| In lieu of all the reasons our country is engaged in a political battle over the future of healthcare, Share Medical Center continues to hang in there against the pressures of the health insurance industry and the financial struggles that many Americans are facing.
These issues that are impacting every American are taking their toll on Share Medical Center to the tune of a $1.5 million increase in insurance adjustments between 2008 and 2009. What this means is even though Share increased its revenue by $1.7 million in the same time period (largely thanks to the completed expansion project at the hospital), less than $200,000 was actually received.
So, of the $16.5 million Share earned in 2009, just over $10 million was allowed for payment.
Think about it this way, it’s the same as if you earn $10.00 an hour, but are only allowed $6.10. That’s a 39% cut in pay!
In 2008, the insurance adjustments were 33%; the trend is not looking good.
So, what are these adjustments? They are the difference in the fee the hospital or doctor charges to give the treatment and what the insurance company thinks the fee should be.
It seems like a great deal for patients, but the truth of the matter is patients with insurance are paying more now for their premiums than they ever have. Higher co pays and higher deductibles are also increasingly popular with insurance companies. So, you’re paying more and more to the insurance company and they are paying less and less to the providers.
The insurance company is getting paid more and paying out less. This is why America needs healthcare reform.
The bottom line is, after all the insurance adjustments, many hospitals, including Share, spend more money providing the service than they are allowed to make.
Share Medical Center is committed to the overall health and well being of its patients. Share wants to provide the best possible facilities and services to as many people as need them by the best and brightest workers in healthcare. But as anyone can see, there are some major obstacles to that ideal.
While a huge national debate surrounds healthcare reform, Share Medical Center cannot support or oppose any specific legislation. Share Medical Center does however support the notion of reforming the system.
SMC urges citizens to contact their elected officials, learn about the issues, and encourage change that will be fair to all. |