I know this makes everyone uneasy and I write many posts on here to create an awareness, in this case to bring to the forefront on how tight banking is tied to health insurance. There are many other posts here, but this example puts in your face if you have not caught on to this fact yet. Personally, I don’t know how this system can continue to exist with healthcare reform and believe we would be better off if health insurance returned to the “non profit” area. Kaiser does non profit pretty well and leads the way with innovation and yet remembers to include the patient, risk management is all about raw numbers and profits, bottom line and they don’t care if you or I personally live or die, pay the dividends they say. Just this week 3 major health insurance companies came out and said dividends take the front row here.
If you go to HIMMS this year, there’s an entire convention dedicated to “Medical Banking” which they purchased earlier this year.
Who Should Join? (from the website)
”Bankers, healthcare organizations, large employers, IT executives, attorneys, accountants, CFOs, compliance officers, federal and state regulators, lobbyists, treasury and cash management executives, private banking executives, patient accounting managers, health data clearinghouses, financial clearinghouses and others.”
If this is not enough, catch up on the Human Hedge Funds and the latest on Dead Peasant insurance policies, be aware as this is all algorithmically tied to the quality and amount of healthcare you receive today as your are “scored” and need to fall within the algorithmic code they have written to be covered. Aetna is a good example of that, in the news this week about all the folks they are going to drop, why, they don't’ fit the algorithmic formulas for profit.
Not to particularly focus on Wells Fargo as all the banks are involved here but their insurance division is the 4th largest insurance brokerage in the world, and soon the banks will be delegating what type of healthcare we receive too, they make big money from algorithms on Wall Street and that is the business they know, but it should not be used to determine who gets care and who does not, wake up folks, this is what you have.
Unfortunately this is not one of those issues you can ignore and hope it goes away, that only makes it easier for business intelligence to work and take money from the illiterate, and we have a ton of that going on today with those who don’t learn and participate on what this is all about. Ignoring and not reading up only makes it easier for the banks to take advantage of our ignorance and inability to speak up. It’s all about algorithms for profit, so please read up and get in touch with how this is being accomplished. BD
Expanding its insurance services business in the U.S., on Dec 8, Wells Fargo Insurance Services Inc., a part of Wells Fargo & Co. (WFC - Analyst Report) announced its strategic acquisition of two single office insurance companies. While the insurance brokerage firm iLeader Risk Management Solutions is based in Tampa, Florida, the employee benefits insurance brokerage firm Orca Bay Benefits, LLC is located in located in Mercer Island, Washington DC. The separate acquisitions closed on Dec 1, 2009 but the terms of the transactions remained undisclosed.
iLeader Risk Management Solutions has been serving customers since 2005, in the areas of risk management services and insurance brokerage solutions to industries such as healthcare, professional employee organization PEO/staffing, transportation, retail, hospitality and private equity. Wells Fargo has also retained three executive officers from iLeader.
Wells Fargo’s insurance segment is extensively operated with the help of 9200 insurance professionals and 200 offices in 37 states. According to Business Insurance 2008, Wells Fargo Insurance Services, Inc. is the fourth largest insurance brokerage in the world and the largest bank-owned insurance brokerage in the U. S. It collects about $15.5 billion of risk premiums with expertise in property, casualty, benefits, international, personal lines, and life products. Wells Fargo Third Party Administrators and Wells Fargo Disability Management are also ranked as the third largest multi-line third party administrators that offer employee benefit, and property and casualty claims administration (Business Insurance).