Florida law incentivizes patients to shop for lower prices

Florida Gov. Ron DeSantis has signed a law that allows health insurers to offer incentives to state residents who compare pricing and find lower costs for certain non-emergency healthcare services.

The governor signed the Patient Savings Act on June 12.

Under the law,  health insurers may voluntarily establish a shared savings incentive program for healthcare services offered on Florida's transparency website, according to The Center Square. The program is meant to encourage patients to compare pricing, but it is also seen by state officials as a way for patients and providers to potentially save money.

"In Florida, we are committed to finding innovative ways to keep healthcare costs low and provide Florida families with the tools they need to take control of their medical expenses," said Mr. DeSantis in a news release. "With the signing of this legislation, we are empowering patients in Florida."

The Patient Savings Act, sponsored by state Rep. Paul Renner, R-Palm Coast, will allow patients to compare healthcare prices offered by participating healthcare providers via the state's transparency website and  present insurers with what they view as the best-value option, according to The Center Square.

Insurers participating in the program must develop a website showing the "shoppable" healthcare services available to clients and provide information on participating healthcare providers and incentives available for each "shoppable" service. The patient and insurer will share any savings generated from the price shopping.

Read the full report here.


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