I needed a hernia surgery in February. First call was insurance will cover it all. Made sense as we pay a ton. Two days before surgery they said person misspoke and insurance will pay zero. I said fine I’ll pay cash . Roughly 10k. Surgery got delayed so we upgraded our insurance . Ended up paying 3k out of pocket and insurance got billed 80,000. It’s all a complete scam.
This happened to me. The average cost of a knee replacement is said to average $24-35K. I had two done (I am delighted, absolutely thrilled to be able to walk. Period. That is how bad it was.) I paid $3300. Insurance got billed $82K - paid 9K. I am very grateful that my doctor accepts Medicare patients, because that low amount of payment to him and his team is shocking. I hope he gets more from other patients.
@@bria2596glad you're mobile. I gripe bc Soc Sec takes $150. out of every check but includes it as income so I'm over the line for liheap etc. I'll die at home before I go to hospital. UPMC (Pitt medical school) owns my city since USSteel left for China. Doctors must follow UPMC protocols if they want hospital privileges. No pain medication prescribed bc one may get addicted.
It is, i had an emergency appendectomy this year and i am glad i had insurance because the hospital is literally billing me 125k for staying in the hospital close to two days😳 i couldn’t even imagine if I didn’t have insurance.
$750 for a 15 minute hospital visit. The doctor will just stare at you and prescribe you drugs. This system is made of bigger criminals than actual criminals.
When gov is telling you that they fight the criminals they actually take over a business. Same about guns, alcohol, drugs, tobacco, human parts and many other.
Neat. I saw the Doctor for only two minutes at the end but they ran a lot of tests on/in the wrong areas because a nurse noted pain in the wrong spot...
So true. My sister and her husband had good medical insurance, but when he broke his neck and became a quadriplegic his insurance company dropped him and she had to file bankruptcy because they couldn’t pay the millions of dollars in medical bills.😡
I broke my neck last Dec and became a quad as well. I was in the hospital and rehab hospital for 5 weeks total. Thankfully my insurance covered me but it was near $500k… so sad about your bro in law :/
About 4 years ago I got a severe case of heat stroke. I was vomiting, and couldn’t keep much water or food down. My wife drove me the the ER at a nearby hospital. After about 2 hours in the waiting room I saw their check in PA who took my vitals and asked some questions. I was in that room for less then 5 minutes and then asked to wait in another area to be seen. Another 2 hours rolls by and nothing. After all this time I started to feel much better. The little bit of water I was able to keep down must have helped. So I told me wife we were leaving. We checked out with the front desk and the PA signed off. 2 months later I got a bill for $1700. The only “service” I received was getting my temp and BP checked.
I had the same shit happen except I was admitted for dehydration. I lived not even 5 miles from a hospital, they drove me 20 miles away to a different county, left me on a stretcher for who knows how long before putting me in a chair in the waiting room. Drew my blood, told me to go back. I felt better, called an Uber, left. 2 months later I get a bill for $1558, 3/4 of it was for the ride. I didn't even call the ambulance, my friend did. They can kiss my ass for that one they'll never get the money and only time I'll call them is for someone else. Absolute bullshit.
You're talking about a tiny subset of public hospitals. In privately owned hospitals, which are the majority, an RN can make more than the Administrator. RNs are the largest cost to any hospital.
Yeah, but see it like this, who would want to have to manage this structure? Have to deal with all the complexity, the bills and have to balance all of it. If you are always operating at a loss, a lot of pressure will constantly be on the executives to try and do something about it. The incentives are there to make them stressed out and prone to more extreme measures to cut cost. At the end of the day, being the responsible one for the functioning of such a complex business is no small feat and doubly so when the entire structure is broken to the point that even charging hundreds of percent above your cost can't even make you go green in profit. Maybe if it was one or two hospital that suffered this, you could say that its because of the corrupt executives who just get paid too much, but if its so widespread. Its unlikely to be the source of the problem. Millions isn't that much at the end of the day. Here in Canada, when the CEO of loblaws got a raise of a couple million dollars amidst increase of prices generally, people complained a lot but that million of dollars was like a 20$ bill per stores. It was peanuts and it would not have changed the pricing of the goods and services. But losing a good CEO could increase your inefficacy so much that the couple of millions you saved end up costing you billions. Like every job, employee and employers have to compete to be or have and keep managers and executives and its an important role in making everyone in the structure accountable somehow. For investors or shareholders, economic profit and losses are what holds them accountable, for managers, its the shareholders, for the employees its the managers.
@@GenVictoriawhat's wrong with that? RNs are keeping you and your family alive. RNs do all the schooling, studying to get where they're at, while the secretary wants to get as much as the RN without a degree. Give me a break.
I am an American living in Kyrgyzstan. Our 5 year old grandson needed a new heart valve. In America the cost was more than $100,000 dollars. We flew to Turkey to have the same surgery with the same exact equipment. It cost us $12,000 dollars. Something is wrong with our system!
I used to work as an Occupational Therapy Asst. One job was in a hospital. I overheard a patient's wife who had just come back from the billing dept. They had health insurance. The guy fell off a bike and broke his hip, had a replacement and spent 3 days total in the hospital. His wife said their insurance paid 75% of the bill. Their out of pocket portion...$250,000!! For 3 DAYS! The itemized bill listed an MRI as costing over $30,000! There is NO WAY a hip replacement and 3 days in the hospital should ever cost a million dollars. F that! I got out of health"care". They work you to death and don't properly compensate the people actually taking care of patients. So much fraud!
Part of the inflation is the 3rd party payer system just like the student loan scam. When a third party is paying (buffering) the immediate cost, the consumer doesn’t revolt and the provider can keep jacking up the price because there is no price discovery by consumers that will reduce the demand and put them out of business. So, the game is to take away price discovery and even confuse the consumer by not providing price upfront. Kind of like a car salesman that doesn’t want to give you a price so he can control the game. The morals in America has been falling for decades now and we are in the final manifestation of this greed disease that is a full vertical cancer from the poorest to the richest. Seem to me that is the nature of man today and we need 1000 years of evolution to figure this out
As a Physician, its sad watching business people flood hospitals, balloon prices and drive down hospital quality. The trend you mention absolutely mirrors Doctors offices getting "bought out" or forced out and gobbled up by big corporations. Seek out the private offices who treat you like family and not a number. We still exist.
As a retired hospital executive, in my experience, clinicians make the worst managers. No offense, just my anecdotal experience. Totally agree with you on the rest. I used to have catastrophic coverage for $100/month and paid my family md cash. Now I pay $600/mo and my co-payment is more than if I would just pay cash. The entire system is broken from pharma to medical to insurance and government involvement.
@@GenVictoria jesus you pay 600 a month for medical coverage? I am canadian and yeah going to see a doctor doesn't cost anything, average medicine for common illness isnt expensive if you don't have coverage. But the wait times to see a a specialist is 6+ months. How much would it cost to just see your family doctor to get a referral to a specialist?
@@camanderson9954 my co-payment for my family Dr is $60 and to a specialist is $80. If I paid cash to my established family Dr it would cost me $50. Saves me about $20 on an established specialist visit. A specialist consult would run cash $300 and a visit $100. And less cost and stress to the md to have to get approval, bill, etc to my insurance. My insurance is contracted with my doctors and their rates are set at $68 and $100 respectively, so basically my insurance pays $8 for a family md visit and $20 for a specialist visit. Pharma is a problem here. Canada enjoys our meds at a much cheaper cost than we do due to patent laws. That is a political issue though. ETA: there is a reason lasix and other 'cosmetic' procedures are so cheap, yet very lucrative....it's because insurance doesn't cover them and the market has driven prices down. Lasix used to cost $10k, now you can get both eyes done for $1500 out the door and never have to buy another pair of expensive glasses or contacts. The problem with Canada is that 6 month specialist wait is only for people using insurance, there are plenty of cash paying patients that are seen much faster. That is a two tier medical system which penalizes the middle and lower socioeconomic statuses. Much like the way Medicaid works here. No out of pocket expenses but good luck finding a Dr.
Patrick, I was debt free before my Cancer diagnosis in 2021. After traditional and holistic treatments, I will be bankrupt. Even with insurance. I’m most thankful to be Cancer free and will weather this storm. Thank you for bringing this important subject to the people.
A - During the Hill-Burton Health Care Act system it was from (1) taxpayers to (2) government to (3) hospitals. B - But now under the HMO system it is from (1) taxpayers to (2) government (3) extortion practicing insurance business companies taking 89% to 95% of the money to (4) leaving the remaining crumbs to the hospitals.
My first wife passed from cancer. We had good health insurance with a $5k deductible. After 1 year of treatments I was billed $65k. Luckily we had life insurance. I don’t think that’s the case for most people. Our health system is criminal.
Had major events and had health coverage ( childbirths, auto accidents w/injury) and EVERY time we kept a close watch over the itemized charges going thru our insurance. Hospital/doctors would send in bills multiple times and each time the insurance company would pay. I would catch every discrepancy and document and then send in a letter listing them to the insurance company. Only after I informed them would the insurance company decline the double payments to the hospital/doctor. I discovered a $23,000 charge for surgery that they paid twice (the insurance company actually sent me a thank you letter for catching it). I discovered a $1600 charge for use of the "pre-op" room that I argued against (and won) because all they did was roll me thru that room (without stopping) to access the operating room. Bottom line we are being screwed by both sides (insurance co & medical industry).
I had a very frank discussion with one of my doctors on the insurance payment topic. I was an established patient with this doctor for 8 years at this time. I commented to him that I received an explanation of benefits from my insurance provider, showing that their office billed $390 for 1hr visit, but was paid only $40 by the insurance company, and that $40 satisfied the bill. To me, this sounded crazy! He explained: Depending on what each insurance coverage is in place, some pay more than others. When they bill for $390, but only get paid $40, on paper generates a $350 loss. This loss is a tax write off.
A - During the Hill-Burton Health Care Act system it was from (1) taxpayers to (2) government to (3) hospitals. B - But now under the HMO system it is from (1) taxpayers to (2) government (3) extortion practicing insurance business companies taking 89% to 95% of the money to (4) leaving the remaining crumbs to the hospitals.
@@RunninUpThatHillh - No. It doesn’t. We saw this with the introduction of HMOs back in the 1980s. All contracts agree to a percentage of the “going rate” for service provided. Before this, I could go to a doctor and pay $40 for the visit and be done with it. Now, I go to a doctor and pay a $40 co-pay and the insurance pays maybe an extra $100 to the doctor. Basically, if doctors need $50 to justify staying in business and they agree to take 25% of what the going rate is, they all quietly agree to raise their price to $200 so they still get the $50 they NEED to stay in business. I don’t blame doctors for this…I understand the economics of keeping a business profitable enough to justify being in business, but the whole health insurance model inherently makes things worse for everyone. It’s like buying and providing unlimited alcohol to an alcoholic so he doesn’t spend all his paycheck on booze. You’re solving a short term problem by creating a long term problem.
I broke down a medical bill I got one time for a visit to the clinic. I demanded the, "break down," because the charge was outrageous. When i received my breakdown. I was charged over 150$ for every door I passed through and every chair I sat in, as well as the total cost of treatment.
