Friday, November 02, 2007

They're Everywhere

Those damned commies and their socialized medicine. Bloomberg (11.02.07):
"Cigna Corp., the U.S. health benefits provider that specializes in handling claims for self-insured employers, said third-quarter earnings rose 22 percent as the company added 902,000 plan members in a year."

Cigna's Profit Rises 22 Percent on Growth of Plans

Pretty good quarter all around for big health. "Cigna's largest rivals last month reported higher third-quarter earnings than a year ago. Profit rose 15 percent at UnitedHealth Group Inc. of Minnetonka, Minnesota; 7 percent at WellPoint Inc. of Indianapolis; 14 percent at Coventry Health Care Inc., of Bethesda, Maryland and 4.3 percent at Aetna Inc. of Hartford, Connecticut; Humana Inc., of Louisville, Kentucky, the second-largest Medicare contractor, soared 90 percent."

Where did the revenue come from? Last year, "Medicare payments fueled growth for the insurance industry". This year, "Medicare will funnel $76.3 billion in premiums to Advantage providers", and "about $50 million more to insurers selling Medicare drug plans."

Well jeepers Wally. That ain't too bad.

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2 Comments:

Anonymous Anonymous said...

So the Gov. pays the Insurance Co's, who cut what they pay the Hospitals and pocket the difference. And in order to make it all work, the Hospitals cut costs, lay people off and increase the patient to nurse ratio, decrease the quality of care, increase the change of medical errors, thereby provide a living for lawyers, (adding to stress related disorders in the health care community) keeping the patients from recovering sooner and then get more from the Gov. because the patients need more treatment. (Whew, that's simple)
pt.

9:48 AM  
Blogger knobboy said...

You got it!!

Great system, or what?

11:58 AM  

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