The Healthcare Scandal
posted by Bodo Diehn
at 28 February, 8:36 AM 0
With Obamacare on the horizon, I came across an exposé on healthcare costs in the latest issue of TIME magazine that I need to share with you. I’d love to have a response from Tom Patterson who is a member of the Healthcare Industrial Complex, but of course he won’t reply.
First of all, the story dispels the myth that Medicare pays hospitals so little that they have to make up for it by charging regular patients more. Medicare pays hospitals for every penny of direct costs for a service plus all overhead costs such as overhead, capital expenses, executive salaries, insurance, differences in regional costs of living and even the education of medical students.
The article details the overcharges hospitals routinely sic on the defenseless patients who, after all, have nowhere else to go. For instance Stamford Hospital, officially a nonprofit institution, according to its own filings had total expenses for laboratory work of $27.5 million in 2010. Yet it charged its patients $293.2 million for these services, about 11 times its costs. Other items, such as acetaminophen (the generic version of Tylenol) were charged at 100 times the cost.
The whole story is just too large for me to discuss in every detail. Follow the link above, or click here: http://healthland.time.com/2013/02/20/bitter-pill-why-medical-bills-are-killing-us/ to read it yourself, and hope that someone from the Healthcare industry responds.
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