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Saturday, May 18, 2013

NJ Bayonne Medical Center - Highest Priced Medicine in the Nation

While workers' compensation insurance carriers may set approved fees or contract with providers, hospitals have huge disparities in the cost for medical care provided. Additionally, there appears to be no difference in the ultimate outcome based on cost for medical service provided.

Compromising fees for medical services has become a big business in the US. Regulatory agencies provide a forum for the re-evaluation and determination of the cost for medical service. Many companies have emerged that provide representation in assisting in compromising fee. NJ Workers' Compensation have been mandated with the jurisdiction to evaluate the need and reasonableness of medical care provided to injured workers and establish the reimbursable value of the medical services rendered.

The highest priced medicine does not yield the best result according to published data released by the US Government. The NY Times has analyzed  data and found that the NJ Bayonne Medical Center was the highest priced hospital in the nation.

"Until a recent ruling by the Internal Revenue Service, for instance, a hospital could use the higher prices when calculating the amount of charity care it was providing, said Gerard Anderson, director of the Center for Hospital Finance and Management at Johns Hopkins. “There is a method to the madness, though it is still madness,” Mr. Anderson said."

Read more about "medical costs" and workers' compensation:

Nov 01, 2012
Planned changes by Mitt Romney to Medicare and Medicaid will have a dire effect on the regulations of the future cost of workers' compensation medical treatment. Proposed changes to the Federal program will indirectly ...
Dec 11, 2008
The cost of medical care has increased tremendously according to a recently issued report. The NCCI (National Council on Compensation Insurance Inc.) reports an increase in medical costs from 40% in the early 1980s to ...
Feb 17, 2009
The main findings were: For comparable injuries, when WC pays higher prices than GH for specific services, those services tend to be used more often in WC than in GH; The proportion of WC medical cost that is subject to ...
Jan 12, 2013
Soaring medical costs have afflicted the workers' compensation industry with economic distress and have severely impacted the efficient and effective delivery