This bill, HB 743-FN, aims to enhance transparency in healthcare pricing by mandating that health care entities provide patients with a good faith estimate of costs for services prior to their delivery. Key provisions include the establishment of Chapter 358-U, which outlines definitions related to health care pricing and the requirements for providing these estimates to both uninsured and insured patients. Health care entities must inform patients about the availability of price estimates for frequently provided services and post notices regarding patients' rights to request this information. Additionally, health insurance carriers are required to provide an advanced explanation of benefits within three business days of receiving a good faith estimate. The bill also prohibits collection actions against uninsured or self-pay patients if a health care entity fails to provide the required estimate.

The legislation introduces new legal language that requires compliance with federal price transparency regulations and empowers the Department of Health and Human Services to establish rules for standardized data disclosure, including penalties for noncompliance. Specifically, it includes the insertion of sections that mandate hospitals to adhere to federal price transparency requirements and to disclose pricing data in a standardized format. The bill does not allocate funding, and its fiscal impact remains indeterminable, as it may influence state revenue through insurance premium taxes and could affect operational costs for healthcare providers. Overall, the bill seeks to improve patient access to healthcare pricing information and promote fair billing practices.