NABIP praises House leaders for advancing price transparency legislation

Washington, DC - Price transparency is critical to the future of health reform, and the Lower Costs, More Transparency Act (H.R. 5378) will provide patients with accurate and timely information about the cost of important healthcare procedures and services.  

The National Association of Benefits and Insurance Professionals (NABIP) applauds House Energy and Commerce Committee Chair Cathy McMorris Rodgers (R-WA), Ranking Member Frank Pallone Jr. (D-NJ), House Ways and Means Committee Chair Jason Smith (R-MO) and House Education and the Workforce Committee Chair Virginia Foxx (R-NC) for advancing critical price-transparency legislation. 

“NABIP believes that one of the most effective actions Congress can take to ensure a more transparent and competitive healthcare market is to enact site-neutral payment reform, and we believe this legislation provides a starting point for such reforms,” stated NABIP CEO Jessica Brooks-Woods. 

“Enacting site-neutral reforms to ensure Medicare beneficiaries do not pay vastly different prices for physician-administered drugs between hospital outpatient departments and physician offices is an important component of the bill. Since private payers often pay based on the Medicare rate of services, most employers would benefit immediately from this provision. 

“The hospital and pharmacy benefit manager (PBM) price-transparency provisions contained in this bill are vital to fostering a consumer-driven healthcare market. NABIP supports provisions that would ensure that hospital systems comply with transparency requirements. We also support the legislation’s goal of establishing fair and transparent PBM practices for the benefit of employers and consumers.  

“We look forward to working with members of Congress and the administration to enact these important legislative initiatives into law.”