A Johns Hopkins University study reveals that 48% of the federal budget, amounting to $2.2 billion, is allocated to health care. This sector, ripe for disruption, sees one-fourth of its spending lost to waste, overcharges, and fraud, according to a report in JAMA. In 2023, national health-care spending reached $4.9 trillion, or $14,750 per person, as reported by the Centers for Medicare and Medicaid Services.President Trump’s 2019 Executive Order aimed to introduce health-care price transparency through three laws: the Hospital Price Transparency Rule, the Transparency in Coverage Rule, and the Consolidated Appropriations Act. However, enforcement has been lax, with only 21% of hospitals complying, and just 15 out of over 4,000 non-compliant hospitals fined.If enforced, these transparency rules could save the economy over $1 trillion annually by exposing hidden prices, reducing costs, and empowering consumers. Transparency would also reveal price variations within hospitals, potentially up to 10 times for the same service. This could lead to better health outcomes as patients would be more likely to seek preventive care, reducing chronic illness. Moreover, 92% of American voters support these transparency measures, indicating strong public backing for policy change.
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