Let me be clear. I'm an unapologetic capitalist. In our economic system, it is the right of every business to pursue profits... within the context of the law, of course.
Blue Cross Blue Shield and Health Management Associates are both for profit corporations. It is their right, no, it is their obligation to produce as much profit as possible for their owners. When that mission collides with the public good, it is the responsibility of our elected officials to step in and reinforce laws to protect the interests of citizens from these profit-pursuing corporations.
BCBS and HMA have decided to take their fight to the people. Each claim the other is some horrid, profit-seeking, greedy entity, bent on only one thing-- the bottom line. Through television advertising and newspaper ads, they have waged war and played on the emotions of all of us. According to HMA, BCBS wants to toss intensive care patients out into the street. According to BCBS, HMA has been over billing poor, unsuspecting patients.
Enter the Governor-- cowboy boots and all. The gun-slinging, bible-toting Governor Bryant has stepped into the fray and declared BCBS the bad guy in this fight. This same Bryant who has spent the last few years swearing off government intervention in health care is now intervening in that same system. Is he a new convert to socialism, or is he just an old convert to cronyism?
Word is his campaign coffers have long been filled by the likes of HMA. Hmmm...
Neither corporation is a horrid, greedy entity, but both are certainly profit-seeking. I have no problem with either company and this pursuit of the almighty dollar. It's the American way. I DO have a problem with their marketing campaigns that manipulate our emotions on this very delicate issue. If the Governor wants to intervene, have him declare the airwaves, print publications, and billboards off limits to these guys. Then he needs to step aside and allow Mike Chaney's office to do their job.
The Insurance Commissioner should conduct a full investigation. As long as a company adheres to state law, no action should be required. If current law is inadequate to deal with the dispute, the legislature should step in.
This fight between these two companies is bad PR for both. It's bad for Governor Bryant. It's bad for Insurance Commissioner Chaney. And it's bad for BCBS policyholders. The only ones making out in this fight for profit are the lawyers!
Independent, Fee-Only Financial Advisor
