Elevance, the big for-profit health insurer previously known as Anthem, wowed Wall Street yesterday when it announced that it spent less on patient care during the second quarter of this year than investors had anticipated.
How to maximize profits in the insurance business, health and others. (1) recruit only low risk customers. (2) charge the highest premiums the market will bear. Oligopolies, and even better, monopolies, can charge what they want. (3) When a customer gets sick, make sure you try hard to have someone else pay. (4) Make sure all medical treatments (i.e. expenses) must be approved by one of your employees. Instruct them, as Cigna allegedly did recently, to systematically deny approval without looking at the sick patients' files. You might as well call the insurance a mafia organization. When I lived in Quebec, the Provincial Government took over the car insurance business. No more crowd of lawyer fighting over who was responsible for the accident. And the priority of the provincial organization was to protect its citizens at low cost, not to maximize profits. Not about to happen here. But could be under a finally kinder and gentler society.
Make profit by not providing the deliverable you were built to provide. Repulsive
How to maximize profits in the insurance business, health and others. (1) recruit only low risk customers. (2) charge the highest premiums the market will bear. Oligopolies, and even better, monopolies, can charge what they want. (3) When a customer gets sick, make sure you try hard to have someone else pay. (4) Make sure all medical treatments (i.e. expenses) must be approved by one of your employees. Instruct them, as Cigna allegedly did recently, to systematically deny approval without looking at the sick patients' files. You might as well call the insurance a mafia organization. When I lived in Quebec, the Provincial Government took over the car insurance business. No more crowd of lawyer fighting over who was responsible for the accident. And the priority of the provincial organization was to protect its citizens at low cost, not to maximize profits. Not about to happen here. But could be under a finally kinder and gentler society.
https://open.substack.com/pub/thefrontierpsychiatrists/p/dear-carelonelevance-you-are-out?r=1ct8f&utm_campaign=post&utm_medium=web