#014 – Providers of health care – hospital, doctors, pharma – operate to make a profit, whether they say so or not. Are you paying too much? Yes.
While insurance companies are often the recipient of consumer ire for the rising cost of health insurance, the cost inputs to those insurance premiums – most notably paid claims (aka the cost of doctors, hospitals, pharma and other providers) have the most significant effect on the price of your health insurance premiums. These input costs need to be equally, if not more, scrutinized!
This episode illustrates how hospitals and other providers are equally driven by profits. And there is nothing wrong with profits. Value is created when the product or service meets the lowest price possible when the buyer and seller have a meeting of the minds.
Your call to action is to purchase health insurance as you would any other consumable product. Identify the cost ahead of your purchase. Don't just take whatever they give you. And if you just say to yourself, "oh, insurance will pay for it….no big deal….." STOP! You are paying for it….you just don't realize it and the system likes it that way.
Become an informed and rational consumer of health care. It starts now!
Easily research data, from industry publications such as Becker's Hospital Review:
Ascension records $1B annual loss
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We'll continue on with helping you to be a better consumer of healthcare. Next we'll look further at the new rules handed down by CMS for transparent pricing.
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See ya next time!