FOLLOW THE WHITE RABBIT INTO THE LIONS DEN: I teach something called ORIGINALISM. ORIGINALISM is what the FOUNDERS meant when they wrote the constitution. ORIGINALISM is also called FEDERALISM. FEDERALISM is defined in Executive Order 13132 as: Acts of the national government - whether legislative, executive, or judicial in nature - that exceed the enumerated powers of that government under the Constitution violate the principle of federalism established by the Framers. FEDERALISM is POSITIVE LAW. POSITIVE LAW is therefore, ORIGINALISM. Those LAWS NOT made positive are NOT constitutional. Those FORMS NOT conforming to the ideas of FEDERALISM are not constitutional. All Forms and Laws must go through a process. This process must show proof of conforming to the ideas of federalism defined in Executive Order 13132. When they do NOT conform to the ideas of FEDERALISM they do not conform to the ORIGINAL ideas of the constitution and are NOT POSITIVE LAW. Titles are made Positive and have a Positive Law citation when they conform to the ideas of Federalism which is Originalism. Example: Title 26 Internal Revenue Service is NOT Positive Law, has no Positive Law Citation, does not conform to the Constitution, is not in conformity with the ideas of the Founders Original Intent. Therefore, it has FAILED to pass the requirements of being passed into law as constitutional and receive a positive law citation. This means there is NO EVIDENCE of the law having been made. IRS FORMS are NOT compliant with the ideas of Federalism, they do not conform to the ideas of the founders and are not constitutional. These Laws are followed voluntarily. These forms are signed voluntarily. The forms are contracts to which you consent to voluntarily. Once the contract is signed it becomes LAW between YOU and the other person. Contracts are PRIVATE laws. These IRS contracts are NOT administered in courts of "the United States" created by the constitution. Just like "Federal Reserve Bank" is not Federal "United States" is not "the United States." And "United States" is not "the United States" as a government entity who has governmental powers the founders created. The phrase "tax court" is used to define MORE THAN ONE tax court. Tax court for those within the PUBLIC laws. Since federal people pay a federal tax they go to federal tax court. Tax court for those people who are OUTSIDE the public laws and have contracts with the IRS to pay taxes voluntarily. Tax-Court in Title 5 may be a different tax-court for title 26. One being constitutional and one being contractual. Not all phrases have the same meaning in every title. Not all words and phrases have the same jurisdiction over the same people in every title. People in title 26 who sign IRS forms are a DIFFERENT set of people (people who voluntarily pay taxes) than the people in Title 5 or Title 10 who MUST pay federal taxes since they are considered federal citizens, receiving federal pay, for federal works on federal lands and they are REQUIRED to pay federal taxes. www.govinfo.gov/content/pkg/FR-1999-08-10/pdf/99-20729.pdf uscode.house.gov/browse/&edition=prelim www.govinfo.gov/
Dam did those chairs come with a massage or what? Did u get to keep that chair? Did u at least get a lousy photo of you riding through them doors like splash mountain? that's insane.l!
The US system is so extremely inefficient. Health insurance companies, people at the hospital dealing with bills, including doctors! Arguing about a bill. It is insane.
@@padronopusx6460 bullshit. VA hospitals are socialized and a report just came out saying VA hospitals have better rankings than for profit non VA hospitals overall.
@@padronopusx6460how so? You don't think removing the unnecessary layers of billing and billing codes and denial of coverage from different insurance companies and moving to a single payer wouldn't streamline everything? Please explain.
Thank you for sharing this. Something needs to change in healthcare. So many young people need care and can't afford to go in hospital. Something needs to change.
I’m a provider in a hospital. I see a lot of financial pressure now placed on employees for these shortfalls. The expectation is for the employees to make it work.
Because you were too lazy to read the fine print and do your due diligence. Health insurance companies rely specifically on people like you to make shit tons of cash. And you don't disappoint them.
The problem is that quality health insurance is either expensive or tied to your employer. If you pay for cheaper insurance, you don’t get the benefit of Medicare/Medicaid prices and I suspect those are the folks ended up having to file for bankruptcy. You have people who use the hospital as their family doctor. I know someone like that, for every issue immediately she goes to the ER and I tell her that the ER is for emergencies and that she’s taking away valuable time from people that actually need ER services. But she doesn’t care. She has Medicare or Medicaid so she might get a single digit medical bill. I also know another girl that had a baby but didn’t want to get married to the father because his insurance would go up by a couple hundred dollars. So she went to all her appointments and gave birth all under medicare. People with disabilities are often under employed for the same reason - to keep their government paid for insurance. Like Pat said, it’s the working folks that are the suckers here.
@@barbaracovey Young people can get on Medicare if they qualify as disabled in one way or another. Some people have both Medicare and Medicaid. (Medicaid picks up the copays left by Medicare in such cases.)
I'm 50 myself. I've been to the doctor 3 times since probably 15 years old. Once for a cyst, once for back surgery, and once for a vasectomy with a follow-up to check sperm count. I don't go unless I might bleed to death or need a bone set. Everyone else I know takes handfuls of pills everyday. I don't think I could live like that.
Same for me. I refuse to go unless I’m broken. I refuse to take any kind of medication save for penicillin for infection like an abscess that will kill me and I’ll take them correctly until the cycle is done. If I get cancer or something I will not seek treatment. My brother “had” an autoimmune condition, was on some medications for a long time. One day he got fed up taking all that, so he just stopped. He kept getting more and more healthy as time elapsed not taking the meds. Turned out the meds were disrupting his gut biome and where causing the issue. Extrapolate that out, and maybe that could explain the massive increase autoimmune diseases.
@@smelltheglove2038💯. I got really sick from a couple meds lasting a very long time. They weren't even prescribed meds I took for an extensive period of time. I was tested for autoimmune issues that returned negative so no drugs to prescribe to 'fix' me. Of course all the while ignoring the fact that what I experienced were side effects from the original drugs. Of course I wasn't going to take anything else period.
@@smelltheglove2038 HE "HAD" an autoimmune condition and was probably on an immunosuppressant and/or anti inflammatory medication, BUT he took the meds AFTER being diagnosed with an AI condition, which will change gut microbiome, but seems like whatever meds he took did help his autoimmune disease. This disease can return in the future, sometimes they go into remission.
Pat. You are spot on. I’m a nurse in Pittsburgh for 42 years. We often wondered why the hospital was charging the patients exorbitant amounts for items that were dirt cheap. Why?? Because they can. Especially third party payers. Thanks for the great content!!!!!!!
we need to put a profit cap on all things healthcare related. If we pass a law that limits their profit to 40% then we will see a massive drop in overall price
@@honestfriend767profit caps? Should you have a profit cap as well? People can make an argument to cap profits in many different industries. Should we listen to you but nobody else?
I work in the oilfield and have blue cross, I hurt my back and just needed physical therapy , blue cross wouldn't pay it. 100$ a session, needed 3 a week for 2 months. I'm going to cancel blue cross next time I'm supposed to renew. I also go to the dentist and they tell me it will be cheaper if I say I have no insurance. Ridiculous
Thanks for getting this and several other issues out to the people Pat. Keep up the good work and bringing the tough conversations out that politicians and the brain washed want to ignore…
@@noelsonkwa Socialized healthcare systems work. Look at the top countries in the world, they all have great social healthcare. Americans are just uneducated AF and think this is impossible. Republicans controlled 3 levels of government and passed zero healthcare reform. take the L and move on
Thanks! I'm in the Hospital right now. My kid got admitted with RSV. I may get sued if i use my degree and hard earned skills to work two of the same types of jobs due to non-compete. It's quite fine however, that I might have to file for bankruptcy if my daughter spends a week in the hospital.
When it comes to Western countries (US, Canada, Europe etc) only in America having a serious illness results in bankruptcy. It’s ridiculous and extremely sad.
It's odd that Pat refuses to look at how these countries run their health systems. I guess he is scared the answers won't align with his political views.
One thing I figured out in my 20's was that you either need to make all the money, or no money. Anywhere in between and you just get screwed across the board. Medical costs is what convinced me of this.
Even with the "Gold Plan" at work, I avoid the Dr. because I always expect to be screwed by the insurance company or doctors office. And if it is not very basic, I ALWAYS get screwed by "oh that's not covered", or "the doctor sent the tests to a uncovered lab". Always something.
Great outline of the problem. I'm 80 years old. My parents were not well off but they could afford to buy health insurance for themselves and their three children. It wasn't expensive when the doctor came to our house to treat us when we were sick. I once suffered a bad cut and we just drove to the doctor, not an emergency room, and he stitched up my wound without a wait. None of this was too expensive. When my older sister was born my dad said he could not pay the hospital bill at the time, but he eventually paid it off when he got on his feet. I only noticed hospital and doctor bills began to soar shortly after lbj's Great society Medicare and Medicaid c 1964. Which brings us to the situation of today with long waits, huge expenses, for the working class, while millions of freeloaders and subsidized Medicare and Medicaid patients get a virtual free ride. This is exactly why socialist programs never work and are doomed to eventually fail.
Socialism on a grand scale, but socialism in the community works more often than not, such as through the church. The problem is, big government is taking over the job of the church, which makes sense seeing that no one wants to participate, but want what the values deliver.
"socialist programs never work" You're taking the wrong example here. Countries with a fully Government controlled healthcare systems ("socialist structures") are having a healthy healthcare system. In America, it's capitalist freedom that's driving the cost up
@@JimEric-r8f good point. But churches and private charities are not socialism. Socialism requires the use of force at the point of a gun. Churches and private charities are voluntary.
@@baluandhavarapu5786 in countries where socialized medicine exists the wealthy opt for concierge healthcare or travel abroad for better service. Those stuck in the system wait a long time and often die before they get help. Never forget socialism only exists at the point of gun.
We had a $11000 bill. $8k more than the quote. We called and complained that we signed an agreement about the quote. They gave us “discount” and we only owed $800
Thanks for another great video, Patrick. I'm very fortunate to have a great teaching job that comes with good insurance, but my wife has sspent much of her time studying homeopathic alternative medicine and applying such learning to our family members with very healthy results. We live in a very polluted environment here in the Imperial Valley but alternative medicine has worked wonders. I've gone to the emergency room a few times but I'd rather keep away if I can. Health care is very expensive, all chemicals have side effects (many of which are very serious), so I'd rather save my money and take care of my health while saving the insurance quite a bit. I've always wondered why insurance companies don't encourage alternative medicine more seriously.
I’m a Brit in Japan. The NHS in the UK is held in high esteem and we perceive it to be ‘free’, at least at the time of being served, yet it is highly inefficient, with awful waiting times and lacklustre service. In Japan however, you pay health insurance (low) and pay a small proportion after being served and it is the best I have experienced. Quick to be seen, quality service and feels pretty cheap. The situation in the US is unfathomable to me.
Well yeah, because in the US we pay like we are receiving the best healthcare but yet we still have to deal with the lackluster service and long wait times. We pay via tax, insurance companies, and out of pocket.
Cultural differences in Japan. People actually hold themselves responsible and want to be perceived as being not only competent but excellent at their profession.
Taiwan has the best Health Care System in the world thanks to a 16 year old girl that made the decision that never would a patient be turned away from a hospital because of lack of money, as of 2010 she and her fellow Taiwanese have built 5 hospitals that service both citizens and foreigners alike, I worked in Taiwan and was very lucky to have the best health care possible for 8 months the charge was $12.50 per visit for one and a half hours of Physical Therapy that repaired my Deteriorating Vertebrates that lasted till 2020 American doctors in 1979 said they could not help me and never did, I bet that 1.5 hours of Physical Therapy in the U.S. would cost three to five hundred dollars a visit for 8 to 9 visits a month, Thank You Taiwan...
I went into the hospital a few days after an accident because I didn't feel right. Got a cat scan and got a prescription for some pain killers. The bill was 10k and change and in the breakdown i was charged $1000 for 2 doctors who just stopped by my room to say hi.
Health care in USA is to high. All the hospital ads are deceptive since most people cannot afford it. My neighbor had proton Rx to his prostate over a 6 week period and cost him $120k! Dental care is also way too high. It's criminal imo.
I worked in the medical field for 22 years. You are just scratching the tip of the iceberg. The amount of waste and cost of administration is beyond all reason and logic. My husband died of cancer and left me with $35,000 in medical debts. My income was cut in half, and I was not entitled to any help from the government. I had to remortgage my house that was 3 years from being paid off. I survived by the grace of GOD. It was very hard.
Every non emergency surgery has a code . They will give you a price if your persistent enough to find out the code for your surgery and you can shop that number around .
Don't give anyone at the hospital your SS#. They will use it toget access to your banking records and cheat you, and they have no legal right to that info anyway. And if they claim they're signing you up for any state insurance, double check on that. We had a hospital do all the paperwork with us and then never actually file it. By the time we realized, it was too late to have any of the bills covered retroactively.
