The ‘billed rate’ and the paid rate by medicare AND insurers with agreements are vastly different. From what I’ve seen in my own bills from hospitals the actual payoff is less than 10% of the billed amount.
Yes, that dime on the dollar is my experience, too. But someone has to be paying a LOT higher, or the hospitals would all go bankrupt yesterday. I have tried and tried to get the facts, but no cigar.
“””The ‘billed rate’ and the paid rate by medicare AND insurers with agreements are vastly different. From what I’ve seen in my own bills from hospitals the actual payoff is less than 10% of the billed amount.”””
This needs to be repeated again and again.
Far too many people only look at what a hospital or doctor billed Medicare for a procedure and fail to look at what Medicare or an insurance company actually paid for the procedure.
That’s so that the nonprofit hospitals can write off Z90% of care as a “loss” for tax purposes.