DETROIT (AP) — Democratic gubernatorial candidate Abdul El-Sayed is proposing a single-payer health care system to provide medical insurance to every Michigan resident until age 65. He calls it “Michicare.” El-Sayed says Michigan’s health insurance system is “broken” and nearly 600,000 people lack coverage while costs spiral out of control. He says his plan would […]
Reported by Seattle Times 2 hours ago.
El-Sayed proposes single-payer to make health care universal
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National Alliance for Caregiving Applauds Expansion of the VA Comprehensive Family Caregiver Program
President Trump Signs VA Mission Act into Law, Providing Caregiver Assistance to Veterans Injured Before 9/11
WASHINGTON (PRWEB) June 07, 2018
The National Alliance for Caregiving applauds the President and Congress for new support for family caregivers through the bipartisan VA Mission Act of 2018 (H.R. 5674), signed into law yesterday. In addition to instituting a number of other reforms that will strengthen the Department of Veterans Affairs (VA) health care system, this law will expand the VA Comprehensive Family Caregiver Program to Veterans injured in service prior to September 11, 2001.
The VA Comprehensive Family Caregiver Program offers support for caregivers of eligible Veterans, including access to health insurance, a financial stipend, caregiver training, mental health services, and respite care. Prior to the passage of the VA Mission Act, only post-9/11 Veterans were eligible to receive these benefits, excluding family caregivers of Veterans injured during World War II and the Korean, Vietnam, and Gulf Wars. The exclusion of pre-9/11 Veteran family caregivers from this program left a number of individuals without crucial support.
“The Alliance strongly supports the expansion of the VA Comprehensive Family Caregiver Program, as Congress now recognizes the value and needs of all Veteran family caregivers,” said Mike Wittke, Director of Advocacy at the National Alliance for Caregiving. “The passage of this bill, in addition to the RAISE Family Caregivers Act and the FY2018 Omnibus Federal Spending Package which provided new federal funding to support family caregivers, demonstrates that our governmental leaders are starting to recognize the critical role that family caregivers play in our society.”
In addition to the National Alliance for Caregiving, a number of other advocacy organizations fought for the expansion of the VA Comprehensive Family Caregiver Program, including the Elizabeth Dole Foundation and Blue Star Families. Congressional champions included Senators Isakson, Tester, Murray and Collins, and Congressmen Roe and Langevin.
About the National Alliance for Caregiving
Established in 1996, the National Alliance for Caregiving is a non-profit coalition of national organizations focusing on advancing family caregiving through research, innovation, and advocacy. The Alliance conducts research, does policy analysis, develops national best-practice programs, and works to increase public awareness of family caregiving issues. Recognizing that family caregivers provide important societal and financial contributions toward maintaining the well-being of those they care for, the Alliance supports a network of more than 80 state and local caregiving coalitions and serves as Secretariat for the International Alliance of Carer Organizations (IACO). Learn more at http://www.caregiving.org. Reported by PRWeb 22 hours ago.
WASHINGTON (PRWEB) June 07, 2018
The National Alliance for Caregiving applauds the President and Congress for new support for family caregivers through the bipartisan VA Mission Act of 2018 (H.R. 5674), signed into law yesterday. In addition to instituting a number of other reforms that will strengthen the Department of Veterans Affairs (VA) health care system, this law will expand the VA Comprehensive Family Caregiver Program to Veterans injured in service prior to September 11, 2001.
The VA Comprehensive Family Caregiver Program offers support for caregivers of eligible Veterans, including access to health insurance, a financial stipend, caregiver training, mental health services, and respite care. Prior to the passage of the VA Mission Act, only post-9/11 Veterans were eligible to receive these benefits, excluding family caregivers of Veterans injured during World War II and the Korean, Vietnam, and Gulf Wars. The exclusion of pre-9/11 Veteran family caregivers from this program left a number of individuals without crucial support.
“The Alliance strongly supports the expansion of the VA Comprehensive Family Caregiver Program, as Congress now recognizes the value and needs of all Veteran family caregivers,” said Mike Wittke, Director of Advocacy at the National Alliance for Caregiving. “The passage of this bill, in addition to the RAISE Family Caregivers Act and the FY2018 Omnibus Federal Spending Package which provided new federal funding to support family caregivers, demonstrates that our governmental leaders are starting to recognize the critical role that family caregivers play in our society.”
In addition to the National Alliance for Caregiving, a number of other advocacy organizations fought for the expansion of the VA Comprehensive Family Caregiver Program, including the Elizabeth Dole Foundation and Blue Star Families. Congressional champions included Senators Isakson, Tester, Murray and Collins, and Congressmen Roe and Langevin.
