Healthcare has prices everywhere and price discovery nowhere. Take one procedure performed in one hospital on one morning. The hospital has a chargemaster price. Every insurer has negotiated another price. Medicare has an administered price. The hospital may offer a cash price. The patient may receive an estimate that resembles none of them. Which one tells an employer what the procedure is worth? None of them can. The chargemaster is a sticker price. The negotiated rate records the bargaining power of two organizations. Medicare reflects a government formula. The estimate comes wrapped in qualifications. Money changes hands, but no open market establishes the price. That distinction becomes unavoidable when an employer tries to contract directly with a physician, surgery center, imaging center, laboratory, or pharmacy. The employer asks a simple question: What should we pay? Most direct contracts eventually fall back on a percentage of Medicare. Not because Medicare discovered the value of the service, but because healthcare has no trusted market price of its own. That is the infrastructure we never built. Price transparency can reveal what hospitals and insurers negotiated in private. Price discovery allows qualified buyers and sellers to establish an executable price through trade. Healthcare does not need another portal filled with downloadable files. It needs a market that can answer the employer’s first question.