Health Care is about the money, Care? Not our department

This from Health Care For America.

The six largest investor owned health insurance companies recorded huge profit gains in the third quarter of 2010 by spending a smaller share of premiums on medical care, purging unprofitable members and burdening consumers with higher cost-sharing limits.

The companies, Wellpoint Inc., United Health Group Inc., Aetna inc., Humana inc., Cigna Corp and Coventry Health Care

made combined profits of $3.4 billion in the three months ending Sept. 30.

Medicynical Note: The money came, in part, from reducing the proportion of premiums spent on health care–Coventry is down to 76.8%, Aetna at 80.5%.

In 1993 95% of premium dollars went for health care. By 2007 the average amount spent on care was down to about 80%,

In comparison with other industrialized nations:

Performance on measures of health system efficiency remains especially low, with the U.S. scoring 53 out of 100 on measures gauging inappropriate, wasteful, or fragmented care; avoidable hospitalizations; variation in quality and costs; administrative costs; and use of information technology. Lowering insurance administrative costs alone could save up to $100 billion a year at the lowest country rates.

Only in America would such inefficiency tolerated. Amazing.

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