WASHINGTON, DC – As a handful of insurance companies grow larger and larger by gobbling up every piece of patient care outside of the hospital, the Insurance Watchdog Coalition (IWC) is launching today to hold these monopolies accountable for their control of access to doctors, sensitive personal medical information and life-saving health care.
The Insurance Watchdog Coalition will educate Americans on the dangers posed by giant insurance companies that seek to control doctors, sensitive personal health data and access to life-saving care.
The recent cyber attack on UnitedHealth’s Change Healthcare subsidiary, which immobilized large swaths of the health care sector, shows the dangers of health insurance consolidation. It demonstrates what happens when one company – UnitedHealth – controls 15 billion health care transactions per year and touches 1 in every 3 patient records. The cyber hack caused major disruptions in payments to providers who needed the cash flow to make payroll and to hospitals providing critical care. In addition, it wrought havoc on pharmacies trying to fill life-saving prescriptions.
To highlight UnitedHealth’s monopoly power and impact on the health care system, IWC is launching a new website and video. The video tells the story of UnitedHealth’s vast size and scope, including employing more than 90,000 doctors, managing an AI company that denies patient claims, owning a dominant pharmacy benefit manager, as well as controlling everything from surgery centers, to home health clinics, to hospice clinics.
“Big Insurers have been on a buying spree with the goal of controlling as much of the health system as possible, and it’s resulted in record profits. But for patients, doctors and pharmacists, it’s been a nightmare,” said Insurance Watchdog Coalition Spokeswoman Samantha Bullock. “Insurance Watchdog Coalition will shine a bright light on the impacts of these massive insurance conglomerates, and work to hold them accountable.”