Monday, August 11, 2008

Hey... How 'bout those profits!

$655 million dollars in profit for the year. That's $2 million a day in profits, folks. Where's this, you ask. Providence Hospitals, that's where. And I suspect other hospitals are right there, too. (This is for the entire Providence network of hospitals and clinics in several states.)

The spokesperson sounded as though this high profit margin is completely acceptable because it doesn't go to shareholders. It gets put back into their health care system since they are a non-profit organization. It must not have anything to do with them OVER CHARGING FOR EVERYTHING!!! I wonder how their employees are feeling after hearing how much profit they made... the low wage employees.

And since they are a non-profit organization they would be tax exempt.

As I was looking for a written article about this (I was unsuccessful) I came across something about a litigation:

Providence discriminates against the very patients who are supposed to benefit most from its charity care by engaging in a pattern and practice of charging inordinately inflated rates to its uninsured patients, including Plaintiffs and the Class they seek to represent, that are far higher than the rates it charges its insured patients for the same services.

The rich get richer and the poor get ripped off. On the other hand, there is good news. This is a prime example that there is money to be made out there. It just takes a ruthless heart and the right choice of industries. (And don't let anyone ever tell you that health care is not an industry.)

I'm not sure what to think about this, but I find this news is a bit uplifting. There is money out there to be made, there are folks out there who can afford to purchase things, and this makes me feel a little better. Go figure.


cat's momma said...

I am so thrilled for them and the oil companies and power companies making huge profits! NOT

Faye Pekas said...

I don't understand it either. How much does the hospital pay for that $20 pill. They probably buy them by the thousands for 20 cents each.

I have been told that patients who can pay or have insurance are paying for the ones who can't or won't pay. Hospitals "write off" millions of dollars every year because people who have no insurance can't pay the $8000 a day hospital bills.

Something has to be done. I think I'm ready for socialized medicine. My recent 5 day hospital stay cost $35,000 just for the hospital. Hospitals, doctors, treatments and everything combined cost my insurance company $85,000. Imagine what this would do to someone with no insurance.

OK end of rant.

Anonymous said...

Having worked in the health care industry for 12 years....I can assure you that it is totally a business.....

What was my job???? Making sure that I was admitting the person with the most money to the facilily...not the person who most needed the care.

We all need to change our views about health care...cause it will not get any better until we take responsiblility.

Wav'n atcha CC

The Crusty Crone said...

I can kind of understand why HMO's have so many restrictions. They're trying to counter-act the financial abuse by the health care industry. (The downside is that there are individuals out there that have legitament needs at times and they are denied.) Its all gotten so convoluted ya can't find your way out. Not without paying a toll or something.

Sandy said...

it's a mess..all of it.

Brenda said...

It has all gotten so out of hand and difficult to accept. I never thought 30 years ago, we would be dealing with all of these issues.