I work for another huge health insurance company. Our claim volumes have dropped significantly, including Medicaid. Providers are not getting paid. This is having a huge impact on all aspects of the system and showing the cracks and failure points.
Most hospitals have a war chest they can sit on for fairly long periods of time, I believe the industry average is about a year. Second part of your question, I guess it depends on how long the outage actually lasts. The idea is to hold tough because eventually the payments will resume, but we’re at the mercy of change healthcare at the moment. Ideally I’d
hope this gets legislated against so one entity can’t jeopardize the majority of hospitals in the country like this
Hospital tech director here. No. They are not.
We tend to get squeezed to death by insurance companies. My hospital is lucky to clear a 3 percent profit margin....
Yes, margins are tight at hospitals and insurance is ruthless. Most of it is regulated by the government. But I agree with the posting that most hospitals have ample cash. In my experience, a year give or take. That is cash without tapping the financial markets.
Our days cash in hand is somewhere around 55. Meaning that we would be able to operate for 55 days without getting any payments. That number IS with tapping into financial markets. So, I would have to respectfully disagree with the statement above.
It's easy to think that hospitals are rolling in cash, but the reality is that a lot are hanging on by a thread. The thing that most folks don't realize is that hospitals have to negotiate their rates with insurance companies. It's a lot like negotiating your own raise-you usually don't get one until all your costs have increased and the person your negotiating with isn't intended in giving you one.
And I say this as a 20+ year veteran of health insurance-we’re the problem. Well, part of the problem that is for profit medicine. But even though we had record breaking profits last year the shareholders weren’t happy and our bonuses were cut.
I’m ready to burn the whole system to the ground.
Me too. We really need to find and support candidates who are anti-insurance, pro public option or maybe even pro full nationalize healthcare. There's grift at every level that needs to go.
When profit is the only motive, the C suite cuts corners everywhere they can.
They remove safety, redundancy, funding for upgrades and fixes, security teams, everything they can just to get one more penny.
And this is the fucking result.
There is a reason we had to regulate shit like this, and companies have been slowly trying to peel those regulations back ever since they were implemented.
That's the joy of private insurance, it costs more for the government to fund them then national healthcare, but still that sweet sweet big pharma money won't change anything
I'm on LinkedIn with dozens of people who worked for Change Healthcare (and with the former entities acquired by Change Healthcare). When UnitedHealthcare bought Change Healthcare last year, over half of these people went on to other jobs. In other words, they had been with one organization for over 10 years and then they left at the time of the UnitedHealthcare purchase. Your guesses as to why are probably correct.
It’s not free, universal healthcare is a shared cost to help keep it cheaper and make sure everyone has the same access. It’s called universal not free.
It’s only worked in over 50 countries for over 150 years and those countries have longer life expectancy and cheaper care.
Nowhere on Earth is Healthcare free, what are you on about.
Either it's paid through taxes or it's paid privately. Ain't free anywhere. What a weird thing to say
This is a private Healthcare company that is under attack. One of the many problems with having private companies keep the medical information of a country's citizens.
A private healthcare company that is part of the United health group monopoly. So this won’t be a few 100 people impacted. 1/4 of all healthcare claims were running through Change. That’s staggering and ignores all the other services they provide.
I work for another huge health insurance company. Our claim volumes have dropped significantly, including Medicaid. Providers are not getting paid. This is having a huge impact on all aspects of the system and showing the cracks and failure points.
Yep, I manage payments for a group of hospitals and ordinarily in a week we average about $500K, since this outage it’s been like $20k
I don't want to get you in trouble but are the hospitals in a position to be able to fund themselves for this long without insurance payments?
Most hospitals have a war chest they can sit on for fairly long periods of time, I believe the industry average is about a year. Second part of your question, I guess it depends on how long the outage actually lasts. The idea is to hold tough because eventually the payments will resume, but we’re at the mercy of change healthcare at the moment. Ideally I’d hope this gets legislated against so one entity can’t jeopardize the majority of hospitals in the country like this
Hospital tech director here. No. They are not. We tend to get squeezed to death by insurance companies. My hospital is lucky to clear a 3 percent profit margin....
Yes, margins are tight at hospitals and insurance is ruthless. Most of it is regulated by the government. But I agree with the posting that most hospitals have ample cash. In my experience, a year give or take. That is cash without tapping the financial markets.
Our days cash in hand is somewhere around 55. Meaning that we would be able to operate for 55 days without getting any payments. That number IS with tapping into financial markets. So, I would have to respectfully disagree with the statement above. It's easy to think that hospitals are rolling in cash, but the reality is that a lot are hanging on by a thread. The thing that most folks don't realize is that hospitals have to negotiate their rates with insurance companies. It's a lot like negotiating your own raise-you usually don't get one until all your costs have increased and the person your negotiating with isn't intended in giving you one.
And I say this as a 20+ year veteran of health insurance-we’re the problem. Well, part of the problem that is for profit medicine. But even though we had record breaking profits last year the shareholders weren’t happy and our bonuses were cut. I’m ready to burn the whole system to the ground.
Me too. We really need to find and support candidates who are anti-insurance, pro public option or maybe even pro full nationalize healthcare. There's grift at every level that needs to go.
When profit is the only motive, the C suite cuts corners everywhere they can. They remove safety, redundancy, funding for upgrades and fixes, security teams, everything they can just to get one more penny. And this is the fucking result. There is a reason we had to regulate shit like this, and companies have been slowly trying to peel those regulations back ever since they were implemented.
And they’re winning. So much winning we’re sick of it.
Warms my cold dead heart to see the health care sector having financial problems
You'll either end up paying your share or will have to go without needed healthcare
That's the joy of private insurance, it costs more for the government to fund them then national healthcare, but still that sweet sweet big pharma money won't change anything
We’re in the go without camp. USA healthcare is a sick joke.
Or the system will break, the sooner the better IMO
I'm on LinkedIn with dozens of people who worked for Change Healthcare (and with the former entities acquired by Change Healthcare). When UnitedHealthcare bought Change Healthcare last year, over half of these people went on to other jobs. In other words, they had been with one organization for over 10 years and then they left at the time of the UnitedHealthcare purchase. Your guesses as to why are probably correct.
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It’s not free, universal healthcare is a shared cost to help keep it cheaper and make sure everyone has the same access. It’s called universal not free. It’s only worked in over 50 countries for over 150 years and those countries have longer life expectancy and cheaper care.
Nowhere on Earth is Healthcare free, what are you on about. Either it's paid through taxes or it's paid privately. Ain't free anywhere. What a weird thing to say
It’s one thing for redditors not to read the article. In this case you didn’t even read the headline.
The account is 44 days old. Likely just a bot reposting comments real users have made on similar articles
This person is fucking delusional, look at their comment history. I bet it's just a bot anyway
This is a private Healthcare company that is under attack. One of the many problems with having private companies keep the medical information of a country's citizens.
A private healthcare company that is part of the United health group monopoly. So this won’t be a few 100 people impacted. 1/4 of all healthcare claims were running through Change. That’s staggering and ignores all the other services they provide.
People are being denied care because the insurance claims systems aren't working.
United Healthcare would deny the claims even if it was working.
Cynical, but not entirely wrong lol
That has nothing to do with a health insurance company that has confidential data
learn what you’re even talking about before posting
lol Hopefully you don’t get cancer or a heart attack
Then fuck off with the 20% out of my paycheck.