Galvin's article, "Get Ready: True Market Forces Will Soon Be Unleashed in Healthcare," makes it clear that the healthcare system will change dramatically—and for the better—in just a matter of months, when competition between providers based on quality and pricing begins, in earnest.
"The federal government's new Transparency in Coverage Rule based on provisions of the Affordable Care Act means that 212 million consumers will be given ready access to the prices of virtually every test and procedure so they can decide for themselves whether to spend, say, $800 or an MRI of the lower back or $6,000," Galvin wrote.
Galvin goes on to say that health care providers, insurers and employers have to prepare now since initial compliance with the Transparency in Coverage Rule and No Surprises Act begins on January 1, 2022. As of January 1, 2023, employers can be fined $100 per insured member per day for not arming those individuals with access to comprehensive, transparent, easily accessible competitive pricing options.
Galvin was himself instrumental in moving the federal government to focus on achieving healthcare transparency, in part by demonstrating what TALON's software solutions achieve. The federal rule, in fact, enumerates several features of TALON's MyMedicalShopper software (http://TALONhealthtech.com) as being required for entities to achieve compliance.
"It has been extremely gratifying to see the hard work and dedication of my team at TALON reflected in the particulars of the Transparency in Coverage Rule," Galvin said. "That puts us in a wonderful position to be able to help our clients achieve compliance."
TALON already provides its software to 5,500 employer groups located in 49 states. The software is an ideal compliance solution for Third Party Administrators, Administrative Services Only providers and insurance carriers.
Driven by two principles—Radical Transparency and Healthcare Consumerism—TALON was founded to repair America's profoundly dysfunctional health insurance market. Through its proprietary set of innovative tools and services, Talon introduces free market dynamics into the fractured healthcare marketplace, drastically reducing wasteful spending.