Chairman Smith of the Energy & Commerce Committee delivered a speech on the House floor today, urging his colleagues to support the Lower Costs, More Transparency Act. The bill, according to Smith, "empowers patients and will lower health care costs for millions of Americans."
Smith emphasized the bipartisan nature of the bill, thanking his colleagues on the Energy & Commerce and Education & the Workforce Committees for their collaboration. He acknowledged the struggles that American families face in affording the cost of their health care, stating that the current system makes it difficult to anticipate and understand the actual prices of treatments, medicines, drugs, and procedures.
The legislation aims to address this issue by ensuring that timely and accurate details about the cost of care, treatments, and services are available to patients before they visit the doctor's office or hospital. It will require hospitals, insurance companies, labs, imaging providers, and others to publicly disclose their prices, which will create incentives for lower prices across the board. Smith believes that this will increase access to care and combat health care consolidation that reduces options and drives up costs.
In addition to promoting transparency in pricing, the bill also tackles the soaring costs of prescription drugs. It will mandate health insurers and pharmacy benefit managers (PBMs) to disclose negotiated drug rebates and discounts. Smith believes that this provision will ease the financial burden on seniors, widen access to more affordable generic drugs, and provide vital drug price information to employers.
The Lower Costs, More Transparency Act also includes provisions to address the shortage of healthcare professionals. It invests in training programs for new doctors and provides additional funding for hospitals that serve high Medicaid populations.
In concluding his remarks, Chairman Smith urged his colleagues to support the bill, emphasizing that it will deliver a more accessible and affordable health care system for the American people.
To learn more, click on this link: https://waysandmeans.house.gov/chairman-smith-floor-remarks-house-passage-of-lower-costs-more-transparency-act/
