The U.S. Senate Special Committee on Aging, led by Chairman Rick Scott, held a hearing focused on modernizing healthcare through price transparency and the expansion of shoppable services. The session, titled “Modernizing Healthcare: How Shoppable Services Improve Outcomes and Reduce Costs,” examined how giving patients access to price and quality information can promote competition, lower costs, and improve health outcomes.
The hearing comes after a recent report by Chairman Scott and the committee’s ranking member, which warned about the risks of heavy reliance on foreign-manufactured generic drugs. The report raised concerns about the impact of this dependence on national security and public health in the United States.
Chairman Scott welcomed several expert witnesses, including 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; and Dr. Don Moulds, chief health director at the California Public Employees’ Retirement System (CalPERS). These witnesses presented innovative models that challenge traditional healthcare delivery by offering greater value at lower prices.
The witnesses also discussed ongoing barriers to transparency, such as the lack of upfront pricing, and considered how removing these obstacles could empower patients and improve overall system efficiency.
“The hearing highlighted how shoppable services give patients more control over their healthcare decisions, allowing them to compare costs and quality among providers, and promote better transparency and accountability throughout the healthcare system,” according to the committee’s statement.
A full recording of Chairman Scott’s remarks is available for viewing online.