As a 57 year old Army veteran. I’ve worked all of my life but now employers don’t offer insurance. I haven’t been to the doctor in over 20 years. I went once to the ER. I got a bill for over $3000. The didn’t do anything for that fee other than examine me( existing hernia).
Have you got any friends or relatives in the uk??? If you have well you got ill when visiting it will cost a couple of hundred dollars I mean £250 $200 have a look.
But this video is detached from reality. The cost is in insurance and the disctates of the insurance. If you pay cash, the price is often 1/3 or less of the insurance rate due to need for administration of insurance fees and billing costs that have to be accounted for. The fact that they get 80% if what they bill medicaid or something has to do with what they charge vs what medicaid agreed was a fair price for the service. The margins have to do with the fact that their costs run high because of administrators, compliance officers, lawyers, etc. All have to do with insurance requirements.
Had my 3 year kid break her arm in Europe where I'm originally from total cost was ê150 for a cast and taking the cast off. In America we've had 1500 for a child flu visit, system is totally broken.
Thank you for covering the topic! It is oddly surprising that even so called financial advisor channels don't cover the most risky, unclear expense that everyone will face one way or another.
I had the opportunity to see some of the financials of a large private hospital system almost 20 years ago. A huge portion of their revenue went to covering the expenses of those without insurance, or money, or who wouldn't give them their ID so they couldn't be billed. These folks often came into emergency because their kid was sick or they had some other issue that would normally be handled by a doctor's office.
You can thank the Affordable Care Act for the loss of the regional/community hospital. When the ACA was signed into law healthcare facilities had only a couple/few years to become compliant with the new rules particularly eliminating all paper records and switching all their records to electronic, electronic transfers of data, standardizing their billing procedures…etc. Also if you have a patient that is readmitted within a certain timeframe after being discharged the hospital can be fined or take a reduction in reimbursement, I don’t exactly recall which one it is. Well all these things sound good but they come at a cost especially for a small or rural hospital. So many of them were bought out by these huge hospital systems and others had to shut down.
Healthcare needs to be more transparent in their pricing and needs to adapt a simpler system than what we have now! Lots of complexity due to insurance and billing practices. Not to mention for-profit pharmaceutical companies and doctors over-treat their patients due to fear of getting a lawsuit due to malpractice 😒
As an analyst in Healthcare for 6 yrs this, was my hardest pill to swallow. Also, the overhead required to play the "game" with the insurance companies is maddening. They change policy on the fly and the insurance companies are all different so making adjustments to system build and interpretation is a nightmare.
I just took my woman to the emergency room in Malta for the flu... We do not have insurance for Europe. The cash cost was 46.50 Euros. Government colluded mandatory insurance scheme in America has ruined the cost and quality of care there. Looking for greener pastures and finding them.
As a Canadian in January 2015 I had brain surgery, in July I had a heart attack and had two stein's put in. These two operations didn't cost me a cent.
Patrick, as a 74 year old woman my husband and I followed the rules, paid into social security and medicare during our working years and were promised benefits when we retired. We bought the lie. Al Gore, when he was running for President, kept spouting off about "the Social Security Lockbox". No such thing existed, as soon as the contributions were deducted from our paychecks they were spent instead of being invested. I know that the system needs to be reformed and I feel bad for our children as they will not benefit as I have. But I do not feel guilty for claiming what was promised to me, having fulfilled my side of the bargain.
What he's saying is that Medicare does not even cover the cost to treat you, so your children are already paying for the short fall through their premiums and out of pocket expenses. Medicare is not sustainable. People look at Medicare and social security as their retirement....it was never supposed to be that. It was supposed to be supplemental to your retirement and to help those that come from a lower socioeconomic status.
I’m 74 on fixed SSI. I depend on it but don’t feel “entitled”. I realize the state of SSI, Disability Income, Medicare and Medicaid is not sustainable.
Last time I was at the hospital they made mistakes like ordering too much dye and multiple xrays because they screwed up. They billed my insurance for thousands extra because of that. They should have to eat those costs instead.
The stock market rally run is gone, but I'm not sure if equities will swiftly recover, keep falling, or fluctuate in a narrow range for a few weeks, or if things will quickly get worse. I'm under pressure to increase my $300k reserve.
Making touch with financial advisors like Julio Castillo he can assist you restructure your portfolio, would be a very creative option. Personal financial management will be crucial to navigating the next difficult times.
That's true. Its really needful for beginners not to settle for videos alone or they will see themselves losing all their money just like me when I newly started trading with this videos here on RUclips
I agree with you! With his help, I diversified my 450k portfolio among different markets. During this bearish market period, I was able to produce a net profit of little over $1 million from high dividend yield stocks, ETFs and equity. However, the reality is that you cannot do it without a tried-and-true trading coach like Julio Castillo
Forty years ago. when I was in my twenties, we all said the same thing Pat is saying today! It is not the working class's fault that some people are uninsured. We as a country spend too much on healthcare because of health insurance and the system as it is today in the USA. Well, fast forward to today and I am in my sixties now and I want the benefits that I also worked for as a younger worker. Pat when you are 20 years or more older you will want what you worked for as well. To my surprise, we still have social security which I was sure would not exist for my generation in 1979 when I began a career. We as a young generation did not like supporting the older generation either.
What about the 400-1800 profit margin? That is not the fault of medicare or medicaid or uninsured people and I am sure the 1800% markup covers ANY uninsured people, with lots to spare.
@@johnp9890 Those were charges to costs, not profit margins. The profit margins were discussed around 10:28 and were negative. Those exorbitant charges do seem to be due to Medicare/Medicaid and uninsured and aren’t even successfully making up for them, much less having any to spare.
@@KirisutonoNeko It was better when we just paid the doctors directly. They made a decent but not extravagant living. Whenever a third-party insurance company is paying the costs go up to cover what they do not cover.
I had a bad motorcycle accident here in the US. My wife drove me to the hospital where they charged me $5500 for an X-Ray and that a doctor told me my arm/shoulder is broken. Three days later I decided to take a painful 12 hour flight to Germany where they fixed my broken bones for about $5000 (cheaper than the X-Ray and it was 100% covered by my insurance). Later I talked to a surgeon who told me that fixing my injury would have cost me way above $100K in the US, so 20 times more than in Germany where the doctors did an amazing job. Don't get me wrong, I love living in the USA, but the cost of health care here is just out of control. Capitalism is the best system with exception of health care. Hospitals should serve the public and not operate only to make profit.
A visit to my doctor is $100 out of pocket. They tried to bill through insurance last time. They billed $573, insurance paid $220, and I was expected to pay $353 to the doctor... It's insane!
Hey Patrick, I agree it's not fair for the hardworking people who's doing the responsible thing like us ends up picking up the tab for others. You brought up an important issue in healthcare costs. But I think the issue goes beyond just healthcare. The entire financial system has to change. I agree there's has to be accountability on all sides, consumers, businesses, and our government. While I'm also upset that it's not fair to end up picking up the tab for others, I'm also upset because the entire system is screwing the hardworking taxpayers who's doing the right thing. When the market crashed in 2008, big banks and even AIG got bailed out. Recently, banks like Silicon Valley Bank got bailed out for irresponsible risky investment decisions they made. There's no accountability. And hardworking taxpayers ends up paying the price.
Until this gets fixed, its important for people to take care of their own health because these healthcare pros don't give a damn. Put the burger down, eat right, exercise and avoid dangerous situations. The only person who can take care of you is you, you can't rely on these criminals.
I used to work the front desk at an ER to register patients/run insurance. I was shocked by the amount of patients who walked in with small injuries or conditions that could have been seen through urgent care. People should remember the ER is gonna charge you nearly 5x the amount just for your sutures or general stomach pain. I almost wanted to turn away someone for a small cut on their finger but we weren't allowed to do that.
@@RunninUpThatHillhwe need to put a profit cap on all things healthcare related. If we pass a law that limits their profit to 40% then we will see a massive drop in overall price
They don't care because they know they won't be paying a cent. Most of these are Mexican and South American illegals. Walking into the ER for everything from a pin prick to a common cold to a bullet wound to the head *is their f*ng health plan,* free of cost, zero premium, everything covered at 100%.
*5 years ago I was in Paraguay, my daughter got sick and we ended up in the HP for 4 days and my bill was $472 CAD after the conversion rate etc. This was for everything, the procedures, all the tests and treatments that they did to her, food for her and myself as well, all in* I was very surprised! Not sure how they do it, but I couldn’t believe the amazing care we got, in a third world country, fancy fancy HP and great professional staff with the best tools around. As a Canadian, I wasn’t used to it lol
Al I can say is thank you, thank you, thank you for bringing the subject up, please let’s not give up on the subject, health is too valuable to ignore.
@@souviksen7497 Albeit, my wife had 9 months of chemo + delivered our child in the middle of it at one of the best hospitals in Chicago. I was equally blown away by the fact that some chemo treatment doesn’t actually affect pregnancies. I cannot say they didn’t give us world class medical care. Everyone’s healthy and cancer free and happy. Imo it was worth it. Was just shocked by the sticker price initially.
If you wanna be successful, you most take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life.
The first step to successful investing is figuring out your goals and risk tolerance either on your own or with the help of a financial professional but is very advisable you make use of a professional like I did. If you get the facts about saving and investing and follow through with an intelligent plan, you should be able to gain financial security over the years and enjoy the benefits of managing your money.
The stock market rally run is gone, but I'm not sure if equities will swiftly recover, keep falling, or fluctuate in a narrow range for a few weeks, or if things will quickly get worse. I'm under pressure to increase my $300k reserve.
I agree with you! With her help, I diversified my 450k portfolio among different markets. During this bearish market period, I was able to produce a net profit of little over $1 million from high dividend yield stocks, ETFs and equity. However, the reality is that you cannot do it without a tried-and-true trading coach like Kimberly Kent
I love the video editing in these phantom 1-on-1 interview educationals with PBD. Perfect cuts and zooms to emphasize and punctuate his speech and body language for maximum impact. PBD, pat your editors on the back for me. They're a great fit for you.
Yeah.. Canadian healthcare is way better. If only the politics weren’t so crazy up there I would consider researching and going through the immigration process.
@@maxlivingstone6863 I agree 👍 That's because people here are blind. They accept everything that is thrown into them. They vote for the wrong people. I pray God removes the scales out of their eyes. Blessings 🙌
I recall when Trump had the price transparency rule, so people could shop around. They fought him on it, and I can see why. The price discrepancies are ridiculous.
The only way to get Hospitals to cooperate with laws is through pulling their Access to Medicare & Medicaid if they don’t comply. That’s how they got the mandated COVID protocols administered so quickly in 2020, why hospitals will still give care for uninsured people when they passed the EMTALA back in the 80s, and why all organ donors are screened and sent to Tissue banks under the AATB.
Patrick, you missed a 3 huge details: Accounting & taxes: the reason hospitals have low or negative margins is accounting for taxes. When a hospital charges $10000 but only collects $1000, they are able to deduct as an expense the bad debt of $9000. That’s effective $100 revenue. Meanwhile it cost them $2000 (according to your $500 per $100 CTC figures). So now, their $10000 charge is actually a loss of $8000. This estimate would include Medicare/Medicaid and uninsured. We can also estimate 6% of the Hospital revenue ($1.4 T) is $84 M in reported revenue lost due to Medicare/uninsured. Estimating at 5x CTC this is only an actual loss of $16.8 million but they get a $67.2 M deduction. In essence, the Medicare system results in an extra $62 M in profits. Now I assume the greed of the system would result in them under reporting the actual revenue, rather than the actual costs. so it’s very likely that $50M is disappearing into someone’s pockets. The US pays $12K per person for health care that costs less that $6K in Europe. Of course the healthcare companies make money in Europe, so all that extra they charge us is excess profit. If 50% of hospital revenue is 2x it’s honest figures, then the US hospital system makes $700 M in extra profits. So the actual cost of However, the hospitals run a low or negative margin. Where’s that money going? All of these excess profits due to the corrupt accounting is going somewhere…. to the owners of the medical industry stocks and the corporate leaders. So, your theme of the employees and owners of small business having to pay for the Medicare losses of the hospitals is incorrect. We are directly subsidizing the extreme profits of the owners of these corporations. And getting sicker by the day….
