President Donald Trump is expected to sign an executive order next week that would require the healthcare industry to disclose prices, according to a Wall Street Journal report.
The order would use government health agencies to force healthcare companies to disclose prices, part of the administration’s broader effort for transparency. The order cold also begin to break up regional hospital and health-insurance monopolies, due to concerns that they drive up healthcare costs.
The administration has been working for months on a strategy to help patients know their healthcare costs up front, the Journal reported this month.
The Trump administration this month also finalized another aspect of its strategy to make healthcare prices more transparent when the Department of Health and Human Services authorized a rule requiring drug companies to put list prices in TV ads.
One of the tenets of Trump’s drug price blueprint, released last year, was that price transparency leads to lower price tags. If patients know what their drugs and health procedures cost, they are able to make better decisions about their care. However, critics say that patients may be confused by the high prices of care, when insurance often covers much of the cost.