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Beyond the Bottom Line: Episode 1 – Rapid Response

Beyond the Bottom Line: Episode 1 – Rapid Response

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 President Trump Reintroduces Price Transparency with New Executive Order With Kevin Chmura, CEO of Panacea Healthcare Solutions In the first ever episode of Beyond the Bottom Line, we take a look at a new Executive Order from President Trump, Fulfilling the Promise of Radical Transparency, signed February 25th, 2025. Kevin Chmura, CEO of Panacea Healthcare Solutions and our host, is joined by Govi Goyal, President of Panacea’s Financial Services Division, to discuss this new enforcement to Hospital Price Transparency regulations. Listen in as they break down what is new in this Executive Order, what enforcement measures are now in place, and what steps healthcare organizations should take to ensure compliance. In addition, hear what Govi Goyal predicts for the future of Price Transparency. https://www.panaceainc.com/wp-content/uploads/2025/02/Beyond-the-Bottom-Line_Episode-1.mp3 Episode transcript available below. Kevin: Welcome to the inaugural episode of Panacea’s new podcast Beyond the Bottom Line. Let’s talk healthcare, finance, revenue cycle and compliance. I’m your host, Kevin Chmura, CEO of Panacea Healthcare Solutions. Whether you’re a healthcare executive, a financial professional, or simply curious about how these essential pieces of the healthcare puzzle fit together, you’re in the right place. Our goal is simple to give you actionable insights and expert perspectives that can help you optimize your operations and drive strategic growth. In this episode, I’m joined by Govi Goyal, Panacea’s President of our Financial Services Division. Financial Services Division at Panacea handles our strategic pricing and Price Transparency products and services. Govi is a nationally recognized expert on Price Transparency topics, having really been a leader since the first regulations were released by CMS. And we are providing a little bit of rapid reaction to a new executive order that was signed by the President yesterday and want to just give some initial feedback, some observations, some client interactions that we’re having, and just catch everybody up on what’s going on in as close to real time as we can. So first, let me welcome Govi to the show. Welcome, Govi. Govi: Hi Kevin. Kevin: Good to talk to you as always. So as I mentioned, we have a new executive order signed by President Trump. It was less than 24 hours ago as we record this right now. Interesting, and but probably not surprising to those of us that have been immersed in this, I’m sure not a surprise to you Govi, in the first Trump administration, the president and his team showed a real commitment to Price Transparency. Really believing it was a way to help lower healthcare costs for individuals and employers to buy insurance. Many people will likely recall that it was President Trump that signed the No Surprises Act in 2020, which gave way to Good Faith Estimates as another element of Price Transparency. He always showed a strong commitment to Machine Readable Files and to consumer displays for comparative shopping. So it probably shouldn’t be a surprise to any of us that within a month of taking office or so, he has signed an executive order, really doubling down on some of the work he did in his first administration. I’m just going to for the audience’s benefit, in case you haven’t seen this yet, you’re hearing this for the first time. I’m going to just read one section of this. Just bear with me. It’ll only take a second. And then I’m just going to ask Govi for his reaction to it. So Section 3 of the executive order, signed on February 25th, 2025, is entitled Fulfilling the Promise of Radical Transparency. I love the adjective in there, radical transparency, and it states this: the Secretary of the Treasury, the Secretary of Labor and the Secretary of Health and Human Services shall take all necessary and appropriate action to rapidly implement and enforce the healthcare Price Transparency regulations issued pursuant to Executive Order 13877, including within 90 days of the date of this order. Action to: A. Require the disclosure of actual prices of items and services, not estimates; B. Issued updated guidance or proposed regulatory action ensuring price information is standardized and easily comparable across hospitals and health plans, and; C. Issued guidance or proposed regulatory action updating enforcement policies designed to ensure compliance with the transparent reporting of complete, accurate and meaningful data. That’s the meat of the EO. The preamble before that, what’s after that is generally general provisions and I have my own thoughts on it, but they will pale in terms of their importance to yours Govi. So Govi just it’s as new. We’re seeing it for the first time. Just curious if you could give me your initial reaction to what we’re seeing here. Govi: Yeah, absolutely. So, you know, for a brief moment, the spotlight is taken off DOGE and away from all these ...
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