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Where the money goes in the health care scheme of things
I am not sure if any of you have heard of Stephen Hemsley. For those who do not recognize this influential American he is the CEO of United Health Care. In financial news for the past couple of years he was at the core of an SEC investigation into the backdating of stock options for employees of United Health Care. United Health Care has had an unusually high volume of complaints from 2004 regarding their health insurance business. They were fined $4.4 million for violating California's prompt payment law. A subsidiary of UHC, PacifiCare, was fined $3.5 million for wrogfully denying 133,000 claims. Another UHC subsidiary, Golden Rule was fined $2.8 million for delaying claims. UHC was fined a record $2.2 million in a settlement for problems with claims processing and benefits coordination. UHC was fined close to $800,000 in North Carolina for delaying prompt payment of medical claims. UHC was ordered to pay $364,750 for denying 63,000 physician claims (52%)- without all necessary information. PacifiCare was fined $125,000 for more than 1,000 violations of state laws. Jeepers, I guess that is why the the company is under an independent monitor through 2010. Even with all those pesky infractions the health business has certainly been rewarding for Stephen Hemsley. With salary and stock options Mr. Hemsley earns 819,363.10 daily this year. With declining employer based coverage and all those legal judgements against UHC, the company still beat Wall Street expectations handily and earned over $859 million for the last reported quarter of this year, on revenues of over $21 billion. Expenses like the $12.6 million dollars to lobby against health care reform are small costs of doing business for this health insurance giant. Enjoy the video from Brave New Films, while you enjoy supporting the Stephen Hemsleys of this nation. And then ask yourself why your premiums and medical costs continue to sky rocket while you oppose a government overseen option. 13 comments from 9 users
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posted by
sagefever
on Aug 7, 2009 at 01:54 PM
WOW.... get off the Coulter train wreck and read this people! Those numbers are obscene! I am all for making a buck but that is disgusting. posted by
donmason
on Aug 7, 2009 at 02:21 PM
“earned over $859 million for the last reported quarter of this year, on revenues of over $21 billion.”
So just one guy draws over 4% of the entire gross revenue of the insurance company.
Ya just have to admire the “efficiency” of private sector health insurance. posted by
ProgressivePete2
on Aug 7, 2009 at 02:23 PM
Almost $300 million? Looks like all the lobbying money is paying off. Just read the paper, or watch the news. Rational people are fighting health care reform like it was their last resort. Some with no other reason than politics. Little do they know guys like Hemsley are robbing them blind and living the lavish lifestyle while laughing all the way to the swiss bank. posted by
Shwaine
on Aug 7, 2009 at 04:45 PM
CNN refused to run the ad critical of Edit: Here's a link on the ad refusal and I guess I was wrong, it's not this CEO. It's ANOTHER health insurance CEO that made $12 million last year: theplumline.whorunsgov.com/health-care/cnn-refusi ng-to-run-ad-critical-of-insurance-industry/ posted by
tonyh
on Aug 7, 2009 at 08:10 PM
Oh, WOW! Sounds to me like the money goes to the same places as Ford Motor Co., or Walmart, or Bank of America, or Fedex, or..............(insert favorite corporate name here). Shame on those bad Corporations for making a profit and paying people the going rate for whatever jobs they hold. As with everything else, there is a competitive market for executives in the corporate world. Try to hire a licensed Plumber for minimum wage. That won't happen either..... This all sounds like salary envy to me.......... posted by
adampayne
on Aug 8, 2009 at 10:12 AM
Yeah, Tonyh, "salary envy." That's a pretty pathetc comment when you read about all the infractions for denied claims and here the personal stories of the folks who had insurance with this company and were still denied benefits. Yep, all about salary envy when a corporate crook who backdated stock options makes billions on the backs of citizens over health care. posted by
ALICEN
on Aug 8, 2009 at 10:23 AM
United Healthcare -- doesn't that have something to do with AARP? Just asking. posted by
ALICEN
on Aug 8, 2009 at 10:25 AM
Another "just asking" question. How much money has AARP donated to politicians of both stripes? posted by
Lingtaowoo
on Aug 8, 2009 at 01:57 PM
Why don't we ask MSNBC for the COMPLETE list of ' re-election contributions ' from the Health Care Industry that THEY gave to OUR congressman/women--senators----you know..just for giggles---and then we'll know.... And NO--the sky is not falling--the boogie-man is not under your bed--and no one wants your elderly loved ones to go to the gas chamber---or turned into 'Soylent Green'....it's a myth--a smoke screen.....the rats are jumping ship---sink or swim.... posted by
ProgressivePete2
on Aug 8, 2009 at 02:55 PM
"Try to hire a licensed Plumber for minimum wage. That won't happen either....." I think if plumbers all decided to get together and start raising the price of their service until we all needed Plumbing insurance, which would be run by friends of the plumbers and once everyone believed they were saving money by getting the plumbing insurance, they would run up the price of that until...
A ripoff is a ripoff, no matter who is doing it. Right now, the medical/insurance/pharmacutical industry is ripping us off. posted by
ronmexico
on Aug 8, 2009 at 04:48 PM
And the government isn't ripping us off??? posted by
adampayne
on Aug 9, 2009 at 08:15 AM
No, ALICEN, United Health Care has nothing to do with AARP. AARP contracts with various providers who offer a wide range of insurance options to members at discounted rates. Like all social insurance the rates are influenced by the size of the pool. AARP is one of the largest organizations of its kind and members do receive breaks in premiums because of this large membership group. AARP does not sell insurance. Insurance companies sell to AARP members. The CEO of AARP gave the Obama campaign $8,900 for the 2008 election as a private citizen, not affiliated or endorsed by the AARP organization. AARP is very atypical in that it does not have a PAC, does not make political contibutions or endorse candidates. I recognize, ALICEN, your distaste for AARP. Too bad for you. It is a fine organization that, contrary to the opinions of right wing zealots, does a major service for its members. posted by
ALICEN
on Aug 9, 2009 at 08:59 AM
adampayne: I will take your word for that until I learn otherwise; I still believe that AARP has its own pans in the fire. However, contrary to your opinion, not all people who believe the way I do are right wing zealots; some are even left-wing zealots. Some are simply ordinary people leaning neither way but, rather, standing straight, thinking "straight" and keep enough of an open mind to let a little light into the place. And however much the CEO of AARP gave obama, that does not mean that millions were not donated to the campaign coffers of politicians particularly in the last election, and primarily to democrats. As the saying goes, I may have been born at night (I was), but not last night.
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