Making health care prices more transparent in Minnesota

Preview:

The state of Minnesota has a long history of enacting policies aimed at reducing the cost of health care. Yet, health care costs continue to rise faster than inflation in part because these policies often depend on government price setting and restrictions on supply, which limit competition.

In contrast, as this policy briefing lays out, price transparency gives patients the information they need to comparison shop and forces providers to compete for those patients over price. Importantly, more information on pricing will lead to more information on quality as better consumer tools emerge and providers feel stronger pressure to show their quality justifies their costs. Long-term, price transparency holds the best promise to finally gain control over the high and rising cost of health care.

A full copy of the policy briefing can be viewed here.