About the National Alliance for Caregiving
Established in 1996, the National Alliance for Caregiving is a non-profit coalition of national organizations focusing on advancing family caregiving through research, innovation, and advocacy. The Alliance conducts research, does policy analysis, develops national best-practice programs, and works to increase public awareness of family caregiving issues. Recognizing that family caregivers provide important societal and financial contributions toward maintaining the well-being of those they care for, the Alliance supports a network of more than 80 state and local caregiving coalitions and serves as Secretariat for the International Alliance of Carer Organizations (IACO). Learn more at http://www.caregiving.org. Reported by PRWeb 22 hours ago.
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Justice Dept. Says Crucial Provisions of Obamacare Are Unconstitutional
The Trump administration said certain provisions were part of an unconstitutional scheme that required most Americans to carry health insurance.
Reported by NYTimes.com 8 hours ago.
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Trump administration: Heart of health law unconstitutional
WASHINGTON (AP) — The Trump administration says in a new court filing that it will no longer defend key parts of the Affordable Care Act, including the requirement that people have health insurance and provisions that guarantee access to health insurance regardless of any medical conditions. Thursday’s decision is a rare departure from the Justice […]
Reported by Seattle Times 8 hours ago.
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U.S. Justice Department says Obamacare individual mandate unconstitutional
WASHINGTON (Reuters) - The U.S. Justice Department said on Thursday that the part of Obamacare requiring individuals to have health insurance is unconstitutional, an unusual move that could lead to stripping away some of the most significant and popular parts of the law.
Reported by Reuters 8 hours ago.
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Justice Department says heart of health law unconstitutional
WASHINGTON (AP) — The Trump administration said in a court filing late Thursday that it will no longer defend key parts of the Affordable Care Act, including the requirement that people have health insurance and provisions that guarantee access to health insurance regardless of any medical conditions. The decision, announced in a filing in a federal court in Texas, is a rare departure from the Justice Department's practice of defending federal laws in court. Texas and other Republican-led states are suing to strike down the entire law because Congress recently repealed a provision that people without health insurance must pay a fine. The repeal takes effect next year.
Reported by SeattlePI.com 10 hours ago.
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Justice Department says Obamacare individual mandate unconstitutional
The Trump administration said in a court filing late Thursday that it will no longer defend key parts of the Affordable Care Act, including the requirement that people have health insurance and provisions that guarantee access to health insurance regardless of any medical conditions.
Reported by nola.com 7 hours ago.
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Justice Department takes aim at heart of health law
WASHINGTON (AP) — The Trump administration said in a court filing late Thursday that it will no longer defend key parts of the Affordable Care Act, including the requirement that people have health insurance and provisions that guarantee access to health insurance regardless of any medical conditions. The decision, announced in a filing in a federal court in Texas, is a rare departure from the Justice Department's practice of defending federal laws in court. Texas and other Republican-led states are suing to strike down the entire law because Congress recently repealed a provision that people without health insurance must pay a fine. The repeal takes effect next year.
Reported by SeattlePI.com 4 hours ago.
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Health Insurance Innovations founder out
Reported by SeekingAlpha 22 hours ago.
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Founder of Tampa health insurance company is out
Michael Kosloske, the founder of Health Insurance Innovations Inc., no longer works for the company, according to a regulatory filing. He’s leaving with about $1.06 million in severance pay and more than $40 million from the proceeds of a sale of more than 1 million shares of the company’s stock. Kosloske founded Health Insurance Innovations (NASADQ: HIIQ) in 2008, and was chairman, president and CEO until 2015, when he gave up the president and CEO roles. He stepped down as chairman in November…
Reported by bizjournals 20 hours ago.
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Employers look to other benefits to reduce health insurance costs
Employers are offering telemedicine services, weight management plans and wellness incentives in hopes of reducing their heal -More-
Reported by SmartBrief 20 hours ago.
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Health insurance questions complicate Lujan Grisham’s gubernatorial run
Reported by Politico 18 hours ago.
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Justice Department move on health law has risks for GOP
WASHINGTON (AP) — The Trump administration's decision to stop defending in court the Obama health law's popular protections for consumers with pre-existing conditions could prove risky for Republicans in the midterm elections — and nudge premiums even higher. The Justice Department said in a court filing late Thursday that it will no longer defend key parts of the Affordable Care Act, beginning with the unpopular requirement that people carry health insurance, but also including widely-supported provisions that guarantee access for people with medical problems and limit what insurers can charge older, sicker adults.
Reported by SeattlePI.com 7 hours ago.
