Economic fallout ....

[Jeff396]

<font color=blue>I find it appalling that people would find out about things on the Internet before hearing it from the company.</font color=blue>

My wifes company seems to have a real problem in this area. I can't decide whether it's a matter of them not caring, incompetance or just plain not understanding how things affect people. An example....my wifes company just aquired another. Yesterday she was told that the new people would have to sign something that includes a non compete clause....can't work for any compeditors for a matter of time...I think 1 year. So she asks them when they would receive their offer letter. They weren't planning on issueing offer letters. So, they actually expect people to sign a letter on agreement without knowing exactly what their salary and position will be in the new structure.....CLUELESS/w3tcompact/icons/shocked.gif Unfortunately, it seems to be the rule rather than the exception.

Also, during their recent layoffs and work cutbacks, she thought the upper management, herself included, should also cut back their hours to help save some cash in the short term and to show that they're all in this together. Corporate told them they couldn't do that. I guess they think it's much more motivating to tell the underlings that they don't need their whole check as long as it doesn't affect the upper management. Anyways...I babble! FRUSTRATED!

Jeff

 

[TerryinMD]

Jeff,

No, you're not babbling. I have seen and heard of similar situations. Let's see, the term used is a "new paradigm".

There appears to be a new greed in the corporate culture now. It is hard to put your finger on it, but you see it and feel it. I don't expect that a company MUST provide me with all of the best healthcare and benefits. But, at least show some decency and respect. Treat us as adults and tell us what is going on. Elicit some ideas. I think you get the picture...

Terry

 

[frank_f15]

rpm:i don't know that limiting the right to sue is the way to go, but i do think that frivolus suits should be punished. i also think that the hmo's create some of their own problems. i really don't know the ans. but i do know the the GREATEST, RICHEST country in the world should not have such high medical cost.i suppose u read about the 2 women that died this week because their oxygen meters were plugged into the wrong outlet? now why should that happen? a simple thing like designing one meter unable to plug into the wrong outlet is not so hard to do.hell u can't even plug your tv in the wrong way, just so the polarity is right, but u can plug an oxygen meter into an antistetic outlet? AS STATED BEFORE , IT IS ALL ABOUT GREED.

 

[Anonymous Poster]

I hate to say this, but it ain't as much about greed as it is just flat not giving a [censored], and being able to pass the cost along. In the 7th Judicial District of NY, it is virtually impossible to bring a malpractice claim, you first have to get a board to accept the case, and the docs here ain't paying exhorbidant premiums for malpractice either, but our costs just keep climbing.
The hospitals are in total disarray when it comes to billing, just last month there was a story where the Blues went into a hospital billing department and showed them how to bill so the hospital wouldn't go bankrupt.
The whole dam system can't stand to be looked at in the light of day. 20 years back the Senate looked at Blue Cross, and flat out stated they were so crookid they ought to be closed down, but the Blues cover so many people they can't be closed down. The Blues are tax exempt, and boy do they take advantage of that.
Every 6 months there's a story on TV how some doc or somebody else screwed the taxpayers for a few million. What makes anybody think the government can control this mess?

 

[RPM]

Terry,

RE: <font color=blue>Now what do you folks know about healthcare insurance profits and their G&A. Do the big insurance houses have a lot of overhead, bonus programs, and large underutilized staffs? We all know that bigger is not necessariliy better.</font color=blue>

Based on what I've seen the answer is yes. Certain insurance companies which I have consulted for over the last ten years (who will have to remain nameless because I'm under non-disclosure) are a mess internally. Years of acqusitions and mergers have made a mess of their internal IT infrastructure. There's usually a glossy front-end, but a mess in the back-end. Some of this was tidied up with Y2K and new HIPAA regs, but only enough to get over the hurdle.

Result is that the companies find it very difficult to take advantage of new technologies to reduce their cost. Many find it almost impossible to create a profile for an individual customer and all their policies / accounts - lots of tribal knowledge and thick instruction books littering those customer service operations!!

Add to this mess all the arcane insurance regulations and the fear that the company will end up out of compliance with one reg or another if they make changes and people are reluctant to touch the stuff. If you ask some of the IT staff in these operations they'll tell you that no-one actually knows how some of these systems work - just that they do. Scary stuff!

Patrick

 

[Alan L.]

Our health premiums went up nearly 50% from last year. We're having to change carriers and get less coverage.

 

[TerryinMD]

Some more stuff....

All of this stuff is public knowledge and I don't mind sharing. With all of the cost savings measures, the company has decided to also suspend any stock options this year. However, they DID decide to provide an exchange program for options give prior to our stock going south. /w3tcompact/icons/sad.gif This is a positive note!! /w3tcompact/icons/smile.gif The company is going to exchange the existing options with a new strike price which is to be determined this summer. Cool. The downside is that the option exercising periods start over next January. /w3tcompact/icons/frown.gif

Our group had a meeting to discuss all of this stuff today with our VP. He was very nervous giving the presentation. Too be expected. I think the poor guy expected to be skinned and roasted. One interesting question did come up, why is there 0% merit increased this year. I felt very sorry for him. He sat in utter silence for nearly a minute before he said that it was due to the economic pressures of the past year. Well - duh!!! The question was posed by a person who teleconferenced in and I believe was asked to put the poor guy on the spot.

Interesting economic times that we are going through.... I've been through a couple lean ecomonic times before and this one is still a little hard to guage. The next few months shoudl prove to be very, very interesting.

Terry

 

[ejb]

I for one am seriously considering dropping my coverage and self-insuring...as long as we don't get real sick we should come out way ahead...a gamble I know.

At about $9000 per year for premiums (and poor service at that) I save about $45K in 5 years if we can all just stay fairly healthy....haven't decided for sure but I should hate writing those checks every month and almost never using the doctor for anything. (Not that I'd rather be using him more/w3tcompact/icons/shocked.gif)

 

[TerryinMD]

ejb,

Wow - that's unbelievable...

Hey, have you checked out getting coverage from like the Farm Bureau or Costco or someone else....

Terry

 

[scruffy]

ejb, just be sure that you ALL have a thorough checkup prior to doing such a thing! I gambled on the same thing for a year and a half, got off scott free...almost...but still a large savings. Decided to go back to the corporate world, and luckily I did. Two months later, I was sick and diagnosed with cancer. Luckily, I had those corporate benefits! Could never have afforded those 60Grand in medical bills otherwise!
All I am saying is be very sure up front, and save those premium payments in case they are needed.