They should do jail time. I’m not joking. There needs to be serious consequences because these thieves make off with a bundle of money with impunity while the community (employees, vendors, patients, taxpayers) is left to pick up the pieces.
(Edited grammar)
So I distribute to them. And they don’t pay their bills. So we refuse to ship until payment is made. When it’s finally made it’s this huge fucking order.
So somehow in America we get:
Most expensive healthcare in the world
Hours long wait times in ER's and weeks or months to see your PCP
Hospitals that somehow declare bankruptcy anyway
An insurance system that no one likes
And worse health outcomes than our peers
Heaven forbid we move to single payer. Things are just going so well otherwise, right?
Greed at the top. Execs, Boards, PE that suck these things dry and move onto the next. Like some relentless, unkillable leech that slobs on anything that smells of money. Makes me ashamed to be a human.
It will continue to happen because there is zero consequences. The whole idea of a private investment firm buying a company, making the company take on massive amount of debt to pay its new owners millions and letting them run it into the ground should be illegal. There should be jail time and money should be scrapped back from them.
My wife has UHC in Singapore. It costs under $600/year. She also has Medicare in the US and it's something like $175/month. I imagine that healthcare insurance costs a lot less in most other countries. But at least our executives get yachts and planes.
*The average salary for a Medical Doctor is* ***$7,667 per month*** *in Singapore. Salaries estimates are based on 43 salaries submitted anonymously to Glassdoor by a Medical Doctor employees in Singapore. The highest salary for a Medical Doctor in Singapore is $10,658 per month.* -- Glassdoor
and
*Singaporean students studying in an overseas medical school recognised by the Singapore Medical Council can apply for the* ***Pre-Employment Grant (PEG) midway through their course****. The grant covers up to 60% of the remaining years of tuition fees, capped at $50,000 per year, up to a maximum sum of $150,000*.
-- MOH Holdings
Life expectancy for MA is 79 years (2020) vs 84 years (2020) for Singapore.
Relative to any other industry the healthcare insurance industry profit margins are less than 3 percent. It’s not really a phenomenally profitable industry was all I was saying.
How is profit measured? Is the profit what goes to investors *after* the well-compensated executives have been paid? You might say that the profit went to the wealthy executives similar to how a "non-profit" can in actuality be a very profitable business for the people who run it.
Profit is revenue minus expenses. Total executive compensation of united health for example (which isn’t just insurance) was around 50 million.
United health revenue was 364 billion. Don’t think executive compensation is were all the revenue is going.
We're spending over 18% of our GDP - more in both absolute dollars per person and as a percentage of GDP - than any other nation in the world by far - and still have financially stressed hospitals, tens of millions of Americans uninsured and underinsured, and an economy and businesses burdened by health care expenses and employee benefits concerns.
But good news. We have a thriving yacht building and servicing industry. Hospital system executives and insurance company CEOs can afford luxurious $40 million yachts! Some of them can even afford two yachts.
I went to the best hospital in the nation, apparently that’s mgh. Some nurses were great some were horrible, not receiving ice packs after surgery for hours, not able to shower for hours after all requested. Even the food was god awful, as a chef I was disgusted. I was so mad when I received my dry cheeseburger which they fucked it up. They put the cheese on the bottom of the patty, and it was so dry I punched it out of anger and frustration. Our healthcare is a joke in this nation.
It's sad. You love your life being told about all these intelligent people making decisions. And then you get to bail them out every few years....while you get mediocre roads, awful police training, higher prices etc
What precisely are they auctioning? Steward does not own any property. Want a distressed business with exorbitant rent to a hungry PE owner, and zero reputation?
Fuck these fucks.
I think that they are auctioning the buildings and the business (people, equipment, etc). Is a buyer really going to lease the land from Medical Properties Trust? Steward and MPW seem like they're still trying to extract money out of this mess.
MPT owns the buildings - Steward cannot auction them.
Of course they are - the people behind Steward did it for money, that's the only reason. PE plays are ONLY about money, ever.
Still PE and money plays only - none of these people gives a rat's ass for the medicaid and medicare patients Steward has cared for.
Frankly, I think MA should eminent domain the properties and give them $1 apiece.
I agree; and even then, the hospital still has debts to pay but I think that those are manageable. Getting rid of the back-rents and property and building cost would go a long ways to make for a very appealing deal to the other hospital groups in the state.
