This is a rather long but very informative “diary” written with both opinion and fact as to why our current health insurance plan is not working. Some of the facts mentioned that I found interesting was the budget of AARP for example which is 1 billion a year and 700 million of that is derived from selling insurance and further goes to state that AARP is a broker disguised as an advocacy group.
Wall Street and Healthcare – Was it the Mob or have the rest of us been operating like a PC with no anti-virus protection?
The article also states that insurance carriers divert on the order of $350 billion of insurance premium money from actual medical care, the size of the peacetime Pentagon budget. Myself I have posted quite a bit about Ingenix, a subsidiary of United Health Care and this article also goes into detail about some of what has occurred therein as well.
AIG: You Bring the Nerds and the Algorithms and I’ll give you a AAA Rating…a little history from 1987
Most of the Insurance carriers also have Venture Capital investment areas too, and that of course it not money going to pay for medical services, but rather for technology they feel that will help cut costs. Some of the technology just might in fact do that, but the sad end of the entire story is that it has not been a partnership with providers and hospitals, but rather a feeding frenzy. One senator, heading an investigation even asked the CEO of United Health Care how he was able to sleep at night.
Is This a Case for a New Law – Illegal Algorithms? How Do You Sleep at Night Rockefeller asked the CEO of United Health Care
Just a thought, but why didn’t the Health Insurance business bail out Wall Street? They have some very large reserve cash funds and perhaps totaled all together are 2 or 3 trillion sitting around as rainy day funds. These funds are required by law, but some states were even challenging the amounts that were being socked away.
In northern California Sutter hospitals is using Ingenix to help them with business intelligence so I guess they are the pros at leveraging software to the point of securing the best bang for the buck.
Here’s a link to where things were so heated in the Senate a couple weeks ago, doctors and patients had to be escorted out. it is all in the algorithms that are run to make money. BD
Most people are unaware how similar the major health insurers are to our failed Wall Street firms.They are corporate cash cows and have virtually no fiduciary responsibility and few activities for protecting or improving health or the health care system.They will devote their vast resources to prevent any meaningful health reform. They have controlled Congress and the mainstream media. The only cure is vigorous popular support for a single payer, Medicare for All reform.