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Hidden prices are not the only sign of corruption in the US health industry encompassing hospitals and insurers.
The reason prices are high is that it benefits both hospitals and insurers as both make bigger profits from higher prices and over-servicing. Neither of these entities has an interest in improving the efficiency and lowering the cost of medical services.
Another factor is the rising percentage of non-medical staff in the US health services business which currently stands at 47% of the medical industry workforce and rising.
Pharmaceutical prices are high and non-competitive forcing many Americans to buy medicines during overseas trips where the price is a fraction of US prices.
The problems with the US health industry are growing and not declining as more and more Americans face difficulties in meeting their medical costs.
The shocking reason hospitals keep their prices a secret from you
The reason prices are high is that it benefits both hospitals and insurers as both make bigger profits from higher prices and over-servicing. Neither of these entities has an interest in improving the efficiency and lowering the cost of medical services.
Another factor is the rising percentage of non-medical staff in the US health services business which currently stands at 47% of the medical industry workforce and rising.
Pharmaceutical prices are high and non-competitive forcing many Americans to buy medicines during overseas trips where the price is a fraction of US prices.
The problems with the US health industry are growing and not declining as more and more Americans face difficulties in meeting their medical costs.
The shocking reason hospitals keep their prices a secret from you
The shocking reason hospitals keep their prices a secret from you
By Brian BlaseMay 23, 2020 | 8:12am | Updated
In health care, most prices are hidden. Earlier this month, big, profitable hospital systems were in court to make sure that American patients remain in the dark, challenging a Trump administration rule that would require them to publicize prices, including those negotiated with insurance companies.
No other industry is fighting to hide prices from consumers. When given pricing information, people know how to shop for value. With websites like Amazon and Kayak, Americans use price information to secure the best deals. This forces providers to compete by lowering prices and improving quality. Health-care markets don’t work like this.
Imagine going to the grocery store to buy milk, bread and butter, but without any prices. You check out and the grocer tells you that your bill will come in a few weeks. In about a month, you get both an explanation of grocery benefits from your insurer and a bill from the grocer for $150.
You know this can’t be right — a gallon of milk, a loaf of bread and a pack of butter can’t cost this much. You call your insurer, and they ask what you are complaining about. Without their discount, you would have paid $250. They saved you $100! ...