Washington, D.C. - The House of Representatives has passed the Lower Costs, More Transparency Act, a landmark bipartisan legislation aimed at lowering the cost of health care and increasing price transparency for patients. The bill, led by House Ways and Means Committee Chair Jason Smith, House Energy and Commerce Committee Chair Cathy McMorris Rodgers, Ranking Member Frank Pallone, Jr., and House Education and the Workforce Committee Chair Virginia Foxx, seeks to empower patients and create incentives for lower prices in the health care market.
Chair Smith emphasized the importance of the new legislation, stating, "Millions of American families have struggled for far too long to afford the cost of their health care. What’s worse is they have been unable to anticipate those costs because our current system has left too many Americans at the mercy of nontransparent pricing on treatments, medicines, and procedures. By requiring nearly every corner of our health system to publicly disclose their prices, the Lower Costs, More Transparency Act will empower patients and create incentives to lower prices across the board."
Chair Rodgers echoed Chair Smith's sentiments, highlighting that the bill delivers on the commitment to lower health care costs and provide increased transparency for patients – something that 95 percent of Americans support. She emphasized that the bill enables Americans to save money on out-of-pocket expenses and seniors to save millions on medicines through important Medicare payment reforms.
Ranking Member Pallone highlighted the significance of the bill in addressing the challenges faced by patients in navigating and understanding the cost of health care procedures and prescription drugs. He stated, "The Lower Costs, More Transparency Act is all about empowering patients and their families. Every patient should be able to navigate the health care market with ease. This bill makes that vision a reality by building on the success of the Trump administration’s price transparency rules for plans and hospitals, making PBM activities more transparent, and ensuring employers have the information they need to make smart choices on behalf of their employees."
Chair Foxx emphasized the focus of the bill on empowering patients and their families, stating, "This bill is an enormous step forward to improving the American health care system." She praised the collaboration between the Committees on Ways and Means and Energy and Commerce in developing the legislation and highlighted its provisions to make the health care market more accessible for American families.
The Lower Costs, More Transparency Act aims to increase price transparency throughout the health care system for patients. It empowers patients and employers to make informed health care decisions by providing timely and accurate information about the cost of care, treatment, and services. The bill ensures that hospitals, insurance companies, labs, imaging providers, and ambulatory surgical centers publicly list the prices they charge patients, making health care price information public.
Furthermore, the bill requires health insurers and pharmacy benefit managers (PBMs) to disclose negotiated drug rebates and discounts, revealing the true costs of prescription drugs. This provision will lower costs for patients and employers. The bill also addresses the cost of prescription drugs by lowering out-of-pocket costs for seniors who receive medication at a hospital-owned outpatient facility and expanding access to more affordable generic drugs. It also equips employer health plans with the drug price information they need to secure the best deal possible for their employees.
Additionally, the Lower Costs, More Transparency Act supports community health centers, training programs for new doctors, and hospitals that take care of uninsured and low-income patients. The bill fully pays for expiring programs that strengthen the health care system, including funding for research to find better treatments and a cure for diabetes.
The bill contains portions of legislation sponsored by several members of Congress, addressing various aspects of health care pricing and transparency.
The Lower Costs, More Transparency Act has marked a significant step towards addressing the challenges faced by American families in affording health care and understanding the true costs of medical procedures and prescription drugs. With its focus on price transparency and empowering patients, the bill aims to bring about positive change in the American health care system.
To find out more, go to this link: https://waysandmeans.house.gov/ways-means-ec-ed-the-workforce-leaders-celebrate-passage-of-bipartisan-bill-to-lower-health-care-costs-and-increase-transparency/