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What Health-Law Case Means for Insurance Markets
Consumers and insurers face new uncertainty with the Justice Department’s assertion this week that key provisions of the Affordable Care Act are invalid. Here are four ways the case could affect health-insurance markets.
Reported by Wall Street Journal 20 hours ago.
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What Latest Health-Law Case Means for Insurance Markets
Consumers and insurers face new uncertainty with the Justice Department’s assertion this past week that key provisions of the Affordable Care Act are invalid. Here are four ways the case could affect health-insurance markets.
Reported by Wall Street Journal 7 hours ago.
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Maine individual insurers seek 9 percent rate hike
PORTLAND, Maine (AP) — Two insurers on Maine’s individual health insurance market are requesting lower-than-expected rate increases for 2019. Portland Press Herald reports the insurers are requesting average rate increases of over 9 percent in 2019. Higher federal subsidies could help 85 percent of policyholders who could be impacted. Nearly 76,700 Mainers had individual Affordable […]
Reported by Seattle Times 23 hours ago.
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Vermont to require that all have health insurance
MONTPELIER, Vt. (AP) — Vermont is poised to require that all residents have health insurance. Republican Gov. Phil Scott late last month quietly signed into law a bill that will include a penalty for those who don’t have insurance. The mandate is scheduled to take effect in 2020. A spokeswoman for the state’s largest private […]
Reported by Seattle Times 23 hours ago.
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AbbVie and Eisai Announce the Launch of HUMIRA Pen, an Auto-Injector Formulation for Fully Human Anti-TNF-alpha Monoclonal Antibody HUMIRA
TOKYO, Jun 11, 2018 - (JCN Newswire) - AbbVie GK, Eisai Co., Ltd. and Eisai's subsidiary for gastrointestinal diseases EA Pharma Co., Ltd.announced that the autoinjection delivery system for HUMIRA (generic name: adalimumab [recombinant], "HUMIRA"), HUMIRA for Subcutaneous Injection 40 mg Pen 0.4 mL and HUMIRA for Subcutaneous Injection 80 mg Pen 0.8 mL, was listed in the National Health Insurance Drug Price Standard on 30th May. AbbVie and Eisai have launched the products today. HUMIRA is a fully human anti-TNF-alpha monoclonal antibody formulation.
The newly launched pen-type auto-injector devices were developed to simplify the operation and reduce the burden on patients when performing self-injection. The rounded pen-type body of this product is designed to fit in the hands of even patients who have a weak grip and conceal the needle tip when injected. In addition to the lock function and autoinjection delivery system which allows for the full amount drug injection in about 10 seconds, it features injection start and end alert sounds and an inspection window. The pen-type auto-injector devices are filled with the same drug solution as the conventional pre-filled syringe devices(1).
HUMIRA is the world's first fully human anti-TNF-alpha monoclonal antibody and works by neutralizing TNF-alpha (tumor necrosis factor alpha), a protein that plays a central role in the inflammatory response of autoimmune diseases such as rheumatoid arthritis. HUMIRA is already used by one million patients in over one hundred countries.
AbbVie, Eisai and EA Pharma continue to promote and provide information on the proper use of HUMIRA while making further contributions to improve the quality of life of patients.
(1) HUMIRA for Subcutaneous Injection 40 mg Syringe 0.4 mL and HUMIRA for Subcutaneous Injection 80 mg Syringe 0.8 mL
About HUMIRA
HUMIRA is a fully human anti-TNF-alpha monoclonal antibody formulation. In Japan, it is approved for the indications of "the treatment of rheumatoid arthritis (including inhibition of the progression of structural damage), the treatment of plaque psoriasis, arthritic psoriasis, pustular psoriasis, ankylosing spondylitis, polyarticular juvenile idiopathic arthritis*, intestinal Behcet's disease, and non-infectious uveitis, posterior uveitis or panuveitis, induction and maintenance therapy for moderate to severely active Crohn's disease (limited to patients who have had an inadequate response to conventional therapy), and treatment of moderate to severe ulcerative colitis (limited to patients who have had an inadequate response to conventional therapy ).
*HUMIRA for Subcutaneous Injection 80 mg Syringe 0.8 mL and HUMIRA for Subcutaneous Injection 80 mg Pen 0.8 mL are yet to be approved for this indication.
About AbbVie
AbbVie is a global, research-driven biopharmaceutical company committed to developing innovative advanced therapies for some of the world's most complex and critical conditions. The company's mission is to use its expertise, dedicated people and unique approach to innovation to markedly improve treatments across four primary therapeutic areas: immunology, oncology, virology and neuroscience. In more than 75 countries, AbbVie employees are working every day to advance health solutions for people around the world. For more information about AbbVie, please visit us at www.abbvie.com.