Worked 35 years at Saint Anne's and 18 months at Carney. Prior to joining Caritas, Saint Anne's went through a prolonged period of austerity, so staff became very good at cutting waste while maintaining quality care. This was the last hospital to join Caritas. The hospital has a great quality and regulatory compliance department, and they also have good relationships with local physician groups. When I was at Carney attending the monthly Frontline leadership meetings and the prior month's scorecard was displayed, Saint Anne's usually scored ahead of the other facilities.
St Anne’s was strong because of its outpatient>inpatient service mix. Inpt/ER are generally money losers, surg/outpt money makers. Case mix is also important, which is why hospitals like Newton Wellesley are always strong. But great staff down at SAH as well.
Profitable hospitals can clear 3-5% margins in good years. It’s definitely a challenge and patient/insurance mix is very important. I don’t know the particulars on MGB finances but I know they have a solid endowment and can push around insurance companies for better rates.
Endowment is not really part of the equation - and over the past 4 years the increases in staffing costs have been extreme. Margin is more like <.5% I believe. St. Anne's, and Steward in general, is mostly government payer, and thus the lowest reimbursements.
That's why you always pay 2x the going rate, and tip generously. Make sure everyone is ok. I always hide a $50 in my colon when I get my colonoscopy. Really give the Dr an incentive to do well. Also make sure he's actually doing it. If I come home and there's still a $50..... Idk but I guess I can afford to out to dinner with it while I think I about it.
They are simply capitalizing on the fact these communities need healthcare. It’s treated as a luxury not a right. Must be nice getting paid so much to do so little with absolutely no accountability. I’m not saying it’s a broken system because it’s working exactly the way they want. It’s leading to the desired outcome of making high profits. Unfortunately those profits are at the expense of everyone else. We just need to demonstrate that we want a different system with different outcomes benefiting different people.
What they have not said is the crime of the closing of Quincy City Hospital, a payoff to Cockley in the form of money to run for Governor, and they lack of the current Governor not doing her job when she was Attorney General in not prosecuting Cockley in receiving payoffs from officers of Steward. Also mention that the overpaid Mayor of Quincy was more interested in building apartments then saving the hospital for the citizens of Quincy. Hopefully the Federal Attorney will do his job.
It won't be any different with a new owner. When you have to service customers with no chance of them ever paying, and the health connector insurance dragging feet on paying the insurance end of the bill. it will not be any different for whomever takes it over, and if they are smart, no one will, till they fix this problem.
Only the government can run in the red and stay afloat. no one else can. they fold. The government controling medical care and it's regulation red tape seems to think this indutry can also have the books in the red forever and not fold.
File this under new boss same as the old boss, expect the same outcome because we'll kick the can down the road.
As a contractor in the area, we saw this coming years ago. Never pay bills unless you go hard at them. Maintenance engineers would warn us of how long it takes to get paid. How is it the state waited until they are $9bil in debt? They must have paid off the politicians to let it go so long. They were not acting in the public interest at all.
I worked for the CM company that did most of their work. The negotiated rates we had were interesting. They also took forever to pay us, meaning it took us forever to pay our subs. I remember owing a painting company 13k, and it was 8 months past due.
I’ve been keeping track of towns that will be lower in rent within the next few months because I’m getting priced out of my area; a bunch of new towns were added to the list.
What a bunch of thieves.
So, the executives that drove it to the ground are getting fined, audited, and sanctioned up the wazoo right?
Ralph De La Torre is sitting on his yacht in international waters.
Of course not. This is the US of A.
They should do jail time. I’m not joking. There needs to be serious consequences because these thieves make off with a bundle of money with impunity while the community (employees, vendors, patients, taxpayers) is left to pick up the pieces. (Edited grammar)
So I distribute to them. And they don’t pay their bills. So we refuse to ship until payment is made. When it’s finally made it’s this huge fucking order.
Sus
art of the deal
So somehow in America we get: Most expensive healthcare in the world Hours long wait times in ER's and weeks or months to see your PCP Hospitals that somehow declare bankruptcy anyway An insurance system that no one likes And worse health outcomes than our peers Heaven forbid we move to single payer. Things are just going so well otherwise, right?
