WASHINGTON (AP) President Donald Trump signed an executive order Monday that calls for upfront disclosure by hospitals of actual prices for common tests and procedures to help keep costs down.
The idea is to give patients practical information that they can use to save money. For example, if a hospital charges your insurer $3,500 for a type of echocardiogram and the same test costs $550 in a doctors office, you might go for the lower-price procedure to save on copays.
But insurers said the idea could backfire, prompting hospitals that now give deeper discounts to try to raise their own negotiated prices to match what high earners are getting. Hospitals were skeptical of the move.