The Hangover Hits Home

The healthcare system is designed to make money rather than promote health, and Emma Fox and David Contorno discuss how to be a more informed and empowered consumer of healthcare. They provide advice on how to access financial assistance programs and discuss the high salaries of hospital executives, who are not necessarily making decisions based on clinical outcomes. Emma and David share their story of how they were quoted $6,500 for a medical bill, but received a bill for $22,000, and how they were able to get the bill adjusted to $6,900 by exercising a legal term called accord and satisfaction. They also discuss the importance of understanding the financial assistance programs available, even for those who make into the six figures as a household, and how the top executives of Novant were paid $458.7 million from 2010 to 2021.Episode Outline:(00:04:10) IV Infusion Treatment(00:00:00) IVIG Infusion Cost(00:12:53) Financial Assistance Programs(00:08:28) Financial Assistance Programs(00:17:10) Health Care SystemQuotes:(00:17:33) I can't wait to get into more of these. I feel like we could chat forever, but let's give someone a little break from the mind blown that is finding this stuff out because it's heavy and I hope people get as angry as we got, which kind of led us to this path.(00:03:00) Where else in the world does both the customer and the provider of services not know the cost or the price until after services are rendered, except in the US. Healthcare system?(00:07:23) Why do we not start with that? But we took the oral steroids and they actually had a longer lasting and more positive effect.(00:11:33) I almost think the first thing is the clinical. I don't think anyone should be afraid anymore to ask questions and I didn't ask enough questions. What other treatment options are available? Why did you choose this one? Maybe get a second opinion even.(00:15:49) There's absolutely no reason to feel bad. The whole reason that they get the tax breaks that they get for being nonprofit is because they're required to give away what's called charitable care. They're required to do it.Blog Post:It’s no secret that the healthcare system is designed to make money rather than promote health. Emma Fox and David Contorno recently discussed how to be a more informed and empowered consumer of healthcare. They shared their story of how they were quoted $6,500 for a medical bill, but received a bill for $22,000. Through exercising a legal term called accord and satisfaction, they were able to get the bill adjusted to $6,900. Emma and David’s story is a powerful reminder of the importance of understanding the financial assistance programs available for medical care. Even those who make into the six figures as a household can benefit from these programs. It is also important to remember that the top executives of Novant were paid $458.7 million from 2010 to 2021. Most of these executives have business degrees and make decisions based on financial outcomes, not necessarily clinical outcomes.It is also important to note that drug companies make less money when people are healthy, and insurance companies make more money when people are healthy. This means that there are little things done to ensure people don’t get healthy. Emma and David got angry and this led them to this path of exploring how to be an informed and empowered consumer of healthcare. To be a more informed and empowered consumer of healthcare, there are a few tips and tricks to keep in mind. Firstly, healthcare estimates are now legally required to be a good faith estimate and cannot vary by more than $400 from what was quoted pre-service. Patients should not be afraid to ask questions and seek a second opinion when receiving medical treatment.Nonprofit hospitals are required to offer financial assistance programs based on income alone, which can reduce or eliminate a patient’s bill. Patients can present themselves as cash pay to get more effective assistance. Financial assistance counselors are often bonded money by the hospital if they get a patient to agree to any payment plan. The true 501 R required financial assistance policy is often hidden on the hospital’s website.Finally, people should not feel bad about using hacks and tricks to get financial assistance. Tax breaks are given to nonprofit hospitals, and the taxes they don’t pay are made up for by the local community. Nonprofit hospitals are also required to give away what’s called charitable care. It’s important to be an informed and empowered consumer of healthcare. With the right knowledge and understanding of the system, you can save yourself a lot of money and heartache.Episode LinksConnect with Emma FoxWebsiteEmma’s WebsiteConnect with David ContornoLinkedInWebsiteOther MaterialsThese materials help you promote your podcast. Quotes can be used for audio & video grams or quote cards. Blog and social posts will help your website and social media presence.