"On average, CEOs for HMOs and other health care companies receive
two thirds more compensation than their counterparts in other industries,
according to the Crystal Report on Executive Compensation. In studying
compenssation packages for over 1, 500 CEOs, Crystal found that the people
at the top of HMOs and health care companies live better than CEOs in the
consumer, pharmaceutical, and finance industries...The average adjusted
compensation for all CEOs in an industry was...compared with the baseline.
" CEOs in HMOs/health care receive 66% more than Crystal's baseline
" Compensation
Monitor: Health Care Executives most highly Compensated" [MANAGED CARE
"A guide for managed care executives and physicians..." May 1999
"According to an editorial in today's New
England Journal of Medicine, for-profit hospitals provide lower quality
care while charging higher prices than not-for profit facilities. The editorial,
which accompanies a study on the impact of investor-ownership on Medicare
costs, comes just three weeks after the publication of research showing
that investor-owned HMOs scored lower on every single one of 14 quality
measures and spent 48 percent more on overhead and profits than not-for-profit
HMOs...'The editorial and study conclusively demonstrate - if there was
any doubt left -- that marketplace medicine is a failed experiment,'
says Dr. Quentin Young, National Coordinator, Physicians for a National
Health Program and an internist in Chicago. 'We have 45 million people
without any insurance and 125,000 additional people losing their insurance
every month. Every day there's more bad news about how rotten our health
system is - prices rising, quality falling, and, just this month, an additional
250,000 seniors being dumped from Medicare HMOs.'." From For-Profit
Hospitals Deliver Inferior Care at Inflated Prices and Cost Medicare an
Extra $5.2 Billion Annually. Presented in the Connecticutt Coalition
for Universal Healthcare Webpages
"HMO executives have piled up truly extraordinary sums of money for
themselves. Even if we accept the industry's argument that executive compensation
is a result of stunning new management techniques and the elimination
of inefficiencies, the money in the executives' pockets formerly was spent
on health care. " The Robber Barons of Health Care found in Chapter 4
[ The
Financial Sting ó Paying More For Less] in the Book " Making
a Killing " by Jamie Court & Francis Smith (With a foreward by
Ralph Nader)
Table 2 in source shows that Stephen Wiggins, CEO of
Oxford Health Care earned $30,735,093 in 1997 , the
year his company crumbled. See Table 1 and 2 in source above
for more outrageous figures.
Academy Health, an impresive organization contributing methodology,
research and literature, states it is dedicated to Health services research
and informs "
"It's a myth private for-profit health
care results in better quality health care. A 1999 study in the Journal
of the American Medical Association concluded for-profit U.S. health
maintenance organizations (HMOs) rated lower than not-for-profit HMOs on
all 14 quality indicators by the National Committee for Quality Assurance.
It is also a myth for-profit hospitals
and services are cheaper and more efficient than public ones. The New England
Journal of Medicine concludes that in decades of research, no peer-reviewed
study found for-profit hospitals are less expensive. For-profit hospitals
cost more to operate and spend far more on administration." Western Catholic
Reporter Week of March 18, 2002 Take
the price tag off medicare By BISHOP FRED HENRY