• Machine-Readable File (MRF) Template: Hospitals must use a CMS-provided template for their standard charge information in a more prescriptive format, available in CSV format or JSON schema. This change is mandatory starting July 1, 2024.
• Expanded Data Elements: Hospitals must include detailed information such as their name, license number, location, inpatient facilities, stand-alone emergency departments, the file version (CSV or JSON), and the last updated date in the MRF.
• Footer and Accessibility: Hospitals are required to place direct links to the MRF in a .txt file within the website's root folder and add a footer on the hospital's homepage, starting from January 1, 2024, to improve accessibility and allow easier automated searches of MRFs.
• Affirmation Statement: Hospitals must provide a statement attesting that all standard charge information encoded in the MRF is accurate and complete as of the date in the file, which must be implemented by July 1, 2024.

• Enhanced Price Estimation Tools: Hospitals will need to provide more detailed data, including drug unit measurements and estimated allowed amounts if charges are based on a percentage or algorithm.
• Stricter Data Standardization: CMS will implement stricter guidelines to ensure comparability across hospitals and providers. Hospitals must include pertinent modifiers and measurement types for pharmaceuticals starting January 2025.

Staying compliant with these CMS mandates helps avoid penalties, which can range from $300 to $5,500 per day. It also builds patient trust and gives hospitals a competitive edge by providing transparent pricing.

PayerAnalytics can assist by offering automated data management, detailed rate benchmarking, and consulting services to help hospitals remain compliant, optimize negotiated rates, and gain valuable insights.