About EA Pharma
EA Pharma Co., Ltd., a subsidiary of Eisai Co., Ltd. for gastrointestinal disease area, was established in April 2016 by integration of the gastrointestinal business unit with more than 60 years' history of the Eisai Group and the gastrointestinal business unit of the Ajinomoto Group having amino acid as its business core. EA Pharma is a gastrointestinal specialty pharma with a full value chain covering R&D, logistics and sales & marketing. For more information on EA Pharma Co., Ltd., please see www.eapharma.co.jp/en.
About Eisai
Eisai Co., Ltd. (TSE:4523; ADR:ESALY) is a research-based human health care (hhc) company that discovers, develops and markets products throughout the world. Eisai focuses its efforts in three therapeutic areas: integrative neuroscience, including neurology and psychiatric medicines; integrative oncology, which encompasses oncotherapy and supportive-care treatments; and vascular/immunological reaction. Through a global network of research facilities, manufacturing sites and marketing subsidiaries, Eisai actively participates in all aspects of the worldwide healthcare system. For more information about Eisai Co., Ltd., please visit www.eisai.com.
Contact:
Public Relations Department,
Eisai Co., Ltd.
+81-3-3817-5120Copyright 2018 JCN Newswire. All rights reserved. www.jcnnewswire.com Reported by ACN Newswire 8 hours ago.
The newly launched pen-type auto-injector devices were developed to simplify the operation and reduce the burden on patients when performing self-injection. The rounded pen-type body of this product is designed to fit in the hands of even patients who have a weak grip and conceal the needle tip when injected. In addition to the lock function and autoinjection delivery system which allows for the full amount drug injection in about 10 seconds, it features injection start and end alert sounds and an inspection window. The pen-type auto-injector devices are filled with the same drug solution as the conventional pre-filled syringe devices(1).
HUMIRA is the world's first fully human anti-TNF-alpha monoclonal antibody and works by neutralizing TNF-alpha (tumor necrosis factor alpha), a protein that plays a central role in the inflammatory response of autoimmune diseases such as rheumatoid arthritis. HUMIRA is already used by one million patients in over one hundred countries.
AbbVie, Eisai and EA Pharma continue to promote and provide information on the proper use of HUMIRA while making further contributions to improve the quality of life of patients.
(1) HUMIRA for Subcutaneous Injection 40 mg Syringe 0.4 mL and HUMIRA for Subcutaneous Injection 80 mg Syringe 0.8 mL
About HUMIRA
HUMIRA is a fully human anti-TNF-alpha monoclonal antibody formulation. In Japan, it is approved for the indications of "the treatment of rheumatoid arthritis (including inhibition of the progression of structural damage), the treatment of plaque psoriasis, arthritic psoriasis, pustular psoriasis, ankylosing spondylitis, polyarticular juvenile idiopathic arthritis*, intestinal Behcet's disease, and non-infectious uveitis, posterior uveitis or panuveitis, induction and maintenance therapy for moderate to severely active Crohn's disease (limited to patients who have had an inadequate response to conventional therapy), and treatment of moderate to severe ulcerative colitis (limited to patients who have had an inadequate response to conventional therapy ).
*HUMIRA for Subcutaneous Injection 80 mg Syringe 0.8 mL and HUMIRA for Subcutaneous Injection 80 mg Pen 0.8 mL are yet to be approved for this indication.
About AbbVie
AbbVie is a global, research-driven biopharmaceutical company committed to developing innovative advanced therapies for some of the world's most complex and critical conditions. The company's mission is to use its expertise, dedicated people and unique approach to innovation to markedly improve treatments across four primary therapeutic areas: immunology, oncology, virology and neuroscience. In more than 75 countries, AbbVie employees are working every day to advance health solutions for people around the world. For more information about AbbVie, please visit us at www.abbvie.com.
About EA Pharma
EA Pharma Co., Ltd., a subsidiary of Eisai Co., Ltd. for gastrointestinal disease area, was established in April 2016 by integration of the gastrointestinal business unit with more than 60 years' history of the Eisai Group and the gastrointestinal business unit of the Ajinomoto Group having amino acid as its business core. EA Pharma is a gastrointestinal specialty pharma with a full value chain covering R&D, logistics and sales & marketing. For more information on EA Pharma Co., Ltd., please see www.eapharma.co.jp/en.
