Washington, D.C. – U.S. Senators Michael Bennet (D-CO) and Bill Cassidy, M.D. (R-LA) today introduced the Know the Price Act, bipartisan legislation to end the use of gag clauses in contracts between health care providers and insurers that are used to restrict a patient’s access to price information.
Currently, some health care providers use clauses within contracts to restrict or prevent insurance plans from making the price of health procedures available to patients. This anti-competitive practice can lead to patients spending more on their health care.
“Increasing transparency is one of the most important steps we can take to fix our health care system. Patients should be guaranteed the option to access cost and quality data for their health care services and providers,” Bennet said. “Hospitals in Colorado have taken a lead in increasing transparency for their patients, and our bill will build on their momentum by helping ensure that contracts between plans and providers do not prevent patients from accessing necessary tools to make informed health care decisions.”
“Patients should have the power to know the price of a procedure before they receive it,” Dr. Cassidy said. “Getting rid of gag clauses and introducing price transparency is essential to lower the cost of health care.”
The bill text is available HERE.