A good friend of mine who's 74 can barely even get a doctor and when he finally does, they schedule his appoints for 2 to 3 months out when he's got symptoms consistent with congestive heart failure, plus his documented history of COPD, gout, macular degeneration ,etc. H's retired and his woman died. Since they weren't married he doesn't get any of her SSI benefits. He barely makes any money from Social Security(less than a thousand I think) and just to add insult to injury, he gets $22 in food stamps every month. Yes 22 bucks. While they give checks & food vouchers to illegal invaders at the border and put them up in housing with rent vouchers this country shits all over its native born sons as usual, in particular it's elderly & its veterans. I've also heard that they're taking doctors from the VA & sending them to our imaginary border to help the invaders, mostly female invaders who have little baby invaders or are about to give birth to little invaders. So there's a shortage of doctors and other health care professionals for us; my friend who's old and me who's a combat veteran of the Iraq War, & all of real working people of America. I'm now embarrassed and ashamed for having "served" my country, something I used to somewhat proud of. Oh, and don't think voting or politics or any billionaire traitors are going to fix this. It can't & won't be fixed. The entire system was designed to come down and they want to bring America to it's knees so they can implement their one world government, bottom line. That's the big picture but unfortunately most people can't see past their local or national (s)elections. So who's they? International bankers and world Jewry, period point blank. I've studied & researched & read countless books about the problems facing America & that's the conclusion I came to based on stone cold evidence. This is not my opinion, these are facts, and People like this guy and every other talking head never identify the real enemy. You can't win a war if you don't even know you're at war or who's the enemy is.
Moved out of US 10 years ago. We have a mandatory minimum coverage and system of basic care that everyone gets. We pay $25 equivalent a month for a family if 4. Cost ZERO on top for having children! Emergency rooms are not packed. People take care of their illness by going to the doctor's in their insurance and you can go to them without an issue or wait time. In US I waited so long that I had to go through emergency and have surgically over something that could have been treated earlier had the cost of going to the doctor was not insane. The problem in US is Insurance. You would not need the 200 extra billing and administrators in the hospital if you had a simpler system. Less costs, more margins. Duh. Before I left there started to pop up doctor's offices in New Jersey that would offer cash for service set ups. And the cost of those vs insurance were very yelling. Hourly Dr rate for cash vs insurance was 1/4 or 1/5. The failure is in the insurance.
This is what I keep hearing from anyone outside of the US. I'm as conservative as it gets but I'm starting to lean towards this model. Our system is completely fraudulent and broken. I think it might be time to switch to a model like this
Out of curiosity, how much taxes do you pay and how many months does it work out to that you work for free to pay for the basic care and how much does the extra insurance cost if needed? And what country did you move to? In canada my grandmas friend had to wait for almost a year and half for a knee replacement, my grandpa had his in less than 3 months, it was just getting the doctors time right, and I've heard other horror stories, what country cause even the UK, we heard stay home and save the system for 3 years and now we have dancing nurses for the climate, save the children, what a joke medicine has become
Damn son. I am in a govt. Hospital right now coz I can't afford private hospital for my dad.I paid $5.7 for a packet of blood and the bed cost is free and we don't need to pay alot of extra on tests it seems. You do sacrifice some but atleast I can afford the cost for my dad's treatment. I am in Nepal.
This conversation is incomplete without discussing the societal consequences of bad health choices people make without consequences or accountability along with low savings rates. Insurance is my last line of defense when it comes to sickness. My first line of defense is my health choices around things like nutrition and exercise. Much of my health costs around any doctors or hospitals, as well as insurance, is paying for the poor choices of others. As for out-of-pocket costs, I've done without things to save and invest so I have more options that can include negotiating cash payment to some professionals who are happy to take my check rather than fight insurance companies to get paid.
I’m paying $2,300/mo for myself, wife and 18 yr old son. We have the Silver Plan with Blue Shield…each person has their own $5K deductible…then i we each have to pay a percentage until we reach $17K…and only THEN do they pay for 100%. Think about that?! I gotta earn/gross $35,000 just to pay for my premium’s!!!! WT-! Main reason I’m looking to move to Mexico…and yes, Mexico has GREAT medical services…The U.S. has turned out to be for millionaires…
Preach my dad just had 4 x-rays and they are trying to charge him 2150$ with insurance. I'll probably die due to health issues I don't even know about because you can't trust these bank robbers (dr's).
I'm uninsured never had it and I had surgery on my hand. The metal plate they put in was about 2", with six little tiny screws. 7,000 for just the plate and screws. Found a box of a hundred medical grade plates and hardware, from a certified hospital supply company, for less than 90$ a box at the time. Each plate cost .90 cents. But I paid 7,000 for it. So tell me again how I'm not paying my share??? Not to mention the 12-13,000 for the operation. Of which took less than hr, and only a couple hrs in recovery.
so many people here are on mass health. they dont pay anything. anyone else with private insurance that has a big bill simply doesnt pay it in this economy. a unpaid medical bill will not hurt your credit score
I worked in the Healthcare industry in the 1970s-2000. I saw this happening when medicare started getting heavily involved in negotiating and paying for all services. Then Insurance companies came up with HMO and PPO insurance plans. The cost of healthcare blew up from that point forward. Insurance companies got rich, rich and keep getting richer. Now patients are paying more out of pocket with insurance since the failure of the HMO/PPO contracted pricing. Now we are paying the price for medicare and insurance companies becoming so big. In the good old days when insurance was used only for inpaitient care or outpatient procedures. The cost of dr. visits were reasonable, prescriptions were reasonable until insurance companies came up with the previous plans mentioned with negotiated outpatient pricing.
For years I only saw the Dr once a year for an annual checkup. After a vaccine reaction I now have 4 physicians, have been in the hospital 5 times in the last 2 years and have crazy medical bills covered by Medicare. I must admit I feel like I deserve this care as the government mandated the vaccine for me (I work in healthcare) and I didn't have a choose. I have lost my job and my health and my savings all do to government intervening in my private decisions.
Damn, I was able to foresee that being a problem and opted to work at McDonald’s worse case scenario. At least you take ownership and I truly hope you get well.
You don’t derserve it. You could go and work somewhere else for a while. Now other people have to pay for your stupid decision you made out of fear, instead of putting your health first.
They are coming back with new mandates this fall. JUST SAY NO! Mandates are not laws, and they are unconstitutional and violate basic human rights. DO NOT COMPLY!!!
In regard to what you are talking about at the beginning, not going to the doctors due to bills. I did that for 6 months when my manager at the time finally forced me to go in, I ended up having stage 2 cancer. If I would have to wait any longer there is a good chance I would not be here today. By the way I worked at a hospital when my manager forced me to get checked out....love the irony.
I can't afford health insurance and I don't qualify for Medicaid because I am just a tiny bit over the threshold! But I'm sure glad billions of our hard-earned tax dollars are going to other countries! I'm also glad that millions of Illegals get free health insurance and are also able to claim disability!!!! SMH
![I.N "HALLUCINATION" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/n5B5q1Hwt_U/mqdefault.jpg)
I needed a hernia surgery in February. First call was insurance will cover it all. Made sense as we pay a ton. Two days before surgery they said person misspoke and insurance will pay zero. I said fine I’ll pay cash . Roughly 10k. Surgery got delayed so we upgraded our insurance . Ended up paying 3k out of pocket and insurance got billed 80,000. It’s all a complete scam.
This happened to me. The average cost of a knee replacement is said to average $24-35K. I had two done (I am delighted, absolutely thrilled to be able to walk. Period. That is how bad it was.) I paid $3300. Insurance got billed $82K - paid 9K. I am very grateful that my doctor accepts Medicare patients, because that low amount of payment to him and his team is shocking. I hope he gets more from other patients.
@@bria2596glad you're mobile. I gripe bc Soc Sec takes $150. out of every check but includes it as income so I'm over the line for liheap etc. I'll die at home before I go to hospital. UPMC (Pitt medical school) owns my city since USSteel left for China. Doctors must follow UPMC protocols if they want hospital privileges.
No pain medication prescribed bc one may get addicted.
Hope the surgery went well , Man . Stay Strong , Brother .
My wife here in Spain with the same surgery...pey 0$.😮.
Here I. Europe we don't need ensure
Whoa! Man. Thanks for sharing that. That's very insightful.
Healthcare/insurance and education is pure racketeering
Can’t live with it,can’t live w/o it🖕🏼
I appreciate Pat sharing this INFO…didn’t he make his fortune from this industry for years selling insurance thru PHP?🤔
@@stealthknight2391He does life insurance so I don’t think it’s the same
I’m not educated on this topic so feel free to correct me if I’m wrong
It is, i had an emergency appendectomy this year and i am glad i had insurance because the hospital is literally billing me 125k for staying in the hospital close to two days😳 i couldn’t even imagine if I didn’t have insurance.
Both are pretty much getting paid directly from the federal reserve
$750 for a 15 minute hospital visit. The doctor will just stare at you and prescribe you drugs. This system is made of bigger criminals than actual criminals.
When gov is telling you that they fight the criminals they actually take over a business. Same about guns, alcohol, drugs, tobacco, human parts and many other.
Why do you feel entitled to tell other people what they can charge for their time? Are you a communist?
Neat. I saw the Doctor for only two minutes at the end but they ran a lot of tests on/in the wrong areas because a nurse noted pain in the wrong spot...
@buppy5667 Yes, let's not forget the shear level of incompetence that comes with these overpaid Healthcare workers.
Usually wont even see a doc. Just a nurse.
I went to the hospital for a small cut in America…they cleaned it glued…20min procedure $3500 cost! Someone needs laws against these hospitals!
So true. My sister and her husband had good medical insurance, but when he broke his neck and became a quadriplegic his insurance company dropped him and she had to file bankruptcy because they couldn’t pay the millions of dollars in medical bills.😡
If I ever become a Christopher Reeve I'm going to blow my straw in to a lake.
I broke my neck last Dec and became a quad as well. I was in the hospital and rehab hospital for 5 weeks total. Thankfully my insurance covered me but it was near $500k… so sad about your bro in law :/
I am so sorry to hear this, God bless you . We need to support your brother in law and sister . God forbid this happens to one more person
@@mattedwards93wishing you the best possible outcome . ❤️
WHAT THATS INSANE. And ur sister is a real one 99% of wives wouldve left their husbands even if they didnt have to pay millions in hospital bills
About 4 years ago I got a severe case of heat stroke. I was vomiting, and couldn’t keep much water or food down. My wife drove me the the ER at a nearby hospital. After about 2 hours in the waiting room I saw their check in PA who took my vitals and asked some questions. I was in that room for less then 5 minutes and then asked to wait in another area to be seen. Another 2 hours rolls by and nothing. After all this time I started to feel much better. The little bit of water I was able to keep down must have helped. So I told me wife we were leaving. We checked out with the front desk and the PA signed off. 2 months later I got a bill for $1700. The only “service” I received was getting my temp and BP checked.
Do you have insurance?
I had the same shit happen except I was admitted for dehydration. I lived not even 5 miles from a hospital, they drove me 20 miles away to a different county, left me on a stretcher for who knows how long before putting me in a chair in the waiting room. Drew my blood, told me to go back. I felt better, called an Uber, left. 2 months later I get a bill for $1558, 3/4 of it was for the ride. I didn't even call the ambulance, my friend did. They can kiss my ass for that one they'll never get the money and only time I'll call them is for someone else. Absolute bullshit.
Hospitals are criminals
They're blood sucking vampires. Avoid them at all cost.
@colinquinn7516that’s why younger generations just don’t want kids.