About Eisai
Eisai Co., Ltd. (TSE:4523; ADR:ESALY) is a research-based human health care (hhc) company that discovers, develops and markets products throughout the world. Eisai focuses its efforts in three therapeutic areas: integrative neuroscience, including neurology and psychiatric medicines; integrative oncology, which encompasses oncotherapy and supportive-care treatments; and vascular/immunological reaction. Through a global network of research facilities, manufacturing sites and marketing subsidiaries, Eisai actively participates in all aspects of the worldwide healthcare system. For more information about Eisai Co., Ltd., please visit www.eisai.com.
Contact:
Public Relations Department,
Eisai Co., Ltd.
+81-3-3817-5120Copyright 2018 JCN Newswire. All rights reserved. www.jcnnewswire.com Reported by ACN Newswire 8 hours ago.
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Market latest: eight important charts for investors
**Political crisis unsettles Italian financial markets**The prospect of an anti-establishment alliance taking power in Italy was the initial trigger for a material move lower in Italian financial assets.
The Eurosceptic stance of the two parties – the left-leaning Five Star Movement (M5S) and the right wing League (formally known as the Northern League) – unnerved financial markets. Bond yields saw a sharp spike higher and the spread (the yield premium investors demand to hold Italian bonds) to equivalent term German bond yields increased, as highlighted in the chart below. The move reflected weaker confidence in the outlook for Italian debt given higher perceived risk.
When President Mattarella rejected the alliance’s nomination for finance minister, apparently owing to his strong anti-euro stance, the two parties withdrew their proposals to form a government. The president subsequently moved to appoint former International Monetary Fund official Carlo Cottarelli as interim prime minister.
As a result, the likelihood of fresh elections, and the opportunity for anti-establishment, Eurosceptic parties to attain a firmer mandate increased, exacerbating financial market concerns. The risk of contagion also saw other peripheral eurozone bond yields move higher, as the chart below illustrates. By contrast, German bond yields fell.
Past Performance is not a guide to future performance and may not be repeated.
The uncertainty that another election would bring appeared to prompt M5S and the League to re-start coalition talks. These reached a successful conclusion and a new cabinet, with a different candidate for finance minister, was proposed and later approved by President Matarella. With the threat of another election easing, Italian bond yields fell back at the end of the month.
**US-China trade discussions ongoing**
The second round of US-China trade negotiations saw a Chinese delegation head to Washington DC in May.
In advance of the visit, President Trump unexpectedly took to Twitter to announce that he was working with President Xi Jinping to enable Chinese telecoms equipment producer ZTE to “get back into business, fast”, referencing the loss of jobs in China. US companies had recently been banned from supplying ZTE for seven years on national security grounds.
Read more: Trade wars and what they mean for the global economy
Following the talks the US agreed to halt the implementation of tariffs on $150 billion of imports from China. Meanwhile China pledged to increase purchases of US goods in an effort to reduce the bilateral trade deficit. It also announced the termination of an investigation into imports of US sorghum, removing the heavy duties imposed as part of the probe. The impact of the ongoing trade uncertainty was captured by vessel data showing movements of bulk carrier the RB Eden.
The ship is carrying grain produced in the USA. It left Corpus Christi, Texas in March bound for Shanghai. It got halfway when China implemented a 179% duty on imports in April, and then headed back towards Cartagena, Spain. After reaching Cartagena, but before it docking, the ship performed U-turn number two on 18 May, after China announced it was no longer conducting anti-dumping and anti-subsidy probes into sorghum. It is now on its way to Singapore…
**Is the slowdown in eurozone growth transitory?**
Economic growth in the eurozone unexpectedly slowed to 0.4% quarter-on-quarter in Q1, according to preliminary data from Eurostat. The abnormal weather experienced over the period, in particular heavy snow falls in late February and early March, are likely to have been a factor.
Viewed on a regional basis, growth data from Northern European countries such as France, Germany and the UK saw significant deceleration relative to recent quarters. This chart below indicates no impact in member countries where the weather was less inclement, notably Spain and Italy.
*Eurozone GDP growth Q1 2018 versus Q4 2017*
Source: Eurostat, ONS, Schroders Economics Group, 21 May 2018. EZ19 is a composite figure for the 19 member eurozone.
Meanwhile in Germany, a severe influenza outbreak led the sickness rate to spike. According to the German Federal Ministry of Health, 7% of the workforce covered by public health insurance were absent from work in March, twice the usual rate.
Source: German Federal Ministry of Health, UBS, Schroders Economics Group, 23 May 2018. 1Persons in public health system not working due to sickness as % of all publicly insured (on 1st day of month).
