Many Americans are accustomed to shopping around for the best deal. We can access reams of information that help us make smarter decisions — except when it comes to health care services. For too long, we have been left in the dark when it comes to the cost of medical treatments and procedures. Without a true health care marketplace based on price transparency, Americans will continue to make uninformed decisions that result in spiraling costs for everyone.
That is changing, thanks to bipartisan efforts over the past decade. On July 1, new price transparency regulations took effect to lift the veil on a sector that accounts for nearly 20% of the U.S. economy.