As the Free Market Healthcare movement grows and physicians, businesses, and policymakers around the country take notice, one legislative body is already taking action: The State of Maine’s Committee on Insurance and Financial Services. A bill was introduced this year by a group of Representatives designed to help patients determine healthcare costs ahead of a procedure or service. That would be a far cry from the typical current hospital experience.
“An Act To Encourage Health Insurance Consumers To Comparison Shop for Health Care Procedures and Treatment” would promote healthcare transparency in Maine which would undoubtedly lead to more competition and inevitably lower costs:
“The bill requires health insurance carriers to establish a toll-free telephone number 16 and publicly accessible website to provide information to enrollees about health care costs.”
A required online accessible tool that furnishes prices for patients would completely disrupt healthcare costs. This bill takes market disruption one step further. The bill also “requires a carrier to pay an enrollee 50% of the saved cost to a maximum of $7,500 if an enrollee elects to receive health care services from a provider that cost less than the average cost for a particular admission, procedure or service.” In this case, there would be great incentive for providers to stay competitive.