**Crude oil resumes ascent before falling back on potential OPEC action**
Crude oil prices took another leg higher at the start of May as President Trump opted to withdraw the US from the Joint Comprehensive Plan of Action (JCPOA), widely referred to as the Iran nuclear agreement. This sparked concerns over global supplies, which were already exacerbated by falling output in Venezuela.
Read more: What next for the oil price?
Towards the end of the month, Organisation of the Petroleum Exporting Countries (OPEC) members subsequently opened the door to easing production limits to offset these supply risks. As a consequence, Brent crude prices fell back to sit close to the levels seen at the start of May.
Read more: Why the oil and gas sector is energising investors
**EM currencies have seen some pressure; notably Turkey and Argentina. ** **
As 10 year US bond yields saw further pick-up in early May, the US dollar strengthened. This was a headwind for a number of emerging markets currencies but it was the Turkish lira and the Argentinian peso which came under the greatest pressure and took the headlines.
Turkey is exposed to global liquidity tightening due to its wide current account deficit. Inflation has continued to exceed expectations and the central bank has resisted more material interest rate tightening. Comments from President Erdogan suggesting that interest rates are the "mother and father of all evil", together with his plan to take a greater responsibility for monetary policy, have concerned investors. Early elections, scheduled for June, have also served to increase uncertainty. As the lira continued to lose value, the central bank was forced to announce an emergency interest rate hike of 3%, taking the main policy rate to 16.5%.It later announced plans to simplify its system of interest rates, suggesting a return to more conventional monetary policy.
Argentina’s government has taken a gradual approach to correcting the economy’s macroeconomic imbalances. US dollar strength, together with the impact of drought, which has pressured agricultural exports, compelled the government to expedite these adjustments in May. The central bank responded to initial weakness in the currency by hiking interest rates to 40% and the government pledged to speed up the pace of its fiscal reforms. When the currency did not stabilise, President Macri subsequently announced plans to approach the IMF for a stand-by arrangement.
Important Information: The views and opinions contained herein are of those named in the article and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds. The sectors and securities shown above are for illustrative purposes only and are not to be considered a recommendation to buy or sell. This communication is marketing material.
This material is intended to be for information purposes only and is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The material is not intended to provide and should not be relied on for accounting, legal or tax advice, or investment recommendations. Reliance should not be placed on the views and information in this document when taking individual investment and/or strategic decisions. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. All investments involve risks including the risk of possible loss of principal. Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy. Reliance should not be placed on the views and information in this document when taking individual investment and/or strategic decisions. The opinions in this document include some forecasted views. We believe we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know. However, there is no guarantee than any forecasts or opinions will be realised. These views and opinions may change. Issued by Schroder Investment Management Limited, 31 Gresham Street, London EC2V 7QA. Registration No. 1893220 England. Authorised and regulated by the Financial Conduct Authority.
Reported by City A.M. 2 hours ago.
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In a System Mired in Regulatory Requirements, Price Transparency is Key to Cost Reduction
Compliance with over 600 federal regulatory requirements drives administrative spending in the healthcare industry, and these costs are passed on to consumers who are usually unaware of them. Making sure patients get the proper care at the most appropriate facilities is most easily done through the use of price transparency tools, MyMedicalShopper says.
PORTSMOUTH, N.H. (PRWEB) June 11, 2018
While many of us have heard about the substantial burden of regulatory costs on our hospital systems, many are ignorant of how compliance with these regulatory requirements drives up the overall cost of healthcare in the U.S. Compliance costs billions each year in a system that’s already overburdened by exorbitant premiums, deductibles, and fees. While many of these requirements, mandated at both federal and state levels, are important to patient safety, indigent care and proper outcomes, healthcare consumers, including employers offering health insurance benefits to employees, are largely unaware that these types of costs impact their premiums directly while also driving up out-of-pocket costs. American healthcare consumers can take back control over their healthcare spending by shopping, not through added legislation, says industry leader MyMedicalShopper.
Mark Galvin, CEO of MyMedicalShopper, says, “The healthcare system is bloated by requirements which are tremendously expensive to comply with and which most consumers are unaware of. When applied to procedures that don’t require this level of governmental oversight, these hidden costs drive spending up for everyone, including consumers and third-party payers. Healthcare price transparency is key to reducing healthcare costs. When consumers knowledgeably select services based on price, quality, and convenience, they tend to navigate to the best facilities for proper care at the lowest regulatory costs. The key is to know what you will have to pay before you have the services performed.”
Rising inflation rates are no match for soaring healthcare costs. In 2016, American businesses and taxpayers spent over $3.3 trillion on healthcare, equaling 17.9% of the country’s gross domestic product (GDP).(1) While much of this spending is attributed to prescription drug costs and care for chronic illnesses, the administrative burden for hospital facilities is also steadily increasing.
