RFK Jr. Makes Major Transparency Announcement on Healthcare Costs [WATCH]

Robert F. Kennedy Jr. discussed a new policy aimed at requiring hospitals, doctors, and insurance companies to publicly disclose healthcare prices, arguing the change will give patients the ability to compare costs and potentially drive down overall healthcare expenses.

Kennedy described the policy as a shift toward transparency that mirrors pricing practices found in other industries, where consumers can see costs before making purchasing decisions.

“The insurance companies are now going to tell us what they the hospitals and doctors are going to have to tell you, before you go in there, exactly what their price schedule is.”

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Kennedy explained that the goal is to eliminate a long-standing practice in healthcare where patients often do not know the cost of a service until after treatment has already occurred.

“Oh, you know, if you go to a restaurant, the prices are all on the menu, and you can make a choice.”

He said that in most consumer transactions, price information is provided up front, allowing buyers to decide whether they want to proceed.

“If you buy a car, and the guy said to you, you have to buy the car, and then I’m going to tell you the price afterward, you would feel very uncomfortable with that.”

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Kennedy argued that the healthcare industry has historically operated under a system where pricing is often hidden from patients until after services are delivered.

“But that’s what happens in medicine.”

According to Kennedy, the new policy will require providers across the country to publish pricing information so patients can compare services.

“And so now we’re requiring all providers in this country to post their prices publicly.”

He said that the new system will allow patients to search for services such as diagnostic scans and compare prices among providers in their area.

“If you want an MRI and you wanted to shop around and find all the MRI, the concierge companies, the hospitals, etc, around you at the cheapest MRI, you would not be able to do that.”

Kennedy said the policy will change that by making cost information available to the public before treatment.

“And now you’re going to be able to do it.”

He added that patients will gain the ability to shop around for medical services much like they do in other industries.

“You’re going to be able to shop around.”

Kennedy said he believes increased competition created by price transparency could lead to lower healthcare costs.

“That’s going to drive down prices.”

The policy also requires insurance companies to disclose the reimbursement rates they pay to healthcare providers.

Kennedy said that information will give large employers and organizations additional insight into how insurers structure their pricing.

“We’re also forcing the insurance industries to pay to host what they compensate the providers.”

According to Kennedy, this information could influence negotiations between insurers and the companies that purchase health coverage for employees.

“And that is going to drive down drug prices too, or health care prices.”

He said the increased transparency will allow companies that rely on insurance providers to better understand the economics behind healthcare costs.

“Because it’s going to allow large companies that those insurance companies rely on to shop and to understand exactly what the economics for that insurance company is.”

Kennedy added that the goal is to encourage stronger negotiations between insurers and healthcare providers.

“And then to bargain smarter with them.”

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Supporters of healthcare price transparency have argued that providing clear and accessible pricing information can create competition between providers and insurers.

Under the approach described by Kennedy, both healthcare providers and insurance companies would be required to disclose pricing details that historically have not been easily available to patients or employers.

Kennedy’s comments focused on how the policy could allow consumers and companies to better evaluate healthcare costs before receiving treatment, which he said could influence pricing across the healthcare system.

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