84% of Hospitals have published rates, and 95% of commercially insured lives are now represented by payer data
Turquoise Health, the healthcare price transparency platform for data, compliance, and contracting, has released its 2023 Price Transparency Impact Report. The report analyzes data reported by payers and hospitals and features a payer data assessment by region and service code. Turquoise examines the effects of legislation, the next steps needed to achieve industry-wide adoption and usefulness, and optimizing the patient experience.
This impact report follows the congressional testimony of Turquoise Health Co-Founder and CEO Chris Severn at the March 28th hearing “Lowering Unaffordable Costs: Examining Transparency and Competition in Healthcare.”
“Price transparency has passed a major inflection point, and it’s important for the public, government and industry to recognize progress in order to invest in the opportunities at hand,” said Severn. “This report both highlights advancements in the usability of price transparency data and underscores the need for the government to evolve technical requirements and enforce compliance.”
The report examines the progress achieved since Turquoise Health’s first Impact Report was released in October of 2022 and identifies actionable steps for healthcare organizations to move toward a more price-transparent future.
The report also releases provisional transparency scores for all payer machine-readable files based on completeness, file size, and parsability.
Among the statistics disclosed in the report, Turquoise cites 183 payers publishing data as of March 2023 compared to just 68 payers in July 2022. The payer data now represents over 95% of commercially insured lives in the United States. Turquoise also notes over 84% of hospitals have posted pricing data as of Q1 in 2023, compared to just 65% in Q4 of 2022.
For more information and to view the entire report, visit: https://turquoise.health/impact_reports