Financial officers call on major corporations to review healthcare costs with transparency data
FIRST ON FOX: In a collective initiative, state financial officers are pressing Fortune 500 corporations to conduct comprehensive reviews of their healthcare spending. They assert that newly mandated price-transparency data now makes such audits essential to fulfilling corporate fiduciary obligations.
In a joint letter viewed by Fox News Digital, 16 state financial officers call on America’s largest companies to take concrete action by scrutinizing claims, renegotiating contracts and identifying waste now visible for the first time under federal transparency rules.
"Thanks to President Trump’s push for radical price transparency in healthcare, employers will have access to actual healthcare prices and the underlying claims data for insurers," the state financial officers wrote.
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"This empowers your company to negotiate better rates, ensure appropriate costs are paid, and capture material savings, helping to avoid what the President has identified as inflated healthcare costs," they added.
The financial officers point to a surge in lawsuits against insurers, pharmacy benefit managers and third-party administrators, as well as stepped-up enforcement from the Labor Department, as evidence that companies could face growing legal and financial risks if they fail to review their healthcare spending.
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The letter comes as President Donald Trump confronts mounting affordability concerns, particularly as rising healthcare costs continue to strain families, employers and the broader U.S. economy.
OJ Oleka, CEO of the State Financial Officers Foundation, told Fox News Digital the initiative is "common sense and exactly the kind of action taxpayers and all healthcare consumers need right now."
"At a moment when healthcare costs continue to impose extraordinary burdens on the American people, state financial officers are upholding their fiduciary duty and helping protect families, taxpayers and their retirement security," Oleka said.
He noted that Trump’s transparency rules finally give employers "a clearer picture of what they are being charged for healthcare across the board," making it "more important than ever for companies to take a hard look at their spending, especially those in which public funds are invested."
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"By comparing real prices and claims data, companies can root out millions of dollars of waste and overpayments caused by years of hidden prices," Oleka said.
The financial officers are asking companies to detail how they audit their healthcare plans, how often they review claims, whether they use independent auditors, and whether their insurers or pharmacy benefit managers have ever resisted oversight.
Companies were asked to respond by Jan. 15, 2026.
How companies respond could determine not only billions in corporate healthcare spending, but also how quickly Trump's transparency measures translate into real savings for workers and taxpayers.