THERE'S MORE FRAUD IN MEDICARE AND MEDICAID THAN PROFITS IN PRIVATE HEALTH INSURERS:
USNEWS (2009):
Overall, the profit margin for health insurance companies was a modest 3.4 percent over the past year, according to data provided by MORNINGSTAR.FORTUNE:
That ranks 87th out of 215 industries and slightly above the median of 2.2 percent.
By this measure, the most profitable industry over the past year has been beverages, with a 25.9 percent profit margin.
Right behind that were healthcare real-estate trusts (firms that are basically the landlords for hospitals and healthcare facilities) and application-software (think Windows).
The worst performer was copper, with a profit margin of minus 56.6 percent.
The big money, in other words, isn't in the insurance industry.
Top industries: Most profitable
HOOVERS:
Using the 2002 Census Bureau Economic Census, Hoover's has generated an industry financial summary for the Accident & Health Insurance industry.
IndicatorTotalNAICS Codes2Establishments4,764Sales, receipts or shipments ($1,000)$359,570,071Annual Payroll ($1,000)$23,078,845Paid Employees464,454
- FIGURING IT HIGH - AT 3% - THAT MEANS THEY MADE $10 BILLION.
- THAT'S 1/10TH OF WHAT WAS STOLEN FROM MEDICARE AND MEDICAID.
IN THE PRIVATE SECTOR!?!?
NOPE.
IN THE GOVERNMENT.
IF WE WANT REALLY TO IMPROVE HEALTHCARE IN THIS COUNTRY, THEN LET'S START BY ENDING THE FRAUD.
WE CAN APPLY SOME OF THAT MONEY TO HELP PEOPLE BUY THEIR OWN INSURANCE.
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