take five years,” says Turquoise Health Co-Founder and CEO, Chris Severn. The clock started in January of 2021 when the first of three different rules and laws that dictate price transparency went into effect. “After seven quarters of transparency, progress is evident. 65% of hospitals have published robust negotiated rates. Additionally, 80 carriers have also published rates, representing the majority of covered lives in the United States,” says Severn.
The report delves deep into price transparency regulation, the necessary innovation already happening thanks to third-party organizations, and the various government actions needed for price transparency to fully integrate into the healthcare industry. Among the statistics mentioned, Turquoise cites 76% of hospitals have posted a machine-readable file (MRF), 65% have posted an MRF with negotiated rates, and 63% have posted an MRF with cash rates. Major health systems such as the Mayo Clinic, Advocate Aurora Health, and Prime Healthcare, have posted 5-star MRFs, the highest possible score, according to the Turquoise Health Price Transparency Scorecard. On the payer data side, eighty carriers have published rates. This includes BlueCross BlueShield, United, Cigna, Aetna, and Humana.