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American Academy of Actuaries Report
By John Park
Health Care Analyst
Sherlock Company
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Late last week, the American Academy of Actuaries released the attached paper discussing administrative functions and expenses. It is designed to provide an actuarial perspective relating to various components of comprehensive health care reform proposals.
Assessment
Sherlock Company benchmarks, as excerpted in the Plan Management Navigator, are cited in the paper and we thought you might find it of interest.
Link: American Academy Actuaries
Conclusion
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Filed under: Alerts Sign-Up, Breaking News, Health Economics, Health Insurance, Healthcare Finance, Managed Care, Research & Development | Tagged: American Academy of Actuaries, Healthcare Expenses, healthcare reform, John Park, Plan Management Navigator, Sherlock Company |
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There seem to be a couple themes in this paper: government regulation and taxation add significantly to the cost of doing business, and the government is able to artificially understate the costs and expenses of their programs by shifting these expenses to other departments.
Increasing transparency and decreasing taxes and fees is a good place to start. Why should those paying insurance premiums pay a fee to subsidize mass transit in New York?
Allowing for increased competition, including across state lines, can help to improve efficiencies. Allowing and facilitating pooling of risk among insurers can also reduce the cost of that risk.
Brian J. Knabe; MD
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