The bill aims to enhance consumer affordability in healthcare by establishing a health care cost transparency board and amending existing laws related to health care data and advisory committees. Key provisions include the formation of a health care stakeholder advisory committee that will represent a diverse range of interests, including consumers, labor, and employers, alongside existing committees focused on data issues. The board is tasked with analyzing health care expenditures, establishing cost growth benchmarks, and conducting biennial surveys to assess underinsurance and insurance trends among Washington residents.

Additionally, the bill mandates that the board hold annual public hearings to discuss health care expenditure growth in relation to established benchmarks, allowing for public input and testimony from various stakeholders. It also allows for the sharing of information between the health care cost transparency board and other relevant entities, ensuring a comprehensive approach to monitoring and managing health care costs. The bill emphasizes the importance of transparency and accountability in health care spending, aiming to provide better insights into cost drivers and improve overall affordability for consumers.

Statutes affected:
Original Bill: 70.390.020, 70.390.040, 70.390.050, 70.390.070, 43.71.130, 70.405.030
Substitute Bill: 70.390.020, 70.390.040, 70.390.050, 70.390.070, 43.71C.030, 70.405.030
Engrossed Substitute: 70.390.020, 70.390.040, 70.390.050, 70.390.070, 70.405.030
Second Engrossed Substitute: 70.390.040, 70.390.050, 70.390.070, 70.405.030
Bill as Passed Legislature: 70.390.040, 70.390.050, 70.390.070, 70.405.030
Session Law: 70.390.040, 70.390.050, 70.390.070, 70.405.030