“The Lower Costs, More Transparency Act empowers patients and will lower health care costs for millions of Americans.”
As prepared for delivery.
“The Lower Costs, More Transparency Act empowers patients and will lower health care costs for millions of Americans.
“This bipartisan bill has been a collaborative effort, and I thank my colleagues on the Energy & Commerce and Education & the Workforce Committees for their partnership.
“American families have struggled for far too long to afford the cost of their health care. What’s worse is they have been unable to anticipate those costs because our current system makes it nearly impossible to figure out the actual price for almost any type of treatment, medicine, drug, or procedure.
“The legislation before us ensures timely, accurate details about the cost of care, treatments, and services are available and accessible before a patient goes into the doctor’s office or hospital.
“Hospitals, insurance companies, labs, imaging providers, and others will now be required to publicly disclose their prices, creating incentives to lower prices across the board. This bill will increase access to care by combating health care consolidation that reduces options and drives up costs.
“It also takes an important step to address the soaring costs of prescription drugs by requiring health insurers and PBM middlemen to disclose negotiated drug rebates and discounts. It eases the financial burden on our seniors, widens access to more affordable generic drugs, and arms employers with vital drug price information.
“This bill makes important investments in training programs for new doctors to help address the health care workforce shortage. And it further invests in hospitals that serve high Medicaid populations.
“I urge my colleagues to support this bill to deliver a health care system that is more accessible and affordable for the American people.”