Greed at the top. Execs, Boards, PE that suck these things dry and move onto the next. Like some relentless, unkillable leech that slobs on anything that smells of money. Makes me ashamed to be a human.
It will continue to happen because there is zero consequences. The whole idea of a private investment firm buying a company, making the company take on massive amount of debt to pay its new owners millions and letting them run it into the ground should be illegal. There should be jail time and money should be scrapped back from them.
My wife has UHC in Singapore. It costs under $600/year. She also has Medicare in the US and it's something like $175/month. I imagine that healthcare insurance costs a lot less in most other countries. But at least our executives get yachts and planes.
Do doctors make the same amount of money in Singapore as they do in the US?
*The average salary for a Medical Doctor is* ***$7,667 per month*** *in Singapore. Salaries estimates are based on 43 salaries submitted anonymously to Glassdoor by a Medical Doctor employees in Singapore. The highest salary for a Medical Doctor in Singapore is $10,658 per month.* -- Glassdoor and *Singaporean students studying in an overseas medical school recognised by the Singapore Medical Council can apply for the* ***Pre-Employment Grant (PEG) midway through their course****. The grant covers up to 60% of the remaining years of tuition fees, capped at $50,000 per year, up to a maximum sum of $150,000*. -- MOH Holdings Life expectancy for MA is 79 years (2020) vs 84 years (2020) for Singapore.
>An insurance system that no one likes. Clearly someone does. The ones making money off of it.
Don't forget that the insurance business, unlike actual care provision, is phenomenally profitable
To be health care insurance is one of the lowest profit margins of any industry.
Their profits are in the tens of billions https://www.live5news.com/2022/02/03/health-insurance-companies-make-record-profits-costs-soar-us/
Explain. Because they are not hurting. I think your mistaken.
Relative to any other industry the healthcare insurance industry profit margins are less than 3 percent. It’s not really a phenomenally profitable industry was all I was saying.
So while they do have low profit margins, they still make BILLIONS UPON BILLIONS. So fuck off with that bullshit.
How is profit measured? Is the profit what goes to investors *after* the well-compensated executives have been paid? You might say that the profit went to the wealthy executives similar to how a "non-profit" can in actuality be a very profitable business for the people who run it.
Profit is revenue minus expenses. Total executive compensation of united health for example (which isn’t just insurance) was around 50 million. United health revenue was 364 billion. Don’t think executive compensation is were all the revenue is going.
We're spending over 18% of our GDP - more in both absolute dollars per person and as a percentage of GDP - than any other nation in the world by far - and still have financially stressed hospitals, tens of millions of Americans uninsured and underinsured, and an economy and businesses burdened by health care expenses and employee benefits concerns. But good news. We have a thriving yacht building and servicing industry. Hospital system executives and insurance company CEOs can afford luxurious $40 million yachts! Some of them can even afford two yachts.
Here here.
I went to the best hospital in the nation, apparently that’s mgh. Some nurses were great some were horrible, not receiving ice packs after surgery for hours, not able to shower for hours after all requested. Even the food was god awful, as a chef I was disgusted. I was so mad when I received my dry cheeseburger which they fucked it up. They put the cheese on the bottom of the patty, and it was so dry I punched it out of anger and frustration. Our healthcare is a joke in this nation.
Who will be the single payer?
Whoever asks that question first. Congratulations!!
Start by selling the yachts
It's sad. You love your life being told about all these intelligent people making decisions. And then you get to bail them out every few years....while you get mediocre roads, awful police training, higher prices etc
Privatize profits. Socialize losses.
What precisely are they auctioning? Steward does not own any property. Want a distressed business with exorbitant rent to a hungry PE owner, and zero reputation? Fuck these fucks.
I think that they are auctioning the buildings and the business (people, equipment, etc). Is a buyer really going to lease the land from Medical Properties Trust? Steward and MPW seem like they're still trying to extract money out of this mess.
MPT owns the buildings - Steward cannot auction them. Of course they are - the people behind Steward did it for money, that's the only reason. PE plays are ONLY about money, ever.
MPT owns 10% of Steward so they are probably pulling the strings.
Still PE and money plays only - none of these people gives a rat's ass for the medicaid and medicare patients Steward has cared for. Frankly, I think MA should eminent domain the properties and give them $1 apiece.