Healthcare providers and facilities must comply with over 600 separate regulatory requirements as part of efforts to promote both patient and provider safety and well-being.(2) Regulatory burden costs $1,200 every time a patient is admitted to a hospital. (3)
When a patient ends up using hospital facilities when unnecessary, the extra money consumed to help meet regulatory requirements has no direct impact on that patient’s care. Ultimately, healthcare consumers—including employers providing coverage to employees—are stuck absorbing these unnecessary costs. This means higher premiums, as well as surprises on medical bills. Most employers are unaware that their healthcare premiums are based on the medical payments made by their insurance policy plus the insurance company’s operating and profit margins. The money paid on behalf of consumers, or employees, gets added together annually and a 15-20% margin gets added on top, roughly, to arrive at their next year’s premium. When costs continue to inflate, premiums go up which represents increased revenues and gross profit. Keeping healthcare pricing complex means certain entities will keep making more money as the cost of care continues to rise.
Ultimately—consumers and employers are making the payments for the care—and regulations and legislation just gives coverage for obscure pricing. Support tools creating price transparency can increase consumer awareness of these fees and other expenses associated with medical care. Price transparency applications ultimately allow consumers to pick their care options with the knowledge they need in order to only pay for the care they need from the best facilities and providers that align with those needs.
Meanwhile, lawmakers in Colorado have filed legislation which would require providers to publish their fees for common healthcare services.(5) But while Americans suffer through the waiting game, companies such as MyMedicalShopper already offer medical price transparency tools to help healthcare consumers shop around for the best value for the medical services they need. These tools provide easily accessible information about the true cost of medical services in any geographical area, allowing consumers to comparison shop to get the best bang for their buck. Savvy employers offer this solution as a way to empower employees to make informed decisions about their healthcare.
“Hospitals will always be more expensive. People should simply not go there unless that's where they need to go,” Galvin explained. “Price transparency tools empower the consumer to determine the optimum place for their care.”
Until legislation forces price transparency nationwide—if it ever will—employers and individuals can start to take back control of their healthcare spending by utilizing price transparency tools that expose the actual amounts paid and allow them to compare the actual costs of local healthcare services.
About MYMEDICALSHOPPER:
MMS Analytics, Inc., dba MyMedicalShopperTM, is a big data company with big dreams for healthcare. Co-founder and CEO Mark Galvin started the company out of the need to provide consumers and companies who provide healthcare benefits to their employees with transparency—the leverage needed to make solid decisions on their healthcare and improve their quality of life. Consumers previously ignorant of price variations in procedures and testing utilize real-time health insurance plan pricing information that makes it possible to choose care based on price, quality and convenience. Experts document that as much as $1 trillion could be slashed annually from the cost of healthcare in the U.S. through careful shopping. MyMedicalShopper’s goal is to transform the healthcare industry into a fair market for consumers. For more information, visit http://www.MyMedicalShopper.com
Sources:
1. The Rising Cost of Health Care by Year and Its Causes. The Balance. https://www.thebalance.com/causes-of-rising-healthcare-costs-4064878
2. Understanding the True Costs of Healthcare Regulatory Compliance. HealthcareSource Blog. http://education.healthcaresource.com/healthcare-regulatory-compliance-cost/
3. Regulatory Overload Report. American Hospital Association. https://www.aha.org/guidesreports/2017-11-03-regulatory-overload-report
4. Hospitals, Systems Spend $39B Annually on Regulatory Compliance. RevCycle Intelligence. https://revcycleintelligence.com/news/hospitals-systems-spend-39b-annually-on-regulatory-compliance
5. Price transparency would benefit health consumers. NewsOK. https://newsok.com/article/5593932/price-transparency-would-benefit-health-consumers Reported by PRWeb 34 minutes ago.
PORTSMOUTH, N.H. (PRWEB) June 11, 2018
While many of us have heard about the substantial burden of regulatory costs on our hospital systems, many are ignorant of how compliance with these regulatory requirements drives up the overall cost of healthcare in the U.S. Compliance costs billions each year in a system that’s already overburdened by exorbitant premiums, deductibles, and fees. While many of these requirements, mandated at both federal and state levels, are important to patient safety, indigent care and proper outcomes, healthcare consumers, including employers offering health insurance benefits to employees, are largely unaware that these types of costs impact their premiums directly while also driving up out-of-pocket costs. American healthcare consumers can take back control over their healthcare spending by shopping, not through added legislation, says industry leader MyMedicalShopper.
