Prices for healthcare services vary widely and have not previously been publicly available. Consequently, patients have not had the opportunity to compare prices across hospitals and shop for lower-price care. Hospital price transparency, now required by federal regulations, is intended to allow patients access to the cost of hospital charges before receiving services. Noncompliance with the regulations is a risk that merits internal audit attention.
In their Fall 2021 New Perspectives publication, The Association of Healthcare Internal Auditors (AHIA) featured Baker Tilly’s article that covers the risks of noncompliance with the Center for Medicare and Medicaid Services (CMS) price transparency rules, and how an internal audit plan can help organizations determine compliance.