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Hospital CEO Admits For-Profit Healthcare Industry Is 'Number One Cause of Personal Bankruptcy"

Originally published at http://www.commondreams.org/news/2020/01/15/hospital-ceo-admits-profit-healthcare-industry-number-one-cause-personal-bankruptcy

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Does anyone else here thinks it’s unethical to invest in healthcare?

Pressure on hospitals to make a profit via any means seems wrong.

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I told this story before. But here it is for the newer visitors.
Grandma got Leukemia 70 years ago and passed away within a year. Grandpa had to sell the farm to pay for the doctor and medicine.
Look where we are 70 years later. Credit today has allowed the debts to linger so someone else can dip into ones net worth by charging interest on a loan that can’t be paid. REFORM.

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When I tell business/personal associates in UK, Europe, Canada, Australia that I have no health insurance so if I get sick or injured I have to choose between being bankrupted by getting health care, or getting no health care and perhaps dying, they’re astounded by the brutality of the American system.
And when I had employer-provided health insurance, I hated the health insurance company because they cared only about their profits, to the detriment of my health.

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The newly elected ‘conservative’ government in Alberta has just cut some health coverage for my family.

We are on the road to ruin unless we wake up.

Maybe we will wake up - life is stranger than can be imagined.

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Essential utilities should be owned at least partially, perhaps even a controlling interest (51%) - by the state.

That’s a centrist view, perhaps even acceptable to @gandolf 's fearful ‘right’ ?

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There are still people on these boards who proclaim themselves as Progressives who suggest that Barack Obama’s ACA was somehow a great leap forward when it came to providing Health Care to all Americans.

It was nothing of the sort. The ACA was written by the Health Insurance industry and was written to ensure the for profit Health Insurance industry remained a player and were able to continue to generate increased profits on the back of persons needing Health Care. As this report points out the relief it offered was temporary at best.

In this vein it was much the same thing that happened in the Nixon Administration when his administration passed the HMO act. Way back in the 1970s there was a thirst for more affordable health care and way back then inflation of health care costs was taking its toll on Americans. Nixon wanted to ensure private industry remained a player and could continue to profit off other peoples ill health and the HMO act was born. The impact of the HMOs on lowering Health Care costs was in fact greater then was Obama’s ACA and lasted for a longer period of time but once the for profit industries understood how they could game this system and the legislation to increase their own profits all such gains for the US Citizen were lost.

Bernie Sanders is offering Americans the only legitimate alternative to Americans concerned with rising costs of health care. Every other person left running wants to ensure Private Corporations still get a their cut of those trillions spend on Health care in the USA.

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Perhaps only when we are on the precipice.
Which may be fast approaching.

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Something Bernie didn’t convey last night is that with M4ALL you can keep your doctor and hospital if you choose. It’s a touchy subject since it didn’t work for everyone under Obamacare.

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Which raises the question of how we deal with the charges of horrid socialism from that “Fearful Right”, this election season.

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I read Bernie’s book. He is more center liberal than far left. But since Reagan & Thatcher, we have become habituated to the far right, so that center seems left.

Bernie, as far as I can see, just talks common sense.

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“…while lowering costs has caused the company to lose about $100 million in the last two years out of it’s $9 billion annual revenue, ‘collections from patients’ has ‘been really strong’.”

Disgusting, and this comes from a “non-profit” system. I don’t have enough decimal points on my calculator to do the math, but losing $100 million out of $18 billion, what a pittance.

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The healthcare industry has been gaming the system since the inception of Medicare and Medicaid. There isn’t a good comparison between HMOs and the ACA based on longevity or costs. The ACA wasn’t available in eleven states. (not fully implemented or regulated) Even if the comparison is true (and it isn’t) M$A uses the same industry players without any better regulation and it eliminates some of the protections. It just changes the lines and pretty much accomplishes the same thing as the GOP plan. It weakens Medicare which is already under funded. (and eliminates Medicaid) And, there is a reason for that. It reflects inflated costs, cost driven care, and not very good results. Anyway, this puts all the eggs in the same basket. The very same basket.

Our current ‘non-profit’ medical/hospital system is no better. Take Ohio Health (a non-profit) as an example. Even with insurance, my out of pocket expense for routine blood work is about $249 - $456 depending on where I am at deductible-wise. The exact same blood work at a local private facility cost me $80 out of pocket. I was so glad when my doctor suggested the private lab over the non-profit his office is a part of.
As we began to price out everything we needed, private facilities were cheaper 98% of the time.