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of health procedures.
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loans.
Your Rx For Hospital Sticker Shock
(PRWEB) February 5, 2005 -- Wheeled into the operating
room poked, prodded, and x-rayed you are on pins and needles.
This experience will be like nothing else not because
of all the battery of tests you have been through but
for the rude awakening that your hospital bill feels like
it will hurt you more than your illness.
| Swelling
prices in health care suggest the need for more than
just having insurance in order lower your health bill.
Yet the typical person faces an uphill battle to learning
the health care finance game. |
'That's hospital sticker shock,' says Garth Gibson. An
MBA graduate in hospital finance he's spent the last ten
years managing hospital billing and contracts for large
hospitals and hmos.
He says it is wishful thinking to believe that your bulging
bills are due to billing errors and greedy executives.
That is a myth encouraged by big business auditing companies
says Garth.
He sites the often quoted Equifax study that found the
average billing error amounted to $1,300. What they don't
tell you is this amounts to less than 5% of the total
bill said Garth.
If you really want to know what's going on with your medical
bills you should first start with understanding how your
bill is put together in the first place.
Your medical sticker price is calculated from a price
list assembled every year for everything from nail clippers
to transplant surgery. This price list varies from hospital
to hospital. Experts say there are many factors for the
differences.
The following is a summary of three of the biggest factors:
- Modern Equipment. Some hospitals have newer equipment.
If so then you are probably paying for it with higher
prices. Hospitals pay nearly a million dollars for modern
day CAT Scans and nearly $25,000 for new defibrillators.
Considering that just 100 years ago most diagnostic medicine
consisted of Petri dishes and microscopes you can see
why costs are higher today
| "You
see the reason everything you have read and listened
to up to this point has failed is because you were
told all the "feel good stuff" were secrets
of success. But if that's all you needed then there
would be whole lot of successful people running around.
" |
- Charity Care. Some hospitals treat more people
who can't pay their hospital than others. In fact a few
have the sole purpose of treating people without regard
to how the patient will pay for it. If you are thinking
how do organizations make money from people with no money
well the answer is they don't
- Cost Shifting. Is the name given to the act of
jacking up the prices on hospital items in order to cover
the costs of non-paying customers. This is the reason
why you may see on your bill charges for $300 dollar walkers
and $850 dollar drills.
Hospitals used to be reluctant to talk about this cost
shift but as more and more people end up paying their
bill instead of their company or insurer individuals are
asking hospitals to account for every penny.
Hikes in medical bills threaten the stability of many
families. Recent research by the Schools of Law and Medicine
at Harvard University confirms families are at financial
risk even with medical insurance.
Across the country families are asking how can they protect
themselves. 'Go to B.E.D.' says Garth.
BED stands for:
· Benefit. Asks for a Summary Plan Benefit Description
(SPD) from your health plan
· Educate. Read your SPD to learn what your plan
will or will not pay for
· Document. Go through the appeals process. The
burden of proof is on the plan to explain why they are
not paying for something.
This gives everyone a chance that the plan will erase
any medical expenses that you are currently paying on.
Start with this if you want sleep better at night says
Garth. For the uninsured he advises they obtain an estimated
hospital bill before they are hospitalized then try to
negotiate a better deal upfront.
'That way you avoid hospital sticker shock.'
If you would like more right and wrong ways to cutting
your hospital bill help is available. Call 305-788-6756
to receive your free booklet, "Your Rx For Hospital
Sticker Shock:Tips, Tricks, Traps"
Garth Gibson has an MBA from the University Of Connecticut.
He has ten years of experience in medical finance working
for some of the largest hospitals and health plans in
the US. A former Naval Officer he received a special award
for innovative hospital management while in the armed
services.
hosptal, hspital, hsopital, hosptial, hospita, hospitla
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