This Wall Street Journal (subscription required) story this AM made me cock my head.
Here’s the first sentence:
“Major U.S. health insurers appear to remain on steady footing even though some companies said that they had spent an unexpectedly high percentage of premium revenue in the latest quarter on patients’ health bills.” (italics is mine)
Cue the violins, because the story goes on to say:
UnitedHealth Group Inc. posted a disappointingly high medical-loss ratio
(Translation: Medical-loss ratios is the technical term for spending money paying for health care)
Let me get this straight: so it’s a sad and “disappointing” day when health insurers have to do their job? Pay for health care?
If I were a health insurer today, I’d hide my face in shame.
This story unwittingly illustrates exactly what is wrong with the current system — an emphasis on bottom-line profits — not patients.