Outrageous Medical Costs! | By J. Partyka | Take Charge
Pardon me as I need to blow off some steam about my recent hospital procedure and my healthcare insurance. It's a fact, the U.S. spends almost twice as much on healthcare, as compared to other advanced countries, costing the U.S. approx. $3.3 trillion in 2016. (1)
Recently, I accepted a new position at another company and therefore I was required to change my medical insurance companies. I get why, but it's frustrating to keep up with all of the changing policies. Ugh #1.
Anyways, I get a little upset by what's covered and what's not and unfortunately I've given up to some big machine somewhere which makes these decisions for me, my doctors and HCPs. Ugh #2.
So, this past year I needed to have a medical procedure in an outpatient clinic which took approx. 90 minutes. While I was waiting to be injected with a FDA approved medication for this indication, I asked my doctor: "So, how much does this drug cost?" He replied: "I don't know, the billing office handles this for me." I thought: "Really? But you're a world expert in this field and if you don't know the cost, who does?" So, while I'm on the examination table waiting for my injections I searched on my phone for the average wholesale price (AWP) of this brand medication which came up equaling $3500 USD. Ugh #3. So, I told my doctor when he came back and he smiled and then he proceeded to inject me several times periodically over the next 30 minutes.
After a couple of weeks went by the insurance bill arrived in the mail. As I slowly opened the envelope I was cringing just thinking about how much this is going to cost ... the grand total was $14,900 USD Big UGH #4. After carefully looking at the hospital outpatient bill, I realized the cost of this drug was more than tripled to $13,500 USD and of course I will pay 20% out of my pocket. Ugh #5.
How can these healthcare costs be justified to the payers?
I'm afraid I know some of the answers and it all comes down to one thing, money. Money for the doctors performing the procedure, money for the hospital for obtaining and distributing the drug, more money for the pharmaceutical company for developing and marketing the drug and even more money funneled throught the insurance companies which is the corporate catalyst behind this horrific healthcare machine. One positive point which is part of this complicated equation is that some of the money is reinvested back by the pharmaceutical companies into future research which fosters innovations and new medical treatments.
So, the next time I have an elected medical procedure, I will ask for an estimate of the total cost of the procedure before I'm lying on "the table", so that I can make a more informed decision.
Stay healthy.
Source: (1) https://www.nytimes.com/2018/01/02/upshot/us-health-care-expensive-country-comparison.html?rref=collection%2Fsectioncollection%2Fhealth&action=click&contentCollection=health®ion=stream&module=stream_unit&version=latest&contentPlacement=1&pgtype=sectionfront
#Outrageous #StayHealthy @Pharmative
Pardon me as I need to blow off some steam about my recent hospital procedure and my healthcare insurance. It's a fact, the U.S. spends almost twice as much on healthcare, as compared to other advanced countries, costing the U.S. approx. $3.3 trillion in 2016. (1)
Recently, I accepted a new position at another company and therefore I was required to change my medical insurance companies. I get why, but it's frustrating to keep up with all of the changing policies. Ugh #1.
Anyways, I get a little upset by what's covered and what's not and unfortunately I've given up to some big machine somewhere which makes these decisions for me, my doctors and HCPs. Ugh #2.
So, this past year I needed to have a medical procedure in an outpatient clinic which took approx. 90 minutes. While I was waiting to be injected with a FDA approved medication for this indication, I asked my doctor: "So, how much does this drug cost?" He replied: "I don't know, the billing office handles this for me." I thought: "Really? But you're a world expert in this field and if you don't know the cost, who does?" So, while I'm on the examination table waiting for my injections I searched on my phone for the average wholesale price (AWP) of this brand medication which came up equaling $3500 USD. Ugh #3. So, I told my doctor when he came back and he smiled and then he proceeded to inject me several times periodically over the next 30 minutes.
After a couple of weeks went by the insurance bill arrived in the mail. As I slowly opened the envelope I was cringing just thinking about how much this is going to cost ... the grand total was $14,900 USD Big UGH #4. After carefully looking at the hospital outpatient bill, I realized the cost of this drug was more than tripled to $13,500 USD and of course I will pay 20% out of my pocket. Ugh #5.
How can these healthcare costs be justified to the payers?
I'm afraid I know some of the answers and it all comes down to one thing, money. Money for the doctors performing the procedure, money for the hospital for obtaining and distributing the drug, more money for the pharmaceutical company for developing and marketing the drug and even more money funneled throught the insurance companies which is the corporate catalyst behind this horrific healthcare machine. One positive point which is part of this complicated equation is that some of the money is reinvested back by the pharmaceutical companies into future research which fosters innovations and new medical treatments.
So, the next time I have an elected medical procedure, I will ask for an estimate of the total cost of the procedure before I'm lying on "the table", so that I can make a more informed decision.
Stay healthy.
Source: (1) https://www.nytimes.com/2018/01/02/upshot/us-health-care-expensive-country-comparison.html?rref=collection%2Fsectioncollection%2Fhealth&action=click&contentCollection=health®ion=stream&module=stream_unit&version=latest&contentPlacement=1&pgtype=sectionfront
#Outrageous #StayHealthy @Pharmative
Crazy!