Colorado March 2019
Colorado’s Hospital Transparency Law
On March 28, 2019, Governor Jared Polis signed into law House Bill 1001. This law will require hospitals to submit reports on what they charge patients and where that money ultimately ends up. This new law aims to identify which hospitals are operating at maximum productivity with minimal wasteful expenses.
Colorado residents pay some of the highest insurance premiums in the country. Hospitals in Colorado have drastically raised prices over the last decade. Additionally, Colorado hospitals report some of the highest earnings for hospitals in the country. As a result of this data, Colorado lawmakers are prioritizing to tackle increasing hospital costs.
Although the reports will be made available to the public, their publicity is not meant to assist consumers in identifying price transparency. The availability of the reports is not for purposes of helping consumers shop for the lowest hospital rates. Instead, the information is being made available to the public to hold hospitals accountable for wasteful spending. Lawmakers hope that the publicity of the reports will give hospitals a push to become more efficient and productive with their spending.