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More Signs of America's Healthcare Crisis
Many critics of ObamaCare spread myths of healthcare "rationing." The fact is that Americans have been rationing vital healthcare services due to poor coverage and their inability to pay for this out-of-control system, which prioritizes profits over affordable care. Have a look at this recent article.
Previously, I discussed the trend of massive healthcare inflation which has not been addressed by healthcare reform. I mentioned that insurance premiums would rise to account for new taxes and other provisions of the law. But rather than employers being left out to dry, I discussed that they would simply pass higher costs onto employees in the form of higher premiums and deductibles and less coverage. This is already happening.
Based on a new survey, the cost of employer-sponsored health plans are expected to soar by 9% in 2011. And employers are sticking it to employees. This is by no means an aberration. It is a trend that will get worse if a real solution to America's healthcare crisis is not implemented soon. Have a look.
While there are a variety of reasons for accelerated medical costs, the common theme is the lack of accountability; freedom by insurers to push the price envelope each year.
But medical waste, inefficiency and fraud are also adding upward pricing strains, due to inadequate claims processing, payment and other administrative waste. Once again, this points to the lack of accountability, as well as inadequate healthcare IT systems.
According to Thompson Reuters, the U.S. healthcare system wastes $700 billion each year. Interestingly, I made similar estimates in America's Healthcare Solution. My solution to America's healthcare crisis reigns in waste and improves outcomes.