Is Healthcare Armageddon Next?

The current credit crisis has some uncomfortable parallels in the finances of medicine

By Bernadine Healy, M.D.

Posted: October 2, 2008

Innovations like health savings accounts that get patients to focus on cost reductions seem to work but are handicapped without ready information on cost and quality. And insurance markets must be restructured nationally to get away from fully loaded policies and enable people to find coverage that suits their individual needs and pocketbook, from someone with a pre-existing condition to the young healthy bachelor in search of an affordable catastrophic policy.

Changing our 50-50 blend of private and public spending into a single-payer system clearly is not feasible: Costs in countries with such systems are growing at rates similar to our own, and the $3 trillion federal budget could not swallow an added—and growing—trillion-dollar obligation. The way forward is to set aside rigid ideologies and focus all stakeholders, including doctors and patients, on sustainability—before insurance companies and hospitals go bust and the common folk face healthcare foreclosure.

The current system can not continue

What is happening in the health care "business" is the same thing that happened in the banking industry. The ostriches running the show do not realize that there is only so much money that they can milk out of Americans. Perhaps these corporate leaders of pharmaceuticals and insurance are not worried for themselves since they have seen the government bail out their counterparts in the banking industry...even allowing a huge bonus program to reward them after they brought the country to its knees. The fact that Canada can negotiate lower prices reveals how huge the profits really are. What's good for big business IS NO LONGER GOOD for America. Big business now consists of a small number of greedy, unprincipled crooks given immunity by the government while they pillage the little guy. Small businesses and the self employed will not be able to function much longer because of this corruption. When most businesses are forced shut down in the near future, where will the corporate crooks be able to spend their money? There is an old prophecy that says they will be "throwing it in the streets".

David of NY @ Jul 11, 2009 09:59:28 AM

Pork larded insurance companies

I am a disabled female who worked for 47 years of my life and who thought she was doing fine until the corporation I worked for had to restructure due to bad business decisions, poor management and the greed of CEOs. Thousands of employees were left with no job, no stock, and no retirement. Now, through no fault of our own we must depend on Social Security, which is why millions of us will defend it to the death. The cost of healthcare is not due to the patients or the doctors but because our dear President Bush allowed the insurance and pharma industry to write the rules and regs for their industry, for their own benefit and profit. Now, we are paying through the nose. It has come to the point where seniors and the disabled will not be able to afford insurance because the industry is making billions while we are making choices like...do we buy milk and bread or do we go to the doctor. I have written several organizations advising them that companies are eliminating supplemental insurance where we were paying $30-50 a month---now we are being forced to pay $150-200 a month for health insurance. If we receive $1,000 a month in SS benefits and have to pay $700+ for rent that leaves us only $250 for food, prescriptions, utilities, etc. What will happen in the VERY near future is that the 40-50 year old children or grandchildren will be paying for the healthcare of their parents or grandparents. The insurance companies get paid right away before anyone else and at 18% more than original Medicare. Bush is making sure he leaves his buddies well cared for and the hell with the seniors, the elderly, the ill or disabled. The baby boomers will end up picking up the tab so that the industry can continue making billions.

Ann Marie of IL @ Nov 05, 2008 19:26:35 PM

US medical care

I do EVERYTHING possible not to seek US medical care.

Yes, I'm a citizen, employed, healthy... and I know a diseased entity when I see one.

Let the US medical/drug/lawyer industry sink just as the financial industry did.

Good riddance. Since it can't get worse...any change could only be for the better.

Ben of CA @ Oct 26, 2008 00:08:36 AM

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