Price Transparency Isn’t Optional Anymore—Here’s How Hospitals Can Get Ahead

Product Highlight: True Price™

Price transparency is becoming more urgent. An executive order reinforcing hospital price transparency regulations issued by President Trump in February mandates the departments of Health and Human Services, Labor, and Treasury to implement and enforce price transparency requirements for hospitals and insurers within 90 days. The order requires hospitals and insurers to provide actual, standardized and easily comparable prices—not just estimates.

While this new executive order strengthens enforcement, the desire for price transparency isn’t new. The original regulations introduced in 2019 required hospitals to publish standard charges, including payer-specific negotiated rates, in both machine readable and consumer-friendly formats. As of November 2024, compliance remained low, with only 21.1% of hospitals in full compliance with the regulations, according to a report by the Patient Rights Advocate group.

True Price™ from RevSpring

RevSpring launched a consumer-friendly price shopping tool in 2021, which exceeds the initial regulatory requirements. With the new executive order requiring more accurate and accessible pricing, True Price still leads the way.

Unlike static pricing lists that keep patients guessing, True Price is an interactive tool that can be launched directly from a hospital’s website, allowing patients to enter CPT codes and specific insurance details. True Price uses the hospital’s contracting data to create accurate, personalized estimates of patient financial responsibility—aligning seamlessly with the regulations introduced in February.

With heightened enforcement and potential penalties for noncompliance, hospitals need a solution that ensures compliance with evolving regulations. True Price is available as:

a standalone product.
part of True Access™, RevSpring’s comprehensive patient access platform.
part of Engage IQ™, RevSpring’s end-to-end patient financial engagement platform.

Complying with regulatory requirements is critical, but so is meeting patient expectations. Patients are 64% more likely to pay on time after receiving an advance estimate, which is also good news for the bottom line.

For hospitals looking to achieve full compliance while improving patient financial engagement, True Price isn’t just a solution, it’s a strategic advantage.

Request a demo of RevSpring’s comprehensive patient access solution HERE.