84% of Hospitals have published rates, and 95% of commercially insured lives are now represented by payer data
Turquoise Health, the price transparency platform for data, compliance, and contracting, announces today the release of 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
About Turquoise Health:
Turquoise Health is the industry’s leading price transparency platform. Through data, compliance, and contracting, Turquoise is making healthcare prices astonishingly simple for patients, providers, payers, and employers. Turquoise’s analysis is frequently featured in major media outlets such as WSJ, NYT, and Axios. Learn more at turquoise.health.
The Editorial Team at Healthcare Business Today is made up of skilled healthcare writers and experts, led by our managing editor, Daniel Casciato, who has over 25 years of experience in healthcare writing. Since 1998, we have produced compelling and informative content for numerous publications, establishing ourselves as a trusted resource for health and wellness information. We offer readers access to fresh health, medicine, science, and technology developments and the latest in patient news, emphasizing how these developments affect our lives.