Hospitals may not be making much profit but the executives makes literally millions each while they squeeze the floor staff.
are other executives in companies are that structure
You're talking about a tiny subset of public hospitals. In privately owned hospitals, which are the majority, an RN can make more than the Administrator. RNs are the largest cost to any hospital.
Yeah, but see it like this, who would want to have to manage this structure? Have to deal with all the complexity, the bills and have to balance all of it. If you are always operating at a loss, a lot of pressure will constantly be on the executives to try and do something about it. The incentives are there to make them stressed out and prone to more extreme measures to cut cost. At the end of the day, being the responsible one for the functioning of such a complex business is no small feat and doubly so when the entire structure is broken to the point that even charging hundreds of percent above your cost can't even make you go green in profit.
Maybe if it was one or two hospital that suffered this, you could say that its because of the corrupt executives who just get paid too much, but if its so widespread. Its unlikely to be the source of the problem.
Millions isn't that much at the end of the day. Here in Canada, when the CEO of loblaws got a raise of a couple million dollars amidst increase of prices generally, people complained a lot but that million of dollars was like a 20$ bill per stores. It was peanuts and it would not have changed the pricing of the goods and services.
But losing a good CEO could increase your inefficacy so much that the couple of millions you saved end up costing you billions. Like every job, employee and employers have to compete to be or have and keep managers and executives and its an important role in making everyone in the structure accountable somehow. For investors or shareholders, economic profit and losses are what holds them accountable, for managers, its the shareholders, for the employees its the managers.
@@GenVictoriawhat's wrong with that? RNs are keeping you and your family alive. RNs do all the schooling, studying to get where they're at, while the secretary wants to get as much as the RN without a degree. Give me a break.
@@GenVictoriafalse. Unless the RN is working OT.
My husband was hospitalized for 3 weeks because of COVID. He passed away and they sent me a bill for $290,000.
Wow, sorry for your loss. Did you eventually have to pay?
@@SoothingMusic883 Thank you. No, his insurance paid for it.
I am an American living in Kyrgyzstan. Our 5 year old grandson needed a new heart valve. In America the cost was more than $100,000 dollars. We flew to Turkey to have the same surgery with the same exact equipment. It cost us $12,000 dollars. Something is wrong with our system!
$100,000 dollars is redundant. if you have the $ symbol you don't say dollars. youre saying "one hundred thousand dollars dollars"
Okay, now compare the average income of US citizens vs the Average income In Turkey.
@@mike20855really???? That’s what you get from that statement?
@@Gumdrops8739 just a pet peeve of mine
In India even cheaper, at any world class hospital you can get it at half of the cost you pay.
I used to work as an Occupational Therapy Asst. One job was in a hospital. I overheard a patient's wife who had just come back from the billing dept. They had health insurance. The guy fell off a bike and broke his hip, had a replacement and spent 3 days total in the hospital. His wife said their insurance paid 75% of the bill. Their out of pocket portion...$250,000!! For 3 DAYS! The itemized bill listed an MRI as costing over $30,000!
There is NO WAY a hip replacement and 3 days in the hospital should ever cost a million dollars. F that!
I got out of health"care". They work you to death and don't properly compensate the people actually taking care of patients. So much fraud!
Part of the inflation is the 3rd party payer system just like the student loan scam. When a third party is paying (buffering) the immediate cost, the consumer doesn’t revolt and the provider can keep jacking up the price because there is no price discovery by consumers that will reduce the demand and put them out of business. So, the game is to take away price discovery and even confuse the consumer by not providing price upfront. Kind of like a car salesman that doesn’t want to give you a price so he can control the game. The morals in America has been falling for decades now and we are in the final manifestation of this greed disease that is a full vertical cancer from the poorest to the richest. Seem to me that is the nature of man today and we need 1000 years of evolution to figure this out
As a Physician, its sad watching business people flood hospitals, balloon prices and drive down hospital quality. The trend you mention absolutely mirrors Doctors offices getting "bought out" or forced out and gobbled up by big corporations. Seek out the private offices who treat you like family and not a number. We still exist.
As a retired hospital executive, in my experience, clinicians make the worst managers. No offense, just my anecdotal experience. Totally agree with you on the rest. I used to have catastrophic coverage for $100/month and paid my family md cash. Now I pay $600/mo and my co-payment is more than if I would just pay cash. The entire system is broken from pharma to medical to insurance and government involvement.
@@GenVictoria jesus you pay 600 a month for medical coverage? I am canadian and yeah going to see a doctor doesn't cost anything, average medicine for common illness isnt expensive if you don't have coverage. But the wait times to see a a specialist is 6+ months.
How much would it cost to just see your family doctor to get a referral to a specialist?
@@camanderson9954 my co-payment for my family Dr is $60 and to a specialist is $80. If I paid cash to my established family Dr it would cost me $50. Saves me about $20 on an established specialist visit. A specialist consult would run cash $300 and a visit $100. And less cost and stress to the md to have to get approval, bill, etc to my insurance.
My insurance is contracted with my doctors and their rates are set at $68 and $100 respectively, so basically my insurance pays $8 for a family md visit and $20 for a specialist visit.
Pharma is a problem here. Canada enjoys our meds at a much cheaper cost than we do due to patent laws. That is a political issue though.
ETA: there is a reason lasix and other 'cosmetic' procedures are so cheap, yet very lucrative....it's because insurance doesn't cover them and the market has driven prices down. Lasix used to cost $10k, now you can get both eyes done for $1500 out the door and never have to buy another pair of expensive glasses or contacts.
The problem with Canada is that 6 month specialist wait is only for people using insurance, there are plenty of cash paying patients that are seen much faster. That is a two tier medical system which penalizes the middle and lower socioeconomic statuses. Much like the way Medicaid works here. No out of pocket expenses but good luck finding a Dr.
Vote Rfk Jr!
but is very hard for those private offices to exist...insurance credentialling and big hospital system keep the little guys out.
Patrick, I was debt free before my Cancer diagnosis in 2021. After traditional and holistic treatments, I will be bankrupt. Even with insurance. I’m most thankful to be Cancer free and will weather this storm. Thank you for bringing this important subject to the people.
A - During the Hill-Burton Health Care Act system it was from (1) taxpayers to (2) government to (3) hospitals. B - But now under the HMO system it is from (1) taxpayers to (2) government (3) extortion practicing insurance business companies taking 89% to 95% of the money to (4) leaving the remaining crumbs to the hospitals.
My first wife passed from cancer. We had good health insurance with a $5k deductible. After 1 year of treatments I was billed $65k. Luckily we had life insurance. I don’t think that’s the case for most people.
Our health system is criminal.
Something about that doesn't make sense.. not saying you're lying, but how do you get billed $65k with insurance?
@@genox3636 insurance doesnt cover everything. Likely would have been more without.
@@genox3636 insurance does not cover everything in US.
@@genox3636 The cancer treatment probably cost a million bucks... Even though ir didn't even work
@@africkinamerican did you get the billing to verify the coverage and reference it with your plan?
Had major events and had health coverage ( childbirths, auto accidents w/injury) and EVERY time we kept a close watch over the itemized charges going thru our insurance. Hospital/doctors would send in bills multiple times and each time the insurance company would pay. I would catch every discrepancy and document and then send in a letter listing them to the insurance company. Only after I informed them would the insurance company decline the double payments to the hospital/doctor. I discovered a $23,000 charge for surgery that they paid twice (the insurance company actually sent me a thank you letter for catching it). I discovered a $1600 charge for use of the "pre-op" room that I argued against (and won) because all they did was roll me thru that room (without stopping) to access the operating room. Bottom line we are being screwed by both sides (insurance co & medical industry).
I had a very frank discussion with one of my doctors on the insurance payment topic. I was an established patient with this doctor for 8 years at this time. I commented to him that I received an explanation of benefits from my insurance provider, showing that their office billed $390 for 1hr visit, but was paid only $40 by the insurance company, and that $40 satisfied the bill. To me, this sounded crazy!
He explained:
Depending on what each insurance coverage is in place, some pay more than others. When they bill for $390, but only get paid $40, on paper generates a $350 loss. This loss is a tax write off.
Tax write off = taxpayers pay for it in the end??
Thank you. I was feeling very bad for my doctors.
A - During the Hill-Burton Health Care Act system it was from (1) taxpayers to (2) government to (3) hospitals. B - But now under the HMO system it is from (1) taxpayers to (2) government (3) extortion practicing insurance business companies taking 89% to 95% of the money to (4) leaving the remaining crumbs to the hospitals.
@@RunninUpThatHillh - No. It doesn’t. We saw this with the introduction of HMOs back in the 1980s. All contracts agree to a percentage of the “going rate” for service provided. Before this, I could go to a doctor and pay $40 for the visit and be done with it. Now, I go to a doctor and pay a $40 co-pay and the insurance pays maybe an extra $100 to the doctor. Basically, if doctors need $50 to justify staying in business and they agree to take 25% of what the going rate is, they all quietly agree to raise their price to $200 so they still get the $50 they NEED to stay in business. I don’t blame doctors for this…I understand the economics of keeping a business profitable enough to justify being in business, but the whole health insurance model inherently makes things worse for everyone. It’s like buying and providing unlimited alcohol to an alcoholic so he doesn’t spend all his paycheck on booze. You’re solving a short term problem by creating a long term problem.
I broke down a medical bill I got one time for a visit to the clinic. I demanded the, "break down," because the charge was outrageous. When i received my breakdown. I was charged over 150$ for every door I passed through and every chair I sat in, as well as the total cost of treatment.
😂😂
did you end up reducing the total bill?
FOLLOW THE WHITE RABBIT INTO THE LIONS DEN:
I teach something called ORIGINALISM.
ORIGINALISM is what the FOUNDERS meant when they wrote the constitution.
ORIGINALISM is also called FEDERALISM.
FEDERALISM is defined in Executive Order 13132 as: Acts of the national government - whether legislative, executive, or judicial in nature - that exceed the enumerated powers of that government under the Constitution violate the principle of federalism established by the Framers.
FEDERALISM is POSITIVE LAW.
POSITIVE LAW is therefore, ORIGINALISM.
Those LAWS NOT made positive are NOT constitutional.
Those FORMS NOT conforming to the ideas of FEDERALISM are not constitutional.
All Forms and Laws must go through a process. This process must show proof of conforming to the ideas of federalism defined in Executive Order 13132. When they do NOT conform to the ideas of FEDERALISM they do not conform to the ORIGINAL ideas of the constitution and are NOT POSITIVE LAW.
Titles are made Positive and have a Positive Law citation when they conform to the ideas of Federalism which is Originalism.
Example:
Title 26 Internal Revenue Service is NOT Positive Law, has no Positive Law Citation, does not conform to the Constitution, is not in conformity with the ideas of the Founders Original Intent. Therefore, it has FAILED to pass the requirements of being passed into law as constitutional and receive a positive law citation. This means there is NO EVIDENCE of the law having been made.
IRS FORMS are NOT compliant with the ideas of Federalism, they do not conform to the ideas of the founders and are not constitutional.
These Laws are followed voluntarily.
These forms are signed voluntarily.
The forms are contracts to which you consent to voluntarily.
Once the contract is signed it becomes LAW between YOU and the other person.
Contracts are PRIVATE laws.
These IRS contracts are NOT administered in courts of "the United States" created by the constitution.
Just like "Federal Reserve Bank" is not Federal "United States" is not "the United States." And "United States" is not "the United States" as a government entity who has governmental powers the founders created.
The phrase "tax court" is used to define MORE THAN ONE tax court.
Tax court for those within the PUBLIC laws. Since federal people pay a federal tax they go to federal tax court.
Tax court for those people who are OUTSIDE the public laws and have contracts with the IRS to pay taxes voluntarily.
Tax-Court in Title 5 may be a different tax-court for title 26. One being constitutional and one being contractual.
Not all phrases have the same meaning in every title.
Not all words and phrases have the same jurisdiction over the same people in every title.
