Medliminal CEO James Napoli today submitted comments to Senators Bill Cassidy (R-LA), Michael Bennet (D-CO), Chuck Grassley (R-IA), Tom Carper (D-DE), Todd Young (R-IN) and Claire McCaskill (D-MO) as they develop legislation to improve health care price transparency and ultimately lower costs. The senators last month announced the formation of a bipartisan working group to study health care pricing issues, and reached out to stakeholders requesting information on price transparency to guide and inform a new legislative initiative. Medliminal offered its perspective as a leading health care solutions provider, specializing in medical cost containment through its advanced Robotic Process Automation (RPA), which is, designed to reduce health care costs to all payers on a national level.
“Our claims review processes have revealed that more than 90 percent of hospital bills have at least minor mistakes,” Napoli wrote. “Taken together, these mistakes are costing the country roughly $68 billion annually in unnecessary health care spending by patients.” According to data from the Center for Medicare and Medicaid Services (CMS), Americans spent $3.4 trillion on health care in 2016, almost 18 percent of the entire U.S. economy. This works out to $10,348 for every man, woman and child. Employers are absorbing these
costs, but increasingly, consumers are bearing a larger share of the costs as well. Out-of- pocket spending for health care is rising rapidly, with a 41 percent increase from 2010 to 2014. In 2016 alone, out-of-pocket spending reached $352.5 billion. Americans are being asked to shoulder more of these costs, yet health care pricing remains murky for many consumers. “Price transparency efforts will require the commitment and active participation from stakeholders all across the healthcare spectrum,” Napoli wrote. “Medliminal strongly supports the Senate price transparency initiative, and welcomes the opportunity to be part of the discussions to identify solutions.”
A copy of the letter can be found here.