method and format may be similar to any template established by the Centers for Medicare & Medicaid Services as of the date of the enactment of this paragraph for reporting such information under this subsection and shall meet such standards as determined appropriate by the Secretary. (4) Monitoring of pricing information The Secretary, in consultation with the Inspector General of the Department of Health and Human Services, shall, through notice and comment rulemaking, establish a process to regularly monitor the accuracy and validity of pricing information displayed by each hospital pursuant to paragraph (1). (5) Definitions Notwithstanding any other provision of law, for the purpose of paragraphs (1) and (2): (A) De-identified maximum negotiated charge The term de-identified maximum negotiated charge means the highest charge that a hospital has negotiated with all third party payers for an item or service. (B) De-identified minimum negotiated charge The term de-identified minimum negotiated charge means the lowest charge that a hospital has negotiated with all third party payers for an item or service. (C) Discounted cash price The term discounted cash price means the charge that applies to an individual who pays cash, or cash equivalent, for a hospital item or service. Hospitals that do not offer self-pay discounts may display the hospital’s undiscounted gross charges as found in the hospital chargemaster. (D) Gross charge The term gross charge means the charge for an individual item or service that is reflected on a hospital’s chargemaster, absent any discounts. (E) Payer-specific negotiated charge The term payer-specific negotiated charge means the charge that a hospital has negotiated with a third party payer for an item or service. (F) Shoppable service The term shoppable service means a service that can be scheduled by a health care consumer in advance. (G) Third party payer The term third party payer means an entity that is, by statute, contract, or agreement, legally responsible for payment of a