People in title 26 who sign IRS forms are a DIFFERENT set of people (people who voluntarily pay taxes) than the people in Title 5 or Title 10 who MUST pay federal taxes since they are considered federal citizens, receiving federal pay, for federal works on federal lands and they are REQUIRED to pay federal taxes.
www.govinfo.gov/content/pkg/FR-1999-08-10/pdf/99-20729.pdf
uscode.house.gov/browse/&edition=prelim
www.govinfo.gov/
Yep. Everyone who looks at ur chart, youre getting charged for it
Dam did those chairs come with a massage or what? Did u get to keep that chair? Did u at least get a lousy photo of you riding through them doors like splash mountain? that's insane.l!
Hospitals charge like a fine dinning restaurant with no pricing on the menu.
The healthcare system is legitimately a crime
Yes, Market Price! And they shame you to not ask the price!!
Good analogy 👏
And they already have the menu decided for you
Yeah I was pretty young when I realized “Market” meant “You can’t afford it”.
The US system is so extremely inefficient. Health insurance companies, people at the hospital dealing with bills, including doctors! Arguing about a bill. It is insane.
It’d be less efficient if socialized
@@mdavoli84Yeah, the US has the best healthcare in the world. It’s just greed
You can thank the goverment
@@padronopusx6460 bullshit. VA hospitals are socialized and a report just came out saying VA hospitals have better rankings than for profit non VA hospitals overall.
@@padronopusx6460how so? You don't think removing the unnecessary layers of billing and billing codes and denial of coverage from different insurance companies and moving to a single payer wouldn't streamline everything? Please explain.
Thank you for sharing this. Something needs to change in healthcare. So many young people need care and can't afford to go in hospital. Something needs to change.
I’m a provider in a hospital. I see a lot of financial pressure now placed on employees for these shortfalls. The expectation is for the employees to make it work.
You hit the nail on the head. Why am I paying for this when I already have health insurance?
Quite simple, because they see you as a sucker and can get away with it because politicians love the greed they get from the insurance companies.
Because you were too lazy to read the fine print and do your due diligence. Health insurance companies rely specifically on people like you to make shit tons of cash. And you don't disappoint them.
The problem is that quality health insurance is either expensive or tied to your employer.
If you pay for cheaper insurance, you don’t get the benefit of Medicare/Medicaid prices and I suspect those are the folks ended up having to file for bankruptcy.
You have people who use the hospital as their family doctor. I know someone like that, for every issue immediately she goes to the ER and I tell her that the ER is for emergencies and that she’s taking away valuable time from people that actually need ER services. But she doesn’t care. She has Medicare or Medicaid so she might get a single digit medical bill.
I also know another girl that had a baby but didn’t want to get married to the father because his insurance would go up by a couple hundred dollars. So she went to all her appointments and gave birth all under medicare.
People with disabilities are often under employed for the same reason - to keep their government paid for insurance.
Like Pat said, it’s the working folks that are the suckers here.
Suckers😂😂😂😂
Medicare or Medicaid? I don’t think young people are eligible for Medicare. Medicare is for old people.
@@barbaracovey
Young people can get on Medicare if they qualify as disabled in one way or another. Some people have both Medicare and Medicaid. (Medicaid picks up the copays left by Medicare in such cases.)
@@KirisutonoNeko didn’t know that. Good to know, thanks.
I'm 50 myself. I've been to the doctor 3 times since probably 15 years old. Once for a cyst, once for back surgery, and once for a vasectomy with a follow-up to check sperm count. I don't go unless I might bleed to death or need a bone set. Everyone else I know takes handfuls of pills everyday. I don't think I could live like that.
Same for me. I refuse to go unless I’m broken. I refuse to take any kind of medication save for penicillin for infection like an abscess that will kill me and I’ll take them correctly until the cycle is done. If I get cancer or something I will not seek treatment. My brother “had” an autoimmune condition, was on some medications for a long time. One day he got fed up taking all that, so he just stopped. He kept getting more and more healthy as time elapsed not taking the meds. Turned out the meds were disrupting his gut biome and where causing the issue. Extrapolate that out, and maybe that could explain the massive increase autoimmune diseases.
Too many Americans don't know how to take care of themselves, so they walk themselves into the system.
20 years I haven't go to the hospital
@@smelltheglove2038💯. I got really sick from a couple meds lasting a very long time. They weren't even prescribed meds I took for an extensive period of time. I was tested for autoimmune issues that returned negative so no drugs to prescribe to 'fix' me. Of course all the while ignoring the fact that what I experienced were side effects from the original drugs. Of course I wasn't going to take anything else period.
@@smelltheglove2038 HE "HAD" an autoimmune condition and was probably on an immunosuppressant and/or anti inflammatory medication, BUT he took the meds AFTER being diagnosed with an AI condition, which will change gut microbiome, but seems like whatever meds he took did help his autoimmune disease. This disease can return in the future, sometimes they go into remission.
Pat. You are spot on. I’m a nurse in Pittsburgh for 42 years. We often wondered why the hospital was charging the patients exorbitant amounts for items that were dirt cheap. Why?? Because they can. Especially third party payers. Thanks for the great content!!!!!!!
There is a cancer drug which the UK charges 200$ for it whilst the US charges for the same drug 20k.
we need to put a profit cap on all things healthcare related. If we pass a law that limits their profit to 40% then we will see a massive drop in overall price
@@honestfriend767 ofc there needs to be done a lot of stuff but do u think they want that since it happened in the first place?
@@honestfriend767profit caps? Should you have a profit cap as well? People can make an argument to cap profits in many different industries. Should we listen to you but nobody else?
@@andreisas1621They do that because there is NO REGULATION.
I hate the politicians we have in this country they need to be removed from office and put in jail
I work in the oilfield and have blue cross, I hurt my back and just needed physical therapy , blue cross wouldn't pay it. 100$ a session, needed 3 a week for 2 months. I'm going to cancel blue cross next time I'm supposed to renew. I also go to the dentist and they tell me it will be cheaper if I say I have no insurance. Ridiculous
Thanks for getting this and several other issues out to the people Pat. Keep up the good work and bringing the tough conversations out that politicians and the brain washed want to ignore…
Left, right, or center. We can and should all agree that the healthcare system needs to change.
Change means a form of socialism though.
You can’t tell them what to charge.
@@noelsonkwa Socialized healthcare systems work. Look at the top countries in the world, they all have great social healthcare. Americans are just uneducated AF and think this is impossible. Republicans controlled 3 levels of government and passed zero healthcare reform. take the L and move on
Thanks! I'm in the Hospital right now. My kid got admitted with RSV. I may get sued if i use my degree and hard earned skills to work two of the same types of jobs due to non-compete. It's quite fine however, that I might have to file for bankruptcy if my daughter spends a week in the hospital.
When it comes to Western countries (US, Canada, Europe etc) only in America having a serious illness results in bankruptcy.
It’s ridiculous and extremely sad.
It's odd that Pat refuses to look at how these countries run their health systems. I guess he is scared the answers won't align with his political views.
One thing I figured out in my 20's was that you either need to make all the money, or no money. Anywhere in between and you just get screwed across the board. Medical costs is what convinced me of this.
Truth
Government policy in general is set up to turn the rich and the poor against the middle class.
The system will soak away whatever u have until u have nothing
True. Sadly.
So you understand that a fiat monetary system necessitates UBI (universal basic income)?
Even with the "Gold Plan" at work, I avoid the Dr. because I always expect to be screwed by the insurance company or doctors office. And if it is not very basic, I ALWAYS get screwed by "oh that's not covered", or "the doctor sent the tests to a uncovered lab". Always something.
Why do americans put up with that? I don't get it, it's ridiculous
Great outline of the problem. I'm 80 years old. My parents were not well off but they could afford to buy health insurance for themselves and their three children. It wasn't expensive when the doctor came to our house to treat us when we were sick. I once suffered a bad cut and we just drove to the doctor, not an emergency room, and he stitched up my wound without a wait. None of this was too expensive. When my older sister was born my dad said he could not pay the hospital bill at the time, but he eventually paid it off when he got on his feet.
I only noticed hospital and doctor bills began to soar shortly after lbj's Great society Medicare and Medicaid c 1964. Which brings us to the situation of today with long waits, huge expenses, for the working class, while millions of freeloaders and subsidized Medicare and Medicaid patients get a virtual free ride. This is exactly why socialist programs never work and are doomed to eventually fail.
Socialism on a grand scale, but socialism in the community works more often than not, such as through the church. The problem is, big government is taking over the job of the church, which makes sense seeing that no one wants to participate, but want what the values deliver.
"socialist programs never work" You're taking the wrong example here. Countries with a fully Government controlled healthcare systems ("socialist structures") are having a healthy healthcare system. In America, it's capitalist freedom that's driving the cost up
@@JimEric-r8f good point. But churches and private charities are not socialism. Socialism requires the use of force at the point of a gun. Churches and private charities are voluntary.
@@baluandhavarapu5786 in countries where socialized medicine exists the wealthy opt for concierge healthcare or travel abroad for better service. Those stuck in the system wait a long time and often die before they get help.
Never forget socialism only exists at the point of gun.
@@skcyclist You know, you're right. Thanks for pointing that out.
We had a $11000 bill. $8k more than the quote. We called and complained that we signed an agreement about the quote. They gave us “discount” and we only owed $800
Thanks for another great video, Patrick. I'm very fortunate to have a great teaching job that comes with good insurance, but my wife has sspent much of her time studying homeopathic alternative medicine and applying such learning to our family members with very healthy results. We live in a very polluted environment here in the Imperial Valley but alternative medicine has worked wonders. I've gone to the emergency room a few times but I'd rather keep away if I can. Health care is very expensive, all chemicals have side effects (many of which are very serious), so I'd rather save my money and take care of my health while saving the insurance quite a bit. I've always wondered why insurance companies don't encourage alternative medicine more seriously.
Glad the tax payer can pay for your insurance you get from teaching - all while our kids suffer. Must be nice.
I’m a Brit in Japan. The NHS in the UK is held in high esteem and we perceive it to be ‘free’, at least at the time of being served, yet it is highly inefficient, with awful waiting times and lacklustre service. In Japan however, you pay health insurance (low) and pay a small proportion after being served and it is the best I have experienced. Quick to be seen, quality service and feels pretty cheap. The situation in the US is unfathomable to me.
Well yeah, because in the US we pay like we are receiving the best healthcare but yet we still have to deal with the lackluster service and long wait times. We pay via tax, insurance companies, and out of pocket.
Cultural differences in Japan.
People actually hold themselves responsible and want to be perceived as being not only competent but excellent at their profession.
But you are also comparing a homogeneous group vs a very large heterogeneous group.
Japanese the best.. trust me
Taiwan has the best Health Care System in the world thanks to a 16 year old girl that made the decision that never would a patient be turned away from a hospital because of lack of money, as of 2010 she and her fellow Taiwanese have built 5 hospitals that service both citizens and foreigners alike, I worked in Taiwan and was very lucky to have the best health care possible for 8 months the charge was $12.50 per visit for one and a half hours of Physical Therapy that repaired my Deteriorating Vertebrates that lasted till 2020 American doctors in 1979 said they could not help me and never did, I bet that 1.5 hours of Physical Therapy in the U.S. would cost three to five hundred dollars a visit for 8 to 9 visits a month, Thank You Taiwan...
I went into the hospital a few days after an accident because I didn't feel right. Got a cat scan and got a prescription for some pain killers. The bill was 10k and change and in the breakdown i was charged $1000 for 2 doctors who just stopped by my room to say hi.
Insane
Health care in USA is to high. All the hospital ads are deceptive since most people cannot afford it. My neighbor had proton Rx to his prostate over a 6 week period and cost him $120k! Dental care is also way too high. It's criminal imo.
I'm in the UK and the same treatment would cost $0.00
@@leongruneberg4844 It would cost you 3 years of wait time.
@@leongruneberg4844nobody cares, the USA is number one
@@leongruneberg4844do you know how much doctors make in the UK? Like nothing, it makes me sick
I worked in the medical field for 22 years. You are just scratching the tip of the iceberg. The amount of waste and cost of administration is beyond all reason and logic. My husband died of cancer and left me with $35,000 in medical debts. My income was cut in half, and I was not entitled to any help from the government. I had to remortgage my house that was 3 years from being paid off. I survived by the grace of GOD. It was very hard.
