Price transparency is the right to know what things cost before you buy. Consumers demand price transparency in every other area of the economy.
Imagine, for instance, if the prices for products on Amazon suddenly disappeared. Consumers would be apoplectic. But in health care opacity is the norm. The Trump administration wants to change that.
In June, President Trump issued an executive order requiring hospitals to post actual prices. The president said, “To make fully informed decisions about their health care, patients must know the price and quality of a good or service in advance.”
Dr. Tom Coburn is the Nick Ohnell Fellow at the Manhattan Institute and a former two-term U.S. Senator from Oklahoma.
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