On Wednesday, October 22, the Senate Special Committee on Aging will hold a hearing to examine how price transparency and competition in healthcare can help lower costs for consumers. The session, titled “Modernizing Healthcare: How Shoppable Services Improve Outcomes and Reduce Costs,” will be led by Committee Chairman Rick Scott and Ranking Member Kirsten Gillibrand.
The hearing aims to highlight the potential benefits of increased price transparency and the availability of shoppable healthcare services. According to the committee, these measures could empower patients, increase competition among providers, and reduce overall healthcare expenses. Witnesses are expected to discuss innovative models that offer better value at lower prices, as well as address barriers to transparency such as the lack of upfront pricing information.
Chairman Rick Scott stated, “Modernizing healthcare by making prices transparent and services shoppable is essential to improving outcomes and reducing costs for Americans.” Ranking Member Kirsten Gillibrand added, “Empowering patients with information is a critical step toward a more efficient and affordable healthcare system.”
Witnesses scheduled to testify include Mark Cuban, co-founder of Mark Cuban Cost Plus Drugs Company; Dr. G. Keith Smith, co-founder of the Surgery Center of Oklahoma and the Free Market Medical Association; Don Moulds, Ph.D., Chief Health Director at CalPERS; and Jeanne Lambrew, Ph.D., Director of Health Care Reform and Senior Fellow at The Century Foundation.
The hearing will take place at 3:30 p.m. in the Hart Senate Office Building, room SH-216. A live stream will be available online.
