Mr. Hemsley, the United CEO, said, ... that ... Ingenix -- a health-care data and consulting operation (and home of the fraudulent database) -- will be the company's widest-margin business in 2010.
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No surprise here. ... we are fortunate they did not cook the books to avoid (the appearance of) such profit margins.
ReplyDeleteWord today is the Senate Democrats are discussing the elimination of antitrust protections for managed cost companies. AMA and MSSY should be screaming and applauding this discussion, while reminding them of the INgenix based suit and settlement.
FD
Ironically, UNH has provided the Congress the nails for its own coffin.
ReplyDeleteLooking deeper into the numbers reveals that, though impressive, UNH's profit margin amounts to only 3.7 %. Statistics are like bikinis. What they reveal is suggestive. What they conceal is vital.
I agree with your conclusion, PV. I don't see the Insurers' needing an anti-trust exemption, either. I'd also suggest that consumers be allowed to purchase insurance products across state lines. That would provide a level of competition which would yield significant savings.
health insurance across state lines - now here's something one needs to consider quite carefully.
ReplyDeleteit is the states that regulate the insurers, and their products. as coverages may vary from state to state (new york tends to have more rigorous coverage standards than other states, and higher costs), a 'consumer' may not be able to make valid comparisons.
i suspect the insurers will exploit these differences, and consequently the insureds (and their providers).
cr
CR- that's where the anti-trust exemption comes in - along with the Commerce clause. Besides, NY's Insurance regs are no bed of roses either. For example, NY's regs force a single guy just out of college to buy insurance products containing coverage for IVF! In fact, right now, health insurers in NY can raise rates without dealing with the Insurance Department. So the Health Insurers still hold the upper hand as they can pass along their costs to the insureds. If they were not the only game in town, however, competition would force costs down.
ReplyDeleteBTW, S 1776 unfortunately stalled as not enough Democrats were onboard.
Speaking of the demise of S 1776, Harry Reid is blaming the AMA.
ReplyDeletePrior to the 47-53 procedural vote, Senate Majority Leader Harry Reid (D-Nev.) blamed the American Medical Association (AMA) for giving him bad information on the number of Republicans expected to support the measure.
So let me get this straight, Sen. Reid. You're the most powerful man in the US Senate and you're blaming ... the Doctors? Unbelievable.