Pasco Reporter

The Lower Costs, More Transparency Act, a comprehensive healthcare package aimed at reducing healthcare costs and increasing price transparency for patients, has been passed by the House this week. The package, which consists of 17 bipartisan proposals, will also ensure the continuity of critical components of the nation's healthcare system. It is projected to reduce the federal deficit by over $700 million, according to the Congressional Budget Office.

Among the provisions included in the package are two measures co-authored by Congressman Bilirakis. The first is the Special Diabetes Program Reauthorization Act of 2023, which aims to continue funding a key federal diabetes research program set to expire in January. By extending the program for an additional two years, it will enable scientists to continue their efforts in finding new ways to treat, prevent, and ultimately cure the disease. If approved, the legislation will provide the program with increased funding of $170 million annually through September 30, 2026.

Congressman Bilirakis, who is the Co-Chair of the Congressional Diabetes Caucus, expressed his support for the legislation, stating, "We've seen that research holds the promise for the development of better treatments and a potential cure for this chronic illness. We must continue this essential investment to further advancements in this vital work."

The second measure co-authored by Congressman Bilirakis is the Providers and Payers COMPETE Act. This act requires an annual report on the impact of Medicare regulations, such as the Physician Fee Schedule, on healthcare consolidation. It also includes an analysis of the effects of Center for Medicare and Medicaid Innovation demonstrations on healthcare consolidation, including provider and insurer consolidation. Congressman Bilirakis highlighted the importance of examining the threat that consolidation poses to patient choice and understanding the factors that discourage competition in the marketplace.

In addition to these Bilirakis provisions, the Lower Costs, More Transparency Act includes various pro-patient provisions that Congressman Bilirakis has supported throughout the legislative process. These provisions aim to lower costs for patients and employers by requiring health insurers and pharmacy benefit managers to disclose negotiated drug rebates and discounts, lower out-of-pocket costs for seniors receiving medication at hospital-owned outpatient facilities or doctor's offices, expand access to more affordable generic drugs, and equip employer health plans with drug price information to secure the best deals for their employees. The act also maintains pro-life protections to ensure taxpayer dollars are not used to fund abortions.

The passage of the Lower Costs, More Transparency Act in the House is a significant step towards addressing the pressing issue of healthcare costs and increasing transparency for patients. With bipartisan support and provisions authored by Congressman Bilirakis, this legislation holds the potential to make a positive impact on the healthcare landscape in the United States.

To learn more, click on this link: https://bilirakis.house.gov/media/press-releases/two-bilirakis-bills-pass-house-part-lower-costs-more-transparency-act