American has the most expensive health care system in the world
, yet ranks 37 in the world in health care performance and 72 in world in overall level of national health. (World Health Organization, 2000)
Healthcare costs are rising three times the faster than wages; people are unable to keep up with the cost of keeping healthy.
The US as you know does not have universal healthcare
Health insurance is a business in the US so companies will increase the prices on people who are expensive to insure or terminate the insurance coverage if they become too expensive to keep healthy.
What does Obama's Healthcare plan do?
The plan will expand coverage to 32 million Americans who are currently uninsured. The population of the US is 300 million so this is a HUGE increase in covered patients.
The uninsured and self-employed would be able to purchase insurance through state-based exchanges with subsidies available to those who can't afford it.
Separate exchanges would be created for small businesses to purchase coverage
It requires states to expand Medicaid to include childless adults starting in 2014.
In 2014, everyone must purchase health insurance or face a $695 annual fine
And finally, what does this mean for?
As you would expect, the changes introduced by the healthcare reform bill will result in a lot more insured patients. This will significantly increase the amount of medical billing work that needs to be done; lot more charts to be coded, charges and demo's to be entered and many more payments to follow-up on. This is all great news for us!
GeBBS Team, we have chosen a very attractive industry to be in and the healthcare reforms introduced by Obama are very good for the entire organization! I encourage each one of you to read on this issue and capitalize on this opportunity.