Colorado has launched a new price transparency website dedicated to helping individuals find information about the cost of care at hospitals and by payer.
This new service will show all available prices at every hospital in the state and the total negotiated service price with individual payers. The final amount charged will depend on individual insurance plans and coverage, according to an Oct. 22 news release.
Hospitals nationwide have been required to make their prices for services publicly available since January 2021. Since July 2022, payers have been required to disclose in-network provider rates for covered items and services; out-of-network allowed amounts and billed charges for all covered items and services; and negotiated rates and historical net prices for covered prescription drugs administered by providers. Since 2024, payers have been required to provide an internet-based price comparison tool that allows members to receive an estimate of their cost-sharing responsibility for a specific item or service from a specific provider or providers for all items and services.
Other states such as Indiana have also recently launched websites for medical cost comparisons.