Thanks for the insightful coverage. Yes. We need to have this conversation at all levels.
This is community service Patrick. I highly respect what you are doing here. Blessings. Mersi ;)
Every non emergency surgery has a code . They will give you a price if your persistent enough to find out the code for your surgery and you can shop that number around .
Don't give anyone at the hospital your SS#. They will use it toget access to your banking records and cheat you, and they have no legal right to that info anyway. And if they claim they're signing you up for any state insurance, double check on that. We had a hospital do all the paperwork with us and then never actually file it. By the time we realized, it was too late to have any of the bills covered retroactively.
Anytime they ask for
Social I just write a random down
Amazing video. In less than 22 minutes, you laid it out in a succinct & relatable way. Excellent job. Thank you, PBD.
As a 57 year old Army veteran. I’ve worked all of my life but now employers don’t offer insurance. I haven’t been to the doctor in over 20 years. I went once to the ER. I got a bill for over $3000. The didn’t do anything for that fee other than examine me( existing hernia).
Have you got any friends or relatives in the uk??? If you have well you got ill when visiting it will cost a couple of hundred dollars I mean £250 $200 have a look.
That doesn't make sense. You are a vet, you don't get VA benefits? How long were you in?
Patrick, you’re doing an amazing job with your videos! Keep it up ❤ Plus, you’re very inspiration
But this video is detached from reality. The cost is in insurance and the disctates of the insurance. If you pay cash, the price is often 1/3 or less of the insurance rate due to need for administration of insurance fees and billing costs that have to be accounted for. The fact that they get 80% if what they bill medicaid or something has to do with what they charge vs what medicaid agreed was a fair price for the service. The margins have to do with the fact that their costs run high because of administrators, compliance officers, lawyers, etc. All have to do with insurance requirements.
Has ,t Patric made million selling insurance.😂
@@comeforarideall the rant then blame the poor people is what I got out of this video
Massive discussion that needs to be made. Great video and insights, Patrick.
Another question is, do people rely on the health care system too much?
I can afford medicial bills, but do I want to pay $5k for a quick CT and MRI scans, or bring my family for a nice vacation?
My CT scan at the hospital without insurance was $1,440. I'm trying to get it discounted. I can't pay all at once.
Love this format, Patrick. Beefy on info, streamlined, shorter time frame. Excellent!
Had my 3 year kid break her arm in Europe where I'm originally from total cost was ê150 for a cast and taking the cast off. In America we've had 1500 for a child flu visit, system is totally broken.
What other business industry performs a service or provides a product without first disclosing the cost to the customer?
Thank you for covering the topic! It is oddly surprising that even so called financial advisor channels don't cover the most risky, unclear expense that everyone will face one way or another.
I had the opportunity to see some of the financials of a large private hospital system almost 20 years ago. A huge portion of their revenue went to covering the expenses of those without insurance, or money, or who wouldn't give them their ID so they couldn't be billed. These folks often came into emergency because their kid was sick or they had some other issue that would normally be handled by a doctor's office.
Nailed it.
Let me guess, those who refused to give ID weren't citizens?
This ^
Pat is an amazing person. Well done for raising these issues and speaking about them.
You can thank the Affordable Care Act for the loss of the regional/community hospital. When the ACA was signed into law healthcare facilities had only a couple/few years to become compliant with the new rules particularly eliminating all paper records and switching all their records to electronic, electronic transfers of data, standardizing their billing procedures…etc. Also if you have a patient that is readmitted within a certain timeframe after being discharged the hospital can be fined or take a reduction in reimbursement, I don’t exactly recall which one it is. Well all these things sound good but they come at a cost especially for a small or rural hospital. So many of them were bought out by these huge hospital systems and others had to shut down.
Also the failure of many states to adopt Medicaid extension which was supposed to help pay for this.
Healthcare needs to be more transparent in their pricing and needs to adapt a simpler system than what we have now!
Lots of complexity due to insurance and billing practices. Not to mention for-profit pharmaceutical companies and doctors over-treat their patients due to fear of getting a lawsuit due to malpractice 😒
100% pat thanks for defending other generations than your own! Your work is noticed and appreciated!
As an analyst in Healthcare for 6 yrs this, was my hardest pill to swallow. Also, the overhead required to play the "game" with the insurance companies is maddening. They change policy on the fly and the insurance companies are all different so making adjustments to system build and interpretation is a nightmare.
I just took my woman to the emergency room in Malta for the flu... We do not have insurance for Europe. The cash cost was 46.50 Euros. Government colluded mandatory insurance scheme in America has ruined the cost and quality of care there. Looking for greener pastures and finding them.
As a Canadian in January 2015 I had brain surgery, in July I had a heart attack and had two stein's put in. These two operations didn't cost me a cent.
Patrick, as a 74 year old woman my husband and I followed the rules, paid into social security and medicare during our working years and were promised benefits when we retired. We bought the lie. Al Gore, when he was running for President, kept spouting off about "the Social Security Lockbox". No such thing existed, as soon as the contributions were deducted from our paychecks they were spent instead of being invested. I know that the system needs to be reformed and I feel bad for our children as they will not benefit as I have. But I do not feel guilty for claiming what was promised to me, having fulfilled my side of the bargain.
What he's saying is that Medicare does not even cover the cost to treat you, so your children are already paying for the short fall through their premiums and out of pocket expenses. Medicare is not sustainable.
People look at Medicare and social security as their retirement....it was never supposed to be that. It was supposed to be supplemental to your retirement and to help those that come from a lower socioeconomic status.
You shouldn’t feel bad about getting your benefits
We pay into the system for 40-50 years and then when we go to collect, we are said to stealing? It's our government who are the THIEVES.
The Boomers have stolen almost everything from there children
I’m 74 on fixed SSI. I depend on it but don’t feel “entitled”. I realize the state of SSI, Disability Income, Medicare and Medicaid is not sustainable.
Let us not forget that Universities also blame health care cost increases, are one of their excuses for increases in tuition.
Last time I was at the hospital they made mistakes like ordering too much dye and multiple xrays because they screwed up. They billed my insurance for thousands extra because of that. They should have to eat those costs instead.
Yes they should. I'm a plumber and if I make a mistake on the job I have to eat it.
I know someone who accidentally got a double dose of oxyconton.
The quality of the video is good I love the PowerPoint slides but chill on the zooms and zoom out my eyes will thank you.
Hey guys, I know nothing about the market and I'm looking to invest, any help? As well who can I reach out to?
The stock market rally run is gone, but I'm not sure if equities will swiftly recover, keep falling, or fluctuate in a narrow range for a few weeks, or if things will quickly get worse. I'm under pressure to increase my $300k reserve.
Making touch with financial advisors like Julio Castillo he can assist you restructure your portfolio, would be a very creative option. Personal financial management will be crucial to navigating the next difficult times.
That's true. Its really needful for beginners not to settle for videos alone or they will see themselves losing all their money just like me when I newly started trading with this videos here on RUclips
I agree with you! With his help, I diversified my 450k portfolio among different markets. During this bearish market period, I was able to produce a net profit of little over $1 million from high dividend yield stocks, ETFs and equity. However, the reality is that you cannot do it without a tried-and-true trading coach like Julio Castillo
I keep seeing different recommendations about LoganFreemann, he must be very exceptional for people to talk this good about him.
Forty years ago. when I was in my twenties, we all said the same thing Pat is saying today! It is not the working class's fault that some people are uninsured. We as a country spend too much on healthcare because of health insurance and the system as it is today in the USA. Well, fast forward to today and I am in my sixties now and I want the benefits that I also worked for as a younger worker. Pat when you are 20 years or more older you will want what you worked for as well. To my surprise, we still have social security which I was sure would not exist for my generation in 1979 when I began a career. We as a young generation did not like supporting the older generation either.
What about the 400-1800 profit margin? That is not the fault of medicare or medicaid or uninsured people and I am sure the 1800% markup covers ANY uninsured people, with lots to spare.
@@johnp9890
Those were charges to costs, not profit margins. The profit margins were discussed around 10:28 and were negative. Those exorbitant charges do seem to be due to Medicare/Medicaid and uninsured and aren’t even successfully making up for them, much less having any to spare.
@@KirisutonoNeko It was better when we just paid the doctors directly. They made a decent but not extravagant living. Whenever a third-party insurance company is paying the costs go up to cover what they do not cover.
I had a bad motorcycle accident here in the US. My wife drove me to the hospital where they charged me $5500 for an X-Ray and that a doctor told me my arm/shoulder is broken. Three days later I decided to take a painful 12 hour flight to Germany where they fixed my broken bones for about $5000 (cheaper than the X-Ray and it was 100% covered by my insurance).
Later I talked to a surgeon who told me that fixing my injury would have cost me way above $100K in the US, so 20 times more than in Germany where the doctors did an amazing job.
Don't get me wrong, I love living in the USA, but the cost of health care here is just out of control. Capitalism is the best system with exception of health care. Hospitals should serve the public and not operate only to make profit.
Unfortunately, Pat won't talk about countries like Germany because he is afraid the answers wont align with his political views.
A visit to my doctor is $100 out of pocket. They tried to bill through insurance last time. They billed $573, insurance paid $220, and I was expected to pay $353 to the doctor... It's insane!
Excellent discussion, we have to educate ourselves and adjust fire on our medical system
Hey Patrick, I agree it's not fair for the hardworking people who's doing the responsible thing like us ends up picking up the tab for others. You brought up an important issue in healthcare costs. But I think the issue goes beyond just healthcare. The entire financial system has to change. I agree there's has to be accountability on all sides, consumers, businesses, and our government. While I'm also upset that it's not fair to end up picking up the tab for others, I'm also upset because the entire system is screwing the hardworking taxpayers who's doing the right thing. When the market crashed in 2008, big banks and even AIG got bailed out. Recently, banks like Silicon Valley Bank got bailed out for irresponsible risky investment decisions they made. There's no accountability. And hardworking taxpayers ends up paying the price.
Well that is true of all sorts of insurance. Unless you are talking about paying for uninsured people.
Ya not to mention you got democrats sending billions and billions to ukraine every other week.
Until this gets fixed, its important for people to take care of their own health because these healthcare pros don't give a damn. Put the burger down, eat right, exercise and avoid dangerous situations. The only person who can take care of you is you, you can't rely on these criminals.
A botched ear tube outpatient procedure. On a five year old ends up killing him with a brain
Bleed ..
I agree yet we're being forced to have health insurance coverage. Some people don't need it!
I used to work the front desk at an ER to register patients/run insurance. I was shocked by the amount of patients who walked in with small injuries or conditions that could have been seen through urgent care. People should remember the ER is gonna charge you nearly 5x the amount just for your sutures or general stomach pain. I almost wanted to turn away someone for a small cut on their finger but we weren't allowed to do that.
People go for absurd shit.
Take a salt tablet.
@@RunninUpThatHillhwe need to put a profit cap on all things healthcare related. If we pass a law that limits their profit to 40% then we will see a massive drop in overall price
They don't care because they know they won't be paying a cent. Most of these are Mexican and South American illegals. Walking into the ER for everything from a pin prick to a common cold to a bullet wound to the head *is their f*ng health plan,* free of cost, zero premium, everything covered at 100%.
Hearing an EMS call for someone because their finger hurt because the a government program paid for it.
*5 years ago I was in Paraguay, my daughter got sick and we ended up in the HP for 4 days and my bill was $472 CAD after the conversion rate etc. This was for everything, the procedures, all the tests and treatments that they did to her, food for her and myself as well, all in*
I was very surprised! Not sure how they do it, but I couldn’t believe the amazing care we got, in a third world country, fancy fancy HP and great professional staff with the best tools around.
As a Canadian, I wasn’t used to it lol
Al I can say is thank you, thank you, thank you for bringing the subject up, please let’s not give up on the subject, health is too valuable to ignore.
