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Illustration: Aïda Amer/Axios

The Trump administration argues its new price transparency rules will help patients shop for cheaper care and encourage insurers to make such shopping attractive.

Yes, but: Research shows most patients don't shop for care, even when tools exist to make it easier.

Driving the news: The administration proposed two price transparency regulations last week.

  • One finalized the requirement that hospitals disclose their negotiated prices.
  • The other proposed requiring insurers to do the same. It also would require insurers to make out-of-pocket spending information available to patients, which HHS says "would empower consumers to shop and compare costs between specific providers before receiving care."

The problem: Most patients haven't used cost-comparison tools when they've been made available in the past.

  • "It’s pretty difficult to get consumers to engage with price information and make decisions based on price information," said Sunita Desai, a professor at New York University.
  • These tools also don't lead to lower health spending, studies show.

The exception: Price transparency is more effective when paired with extra incentives to shop around — which the Trump administration addresses.

  • The proposed rule would allow insurers to count the savings generated by price shopping toward their medical loss ratio.
  • This could nudge plans to create new incentives for enrollees, although this is only one of the reasons why insurers may have limited incentives to get patients to price shop.

None of this matters much in places where providers have monopolies, as patients don't have any choice about where they get their care and thus can't shop around.

The bottom line: "The norms around how we get health care — how we use the internet to make health care-related decisions — [have] been changing," Desai said.

  • "It’s possible that having this information out there could over time start to change the way people make decisions.”

Go deeper

Pipeline hack spotlights cyber risks to energy systems

Illustration: Aïda Amer/Axios

The ransomware attack against the Colonial Pipeline — the massive East Coast gasoline artery — is a stunning real-world example of the increasing risks that the energy sector faces from a cyberattack.

Why it matters: Different parts of the vast American energy system are vulnerable — from pipelines to power grids to individual power plants and plenty in between.

1 hour ago - Technology

Scoop: TikTok launching jobs service for Gen Z

Illustration: Aïda Amer/Axios

TikTok is testing a tool for brands to recruit employees, sources tell Axios.

Details: The pilot program is designed to help people find jobs on TikTok and connect with companies looking to find candidates. It's also meant to help brands use TikTok as a recruitment channel.

Crypto media boom

Data: SimilarWeb; Chart: Axios Visuals

A slew of new crypto media companies have gained enormous traction over the past year, thanks to the digital currency craze taking over Wall Street.

Why it matters: “For the first time ever, crypto has become relevant to the global macro-economic conversation, and therefore, the investment conversation," says Jason Yanowitz, co-founder of Blockworks, a financial media brand catered to investors.