PatientRightsAdvocate.org, a national healthcare transparency advocacy organization focused on expanding access to upfront pricing information across the U.S. healthcare system, launched a free hospital drug price comparison tool that it said aimed to help consumers identify discrepancies and avoid overcharges.
The tool allows users to compare prescription drug prices across hospitals, regions, health plans and cash prices, according to a March 5 news release. It is based on a report from 3 Axis Advisors, which analyzed over 1,300 hospital chargemaster files for prescription drug pricing patterns. The report found an average maximum-to-minimum negotiated price ratio of 2,347 to 1, with some hospitals charging as much as 4 times a drug’s list price. For example, the report found negotiated prices for Tysabri 300 mg ranged from $6,500 to $27,000 across hospitals.
Cynthia Fisher, PatientRightsAdvocate.org founder and chair, said the tool is designed to equip patients with upfront pricing data and improve transparency in hospital billing.
3 Axis Advisors leaders said the findings reveal “systemic chaos” in hospital drug pricing that goes beyond manufacturer list prices and makes costs unpredictable for both payers and patients.
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