When it comes to healthcare, the government typically has two options for incentivizing specific actions. They can either provide a carrot, or a stick. In the case of price transparency, the government went with the stick approach, with a penalty of $300 a day for noncompliant hospitals beginning as of 01/01/2021. However, they will be bringing out a bigger stick shortly, with an increase in penalties slated for 2022.
Since 2015 there have been several attempts by CMS to advance Healthcare Price Transparency. As a bipartisan issue by all administrations, CMS has launched multistage processes trying to address this sore and complex topic.