For the first @realDonaldTrump and @JoeBiden debate tomorrow, we asked 3,200 business leaders at @BusinessM4A what they wanted to hear from the 2 candidates. What they said will probably stun the political & media establishment (1/9)
Businesses are worried. They don't see a federal plan to defeat #COVID19. Many remain partially shut down from the pandemic. They've laid off or furloughed workers while still paying for health insurance. Many are broke-or almost there (2/9)
They're desperate for leadership, solutions & answers. They want to know about the PLANS to fight #COVID19, fix our broken health care system & restart an economy that is mired in high unemployment, low wages & workers without health care (3/9)
Well-Paid Maids CEO @AaronSeyedian said, "What I want to hear is a concrete, federal plan to suppress the virus so my business and millions of others like it can thrive again." He's not alone (4/9)
My friend and ally @JosephNSanberg added, "Millions lost their jobs because of a public health crisis, which also meant they lost their health coverage at the very time they needed medical care most." (5/9)
Our business members expressed strong support for #MedicareForAll but also said they wanted to hear more from @JoeBiden about his plans for a public option, lowering prescription drug prices, and getting more Americans health coverage (6/9)
@JenKemmich, the co-founder of The Alchemist Beer in VT, said, "If we had a public option and health insurance was not tied to employment, we would be able to focus on what we do best, making beer and investing in our community." (7/9)
Our business members are not happy with the lack of leadership on these issues from @realDonaldTrump. From health care to #COVID19, we heard again and again that his actions destabilize, confuse, and divide. They certainly don't want the ACA overturned (8/9)
You can read these and other comments from business leaders at our website: blhct.org/pr-debate (9/9)
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(1/6) I just spent the last two weeks diving into the "Big 7" for-profit health insurance companies earnings reports for 2023.
It was pretty mind-numbing work. Hundreds of pages, decimal points and headaches.
But boy, oh, boy – as you will see – it was worth it. Let me explain:
(2/6) NEW ANALYSIS: In 2023, the Big 7 for-profit health insurers raked in a whopping $1.39 Trillion (up 346% from a decade ago!)
CEO compensation is up (totaling $136.5 million); Profits are up (totaling $70.7 billion); and stock prices are up for each of the Big 7.
But how?
(3/6) The Big 7's meteoric rise in revenue, profits and stock is thanks to taxpayer-funded programs like Medicaid, Tricare & Medicare Advantage, as well as their pharmacy benefit businesses.
But interestingly: what's NOT (way) up is their commercial health insurance businesses.
(1/6) NEW DOC: “American Hospitals: Healing a Broken System,” a documentary I helped produce, is being released everywhere on 11/10.
Anyone who's had to go to a hospital in the last 5 yrs will find this documentary particularly insightful. Let me explain: fixithealthcare.com
(2/6) "American Hospitals" details the unequal fortunes of U.S. hospitals – how a few tax-exempt hospitals are sitting on mountains of cash and paying their execs millions of dollars, while others serving rural + urban Americans have closed or are on the verge of being shuttered.
(3/6) No where are these hospital disparities more clear than Pennsylvania.
The Philly Inquirer reported that Children’s Hospital of Philadelphia paid its CEO, Madeline Bell, a record $7.7M in 2021 (more than the hospital spent on charity care in 3 yrs). inquirer.com/health/chop-no…
(1/4) AMERICAN DISGRACE: Mary Lou Retton, America’s first Olympic gymnastic gold medalist, is the new face of an American disgrace – millions of Americans are now buried under medical debt and must turn to crowdfunding campaigns to stave off collectors and get the care they need.
(2/4) Retton, once an Olympic icon, joins nearly half of Americans that struggle to pay their medical bills and it is not just the uninsured; even those with insurance are going bankrupt. kff.org/health-costs/i…
(3/4) And while millions of Americans struggle, UnitedHealth Group just reported $8.5 BILLION in profits in 3 months.
When it comes to insurance companies like UnitedHealth, it's clear that their incentives lie with enriching shareholders, not reducing the burdens on patients.
(1/6) ICYMI: Brookings Institution & The Wall Street Journal shined a light on Pharmacy Benefit Managers (PBMs) in health care. Researchers warned that while bipartisan legislation seeks to reform PBMs, insurers will likely find new ways to protect profits.
Let me explain:
(2/6) Brookings researchers rightfully put the PBM debate in the broader context of "market failure" in US health insurance – thanks to health insurers (and PBMs) relentless quest for profits at the expense of patients and employers. brookings.edu/articles/a-bri…
(3/6) The need for more competition in the PBM space is evident. Currently, three giants—UnitedHealth, Cigna, and CVS/Aetna—control ~80% of the market, giving them excessive power.
Greater competition could curb their profits, even if it's just by a few percentage points.
(1/5) Elevance had one of the highest denial rates among MCOs, according to the OIG.
And no where are these high denial rates more clear than in Ohio, Virginia and other states where Elevance manages taxpayer-supported Medicaid and Medicare Advantage plans.
Let me explain.
(2/5) More than 1-out-of-7 Medicaid beneficiaries in the U.S. is now enrolled in a plan managed by Elevance.
One way insurers avoid paying claims in both their MA and Medicaid businesses is by refusing to cover treatments and medications patients’ doctors say are necessary.
(3/5) For example, in Ohio and Virginia, Bon Secours Mercy Health, a big hospital system that serves many Medicaid patients, says Elevance owes it $100 million in late and unpaid claims.
This has caused a huge rift between Elevance and BSMH. And Medicaid patients will suffer.
(1/7) LATEST: Cigna released its Q2 2023 earnings report – the company made billions but it still disappointed investors.
As a former Cigna exec, I know that Cigna's C-Suite is scrambling to find ways to get back into Wall Street's good graces.
Let me explain:
(2/7) While revenue from customers increased in Q2, profits took a dip. The medical loss ratio (% spent on claims), inched up, triggering concern by Wall Street – dropping the stock price 4%.
And when it comes to executives at big health insurers – stock price is everything.
(3/7) Top executives at Cigna and other big insurers are deeply invested in stock performance.
Cigna CEO David Cordani and others face personal financial impacts when stock prices falter because their compensation is directly connected to stock performance.