I can see how this can happen. Paid roughly $400k for my wife’s chemo last year. I was blown away.
Cancer bills are among the leanest cause of medical bill related bankruptcy.
@@souviksen7497 Albeit, my wife had 9 months of chemo + delivered our child in the middle of it at one of the best hospitals in Chicago. I was equally blown away by the fact that some chemo treatment doesn’t actually affect pregnancies. I cannot say they didn’t give us world class medical care. Everyone’s healthy and cancer free and happy. Imo it was worth it. Was just shocked by the sticker price initially.
Thank Patrick. It’s all scam, it’s not about health, it’s about how people involved can make more money!
They are wicked and evil America has LOST THE PLOT
Hospitals are businesses
If you wanna be successful, you most take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life.
The first step to successful investing is figuring out your goals and risk tolerance either on your own or with the help of a financial professional but is very advisable you make use of a professional like I did. If you get the facts about saving and investing and follow through with an intelligent plan, you should be able to gain financial security over the years and enjoy the benefits of managing your money.
The stock market rally run is gone, but I'm not
sure if equities will swiftly recover, keep falling, or fluctuate in a narrow range for a few weeks, or if things will quickly get worse. I'm under pressure to increase my $300k reserve.
I agree with you! With her help, I diversified my 450k portfolio among different markets. During this bearish market period, I was able to produce a net profit of little over $1 million from high dividend yield stocks, ETFs and equity. However, the reality is that you cannot do it without a tried-and-true trading coach like Kimberly Kent
Do you happen to know her contact info and /or willing to pass on her info? I'd really appreciate it.
I heard someone mention that a couple made more than $180,000 during this bad season. I need such luck, hehe
I love the video editing in these phantom 1-on-1 interview educationals with PBD. Perfect cuts and zooms to emphasize and punctuate his speech and body language for maximum impact. PBD, pat your editors on the back for me. They're a great fit for you.
Great report ! Thank you. So important to know how things work.
A shot of toradol during a hospital trip costs $1,200 after insurance. Toradol isn’t even a narcotic, it’s akin to ibuprofen. It’s so sad.
I am so grateful I live in Canada 🇨🇦 🙏
Yeah.. Canadian healthcare is way better. If only the politics weren’t so crazy up there I would consider researching and going through the immigration process.
@@maxlivingstone6863 I agree 👍 That's because people here are blind. They accept everything that is thrown into them. They vote for the wrong people. I pray God removes the scales out of their eyes. Blessings 🙌
4 out of 6,000 hospitals followed the law requiring price transparency.
Disgusting!!!
I couldn't get away with breaking such a law.
I recall when Trump had the price transparency rule, so people could shop around. They fought him on it, and I can see why. The price discrepancies are ridiculous.
The only way to get Hospitals to cooperate with laws is through pulling their Access to Medicare & Medicaid if they don’t comply. That’s how they got the mandated COVID protocols administered so quickly in 2020, why hospitals will still give care for uninsured people when they passed the EMTALA back in the 80s, and why all organ donors are screened and sent to Tissue banks under the AATB.
Patrick, you missed a 3 huge details:
Accounting & taxes: the reason hospitals have low or negative margins is accounting for taxes. When a hospital charges $10000 but only collects $1000, they are able to deduct as an expense the bad debt of $9000. That’s effective $100 revenue. Meanwhile it cost them $2000 (according to your $500 per $100 CTC figures). So now, their $10000 charge is actually a loss of $8000. This estimate would include Medicare/Medicaid and uninsured. We can also estimate 6% of the Hospital revenue ($1.4 T) is $84 M in reported revenue lost due to Medicare/uninsured. Estimating at 5x CTC this is only an actual loss of $16.8 million but they get a $67.2 M deduction. In essence, the Medicare system results in an extra $62 M in profits. Now I assume the greed of the system would result in them under reporting the actual revenue, rather than the actual costs. so it’s very likely that $50M is disappearing into someone’s pockets.
The US pays $12K per person for health care that costs less that $6K in Europe. Of course the healthcare companies make money in Europe, so all that extra they charge us is excess profit. If 50% of hospital revenue is 2x it’s honest figures, then the US hospital system makes $700 M in extra profits. So the actual cost of However, the hospitals run a low or negative margin. Where’s that money going?
All of these excess profits due to the corrupt accounting is going somewhere…. to the owners of the medical industry stocks and the corporate leaders.
So, your theme of the employees and owners of small business having to pay for the Medicare losses of the hospitals is incorrect. We are directly subsidizing the extreme profits of the owners of these corporations. And getting sicker by the day….
Great video! very necessary to talk about this topic.
PBD bringing truth to your eyes. I thought nobody would bring this up. Great informative video!
A good friend of mine who's 74 can barely even get a doctor and when he finally does, they schedule his appoints for 2 to 3 months out when he's got symptoms consistent with congestive heart failure, plus his documented history of COPD, gout, macular degeneration ,etc. H's retired and his woman died. Since they weren't married he doesn't get any of her SSI benefits. He barely makes any money from Social Security(less than a thousand I think) and just to add insult to injury, he gets $22 in food stamps every month. Yes 22 bucks. While they give checks & food vouchers to illegal invaders at the border and put them up in housing with rent vouchers this country shits all over its native born sons as usual, in particular it's elderly & its veterans. I've also heard that they're taking doctors from the VA & sending them to our imaginary border to help the invaders, mostly female invaders who have little baby invaders or are about to give birth to little invaders. So there's a shortage of doctors and other health care professionals for us; my friend who's old and me who's a combat veteran of the Iraq War, & all of real working people of America. I'm now embarrassed and ashamed for having "served" my country, something I used to somewhat proud of. Oh, and don't think voting or politics or any billionaire traitors are going to fix this. It can't & won't be fixed. The entire system was designed to come down and they want to bring America to it's knees so they can implement their one world government, bottom line. That's the big picture but unfortunately most people can't see past their local or national (s)elections. So who's they? International bankers and world Jewry, period point blank. I've studied & researched & read countless books about the problems facing America & that's the conclusion I came to based on stone cold evidence. This is not my opinion, these are facts, and People like this guy and every other talking head never identify the real enemy. You can't win a war if you don't even know you're at war or who's the enemy is.
Moved out of US 10 years ago. We have a mandatory minimum coverage and system of basic care that everyone gets. We pay $25 equivalent a month for a family if 4. Cost ZERO on top for having children! Emergency rooms are not packed. People take care of their illness by going to the doctor's in their insurance and you can go to them without an issue or wait time. In US I waited so long that I had to go through emergency and have surgically over something that could have been treated earlier had the cost of going to the doctor was not insane. The problem in US is Insurance. You would not need the 200 extra billing and administrators in the hospital if you had a simpler system. Less costs, more margins. Duh. Before I left there started to pop up doctor's offices in New Jersey that would offer cash for service set ups. And the cost of those vs insurance were very yelling. Hourly Dr rate for cash vs insurance was 1/4 or 1/5. The failure is in the insurance.
where did you go?
This is what I keep hearing from anyone outside of the US. I'm as conservative as it gets but I'm starting to lean towards this model. Our system is completely fraudulent and broken. I think it might be time to switch to a model like this
Out of curiosity, how much taxes do you pay and how many months does it work out to that you work for free to pay for the basic care and how much does the extra insurance cost if needed? And what country did you move to? In canada my grandmas friend had to wait for almost a year and half for a knee replacement, my grandpa had his in less than 3 months, it was just getting the doctors time right, and I've heard other horror stories, what country cause even the UK, we heard stay home and save the system for 3 years and now we have dancing nurses for the climate, save the children, what a joke medicine has become
What country did you move to and what country would you recommend
Yeah but I’m sure you get taxed heavily for it. If you can give us a tax breakdown of the country you live in then we can make a better assessment.
Damn son. I am in a govt. Hospital right now coz I can't afford private hospital for my dad.I paid $5.7 for a packet of blood and the bed cost is free and we don't need to pay alot of extra on tests it seems. You do sacrifice some but atleast I can afford the cost for my dad's treatment. I am in Nepal.
This conversation is incomplete without discussing the societal consequences of bad health choices people make without consequences or accountability along with low savings rates. Insurance is my last line of defense when it comes to sickness. My first line of defense is my health choices around things like nutrition and exercise. Much of my health costs around any doctors or hospitals, as well as insurance, is paying for the poor choices of others. As for out-of-pocket costs, I've done without things to save and invest so I have more options that can include negotiating cash payment to some professionals who are happy to take my check rather than fight insurance companies to get paid.
I’m paying $2,300/mo for myself, wife and 18 yr old son. We have the Silver Plan with Blue Shield…each person has their own $5K deductible…then i we each have to pay a percentage until we reach $17K…and only THEN do they pay for 100%. Think about that?! I gotta earn/gross $35,000 just to pay for my premium’s!!!! WT-! Main reason I’m looking to move to Mexico…and yes, Mexico has GREAT medical services…The U.S. has turned out to be for millionaires…
$5K deductible ? Better go to Northern Europe.
thanks for the hard truth.. you would have my vote
Preach my dad just had 4 x-rays and they are trying to charge him 2150$ with insurance. I'll probably die due to health issues I don't even know about because you can't trust these bank robbers (dr's).
I'm uninsured never had it and I had surgery on my hand. The metal plate they put in was about 2", with six little tiny screws. 7,000 for just the plate and screws. Found a box of a hundred medical grade plates and hardware, from a certified hospital supply company, for less than 90$ a box at the time. Each plate cost .90 cents. But I paid 7,000 for it. So tell me again how I'm not paying my share??? Not to mention the 12-13,000 for the operation. Of which took less than hr, and only a couple hrs in recovery.
so many people here are on mass health. they dont pay anything. anyone else with private insurance that has a big bill simply doesnt pay it in this economy. a unpaid medical bill will not hurt your credit score
I worked in the Healthcare industry in the 1970s-2000. I saw this happening when medicare started getting heavily involved in negotiating and paying for all services. Then Insurance companies came up with HMO and PPO insurance plans. The cost of healthcare blew up from that point forward. Insurance companies got rich, rich and keep getting richer. Now patients are paying more out of pocket with insurance since the failure of the HMO/PPO contracted pricing. Now we are paying the price for medicare and insurance companies becoming so big. In the good old days when insurance was used only for inpaitient care or outpatient procedures. The cost of dr. visits were reasonable, prescriptions were reasonable until insurance companies came up with the previous plans mentioned with negotiated outpatient pricing.
For years I only saw the Dr once a year for an annual checkup. After a vaccine reaction I now have 4 physicians, have been in the hospital 5 times in the last 2 years and have crazy medical bills covered by Medicare. I must admit I feel like I deserve this care as the government mandated the vaccine for me (I work in healthcare) and I didn't have a choose. I have lost my job and my health and my savings all do to government intervening in my private decisions.
Damn, I was able to foresee that being a problem and opted to work at McDonald’s worse case scenario. At least you take ownership and I truly hope you get well.
You don’t derserve it. You could go and work somewhere else for a while. Now other people have to pay for your stupid decision you made out of fear, instead of putting your health first.
They are coming back with new mandates this fall. JUST SAY NO! Mandates are not laws, and they are unconstitutional and violate basic human rights. DO NOT COMPLY!!!
Pat dropping those #facts again👊
Our healthcare system is broken and has been since the seventies. Please somebody help us. The politicians don’t care
In regard to what you are talking about at the beginning, not going to the doctors due to bills. I did that for 6 months when my manager at the time finally forced me to go in, I ended up having stage 2 cancer. If I would have to wait any longer there is a good chance I would not be here today. By the way I worked at a hospital when my manager forced me to get checked out....love the irony.
I can't afford health insurance and I don't qualify for Medicaid because I am just a tiny bit over the threshold! But I'm sure glad billions of our hard-earned tax dollars are going to other countries! I'm also glad that millions of Illegals get free health insurance and are also able to claim disability!!!! SMH
I’m glad you made a video on this! There’s no reason for someone to leave a hospital with a huge bill.