Dozens of economists call for Senate to pass healthcare price transparency bill

Dozens of economists on Thursday sent a letter to the Senate, urging lawmakers to pass Kansas GOP Sen. Roger Marshall's Patients Deserve Price Tags Act, which would provide patients with more transparency regarding medical costs.

Marshall introduced the Senate bill last week, which seeks to amend the Public Health Service Act to require public hospitals and medical centers to release negotiated rates, costs, and cash prices for services provided at their location.

Republican Sens. Chuck Grassley and Joni Ernst of Iowa; and Tim Sheehy of Montana have already cosponsored the bill. 

"As professional economists, we are united in our belief that real price transparency is urgently required to reverse the nation's runaway healthcare costs that place a tremendous financial burden on patients, employers, workers, and the national economy," the 40 economists wrote in the letter. 

"Patients and employers need upfront prices to avoid overcharges, spot wide price variations – such as $300 to $3,000 MRIs and $1,200 to $12,000 colonoscopies -- and choose affordable care," they continued. "This real price information can
empower consumers to reduce the skyrocketing cost of care and coverage through choice and competition."

The economists claimed the bill will require hospitals and medical centers to provide "Advanced Explanations of Benefits" that includes a detailed itemized bill for upcoming services that will "finally [give] patients the financial peace of mind of knowing exactly how much they will owe out of pocket beforehand."

The letter comes after President Donald Trump signed an executive order in February that requires better transparency in healthcare prices, but Marshall's legislation would codify the order.

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.