A new study, funded by the New York States Department of Financial Services, aimed at bringing price transparency to the state's market is sparking concern amongst hospitals and payers alike, according to a Capital New York report.
The study's main goal is to inject transparency into the contract process between private hospitals and private payers, according to the report. The financial department awarded a $450,000 no-bid contract to Gorman Actuarial, a consulting firm that led a similar study in Massachusetts. The study will create a price index for all hospitals included in the study.
Hospital and payer leaders expressed concern that the study is too narrow in focus, fails to take into account the complicated nature of contracts and reveals pricing information without context.