Why We Need H.R. 676

Why We Need H.R. 676

The following Corporate Medicine Profit Break Down data was collected in December of 2006 by The Institute for Health and Socio-Economic Policy, the research arm of the California Nurses Association.

On March 2004, a national survey from the Common Wealth Fund found that 2 out of 5 adults have medical bill problems or accrued medical debt.

Why Does Your Health Care Cost So Much?

The 20 largest HMOs’ in the U.S. made $10.8 billion in profits in the most recent fiscal year, (2005). 12 top HMO executives pocketed $222.6 million in direct compensation in the most recent fiscal year. (2005).

The top seven U.S. health insurers earned a combined $10 billion dollars-nearly triple their profits of 5 years earlier. (Wall Street Journal, August 2006.)

In 2004, top executives of the 11 largest health insurers, made a combined $85 million per year in one year. (Weiss Reports)

In 2004, the world’s 13 largest drug companies recorded $62 billion in profits. The top 12 drug companies’ executives collected $192.7 million for the same period.

Dr. William McGuire, CEO of United Health, the nation’s second leading health insurers, had $1.6 billion in exercisable options at the end of 2005. (CBN News, October 16, 2006)

The aggregate profits for U.S. hospitals reached a record $26.3 billion in 2004, and profits have risen substantially the past few years even as the number of hospitals and hospital beds has been shrinking.

The nations’ 100 most expensive hospitals set their gross charges at an average of 680% (up from 673% in 2002-2003) of their costs.

The diagnostic imaging technology category has grown to nearly a $100 billion dollar a year business. (Strategy & Business News, 3/31/04, U.S. Health Care’s Technology Cost Crisis)