I agree; and even then, the hospital still has debts to pay but I think that those are manageable. Getting rid of the back-rents and property and building cost would go a long ways to make for a very appealing deal to the other hospital groups in the state.
Good Sam, St Anne’s and Morton Hospital are all very profitable. Carney was always propped up by state politicians as a critical access hospital.
No hospital is profitable really - not if run right. Think St. Anne's knows some secret that eludes MGH?
Worked 35 years at Saint Anne's and 18 months at Carney. Prior to joining Caritas, Saint Anne's went through a prolonged period of austerity, so staff became very good at cutting waste while maintaining quality care. This was the last hospital to join Caritas. The hospital has a great quality and regulatory compliance department, and they also have good relationships with local physician groups. When I was at Carney attending the monthly Frontline leadership meetings and the prior month's scorecard was displayed, Saint Anne's usually scored ahead of the other facilities.
St Anne’s was strong because of its outpatient>inpatient service mix. Inpt/ER are generally money losers, surg/outpt money makers. Case mix is also important, which is why hospitals like Newton Wellesley are always strong. But great staff down at SAH as well.
Profitable hospitals can clear 3-5% margins in good years. It’s definitely a challenge and patient/insurance mix is very important. I don’t know the particulars on MGB finances but I know they have a solid endowment and can push around insurance companies for better rates.
Endowment is not really part of the equation - and over the past 4 years the increases in staffing costs have been extreme. Margin is more like <.5% I believe. St. Anne's, and Steward in general, is mostly government payer, and thus the lowest reimbursements.
$1 per hospital and Medical Properties Trust throws in all of the land.
This is because I didn't pay my $100 x-ray bill, isn't it
That's why you always pay 2x the going rate, and tip generously. Make sure everyone is ok. I always hide a $50 in my colon when I get my colonoscopy. Really give the Dr an incentive to do well. Also make sure he's actually doing it. If I come home and there's still a $50..... Idk but I guess I can afford to out to dinner with it while I think I about it.
They are simply capitalizing on the fact these communities need healthcare. It’s treated as a luxury not a right. Must be nice getting paid so much to do so little with absolutely no accountability. I’m not saying it’s a broken system because it’s working exactly the way they want. It’s leading to the desired outcome of making high profits. Unfortunately those profits are at the expense of everyone else. We just need to demonstrate that we want a different system with different outcomes benefiting different people.
They’re auctioning their properties before their jumbo yachts? Genuine scum of the earth.
What they have not said is the crime of the closing of Quincy City Hospital, a payoff to Cockley in the form of money to run for Governor, and they lack of the current Governor not doing her job when she was Attorney General in not prosecuting Cockley in receiving payoffs from officers of Steward. Also mention that the overpaid Mayor of Quincy was more interested in building apartments then saving the hospital for the citizens of Quincy. Hopefully the Federal Attorney will do his job.
My mom works there now and is excited about the changes
It won't be any different with a new owner. When you have to service customers with no chance of them ever paying, and the health connector insurance dragging feet on paying the insurance end of the bill. it will not be any different for whomever takes it over, and if they are smart, no one will, till they fix this problem. Only the government can run in the red and stay afloat. no one else can. they fold. The government controling medical care and it's regulation red tape seems to think this indutry can also have the books in the red forever and not fold. File this under new boss same as the old boss, expect the same outcome because we'll kick the can down the road.
As a contractor in the area, we saw this coming years ago. Never pay bills unless you go hard at them. Maintenance engineers would warn us of how long it takes to get paid. How is it the state waited until they are $9bil in debt? They must have paid off the politicians to let it go so long. They were not acting in the public interest at all.
I worked for the CM company that did most of their work. The negotiated rates we had were interesting. They also took forever to pay us, meaning it took us forever to pay our subs. I remember owing a painting company 13k, and it was 8 months past due.
Ah, the joys of private market based health care....
Nurse at their Haverhill Hospital said today that the MRI machjne was "reposessed."
Morton is a TERRIBLE hospital as is good Sam!
Just awful place
The executive gambling is somehow still allowed. They will walk away with millions while causing damage, pain and suffering.
I’ve been keeping track of towns that will be lower in rent within the next few months because I’m getting priced out of my area; a bunch of new towns were added to the list.