Mark Galvin, CEO of MyMedicalShopper, says, “The healthcare system is bloated by requirements which are tremendously expensive to comply with and which most consumers are unaware of. When applied to procedures that don’t require this level of governmental oversight, these hidden costs drive spending up for everyone, including consumers and third-party payers. Healthcare price transparency is key to reducing healthcare costs. When consumers knowledgeably select services based on price, quality, and convenience, they tend to navigate to the best facilities for proper care at the lowest regulatory costs. The key is to know what you will have to pay before you have the services performed.”
Rising inflation rates are no match for soaring healthcare costs. In 2016, American businesses and taxpayers spent over $3.3 trillion on healthcare, equaling 17.9% of the country’s gross domestic product (GDP).(1) While much of this spending is attributed to prescription drug costs and care for chronic illnesses, the administrative burden for hospital facilities is also steadily increasing.
Healthcare providers and facilities must comply with over 600 separate regulatory requirements as part of efforts to promote both patient and provider safety and well-being.(2) Regulatory burden costs $1,200 every time a patient is admitted to a hospital. (3)
When a patient ends up using hospital facilities when unnecessary, the extra money consumed to help meet regulatory requirements has no direct impact on that patient’s care. Ultimately, healthcare consumers—including employers providing coverage to employees—are stuck absorbing these unnecessary costs. This means higher premiums, as well as surprises on medical bills. Most employers are unaware that their healthcare premiums are based on the medical payments made by their insurance policy plus the insurance company’s operating and profit margins. The money paid on behalf of consumers, or employees, gets added together annually and a 15-20% margin gets added on top, roughly, to arrive at their next year’s premium. When costs continue to inflate, premiums go up which represents increased revenues and gross profit. Keeping healthcare pricing complex means certain entities will keep making more money as the cost of care continues to rise.
Ultimately—consumers and employers are making the payments for the care—and regulations and legislation just gives coverage for obscure pricing. Support tools creating price transparency can increase consumer awareness of these fees and other expenses associated with medical care. Price transparency applications ultimately allow consumers to pick their care options with the knowledge they need in order to only pay for the care they need from the best facilities and providers that align with those needs.
Meanwhile, lawmakers in Colorado have filed legislation which would require providers to publish their fees for common healthcare services.(5) But while Americans suffer through the waiting game, companies such as MyMedicalShopper already offer medical price transparency tools to help healthcare consumers shop around for the best value for the medical services they need. These tools provide easily accessible information about the true cost of medical services in any geographical area, allowing consumers to comparison shop to get the best bang for their buck. Savvy employers offer this solution as a way to empower employees to make informed decisions about their healthcare.
“Hospitals will always be more expensive. People should simply not go there unless that's where they need to go,” Galvin explained. “Price transparency tools empower the consumer to determine the optimum place for their care.”
Until legislation forces price transparency nationwide—if it ever will—employers and individuals can start to take back control of their healthcare spending by utilizing price transparency tools that expose the actual amounts paid and allow them to compare the actual costs of local healthcare services.
About MYMEDICALSHOPPER:
MMS Analytics, Inc., dba MyMedicalShopperTM, is a big data company with big dreams for healthcare. Co-founder and CEO Mark Galvin started the company out of the need to provide consumers and companies who provide healthcare benefits to their employees with transparency—the leverage needed to make solid decisions on their healthcare and improve their quality of life. Consumers previously ignorant of price variations in procedures and testing utilize real-time health insurance plan pricing information that makes it possible to choose care based on price, quality and convenience. Experts document that as much as $1 trillion could be slashed annually from the cost of healthcare in the U.S. through careful shopping. MyMedicalShopper’s goal is to transform the healthcare industry into a fair market for consumers. For more information, visit http://www.MyMedicalShopper.com
Sources:
1. The Rising Cost of Health Care by Year and Its Causes. The Balance. https://www.thebalance.com/causes-of-rising-healthcare-costs-4064878
2. Understanding the True Costs of Healthcare Regulatory Compliance. HealthcareSource Blog. http://education.healthcaresource.com/healthcare-regulatory-compliance-cost/
3. Regulatory Overload Report. American Hospital Association. https://www.aha.org/guidesreports/2017-11-03-regulatory-overload-report
4. Hospitals, Systems Spend $39B Annually on Regulatory Compliance. RevCycle Intelligence. https://revcycleintelligence.com/news/hospitals-systems-spend-39b-annually-on-regulatory-compliance
5. Price transparency would benefit health consumers. NewsOK. https://newsok.com/article/5593932/price-transparency-would-benefit-health-consumers Reported by PRWeb 34 minutes ago.
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