Transparent PRICE Act

The Transparent PRICE Act (HR 2691) requires hospitals to publicly disclose detailed pricing information for at least 300 standard medical services in plain language and machine-readable format, including gross charges, negotiated rates with insurers, discounted cash prices, and other relevant pricing details. Health insurance plans must also provide transparent cost-sharing information through self-service tools showing in-network rates, deductibles, copayments, and other costs for covered services. Hospitals and insurers that fail to comply face civil monetary penalties, with fines ranging from $300 per day for small hospitals to up to $5 million annually for larger non-compliant facilities. The law aims to increase transparency in healthcare pricing for consumers, employers, and the public by requiring standardized disclosure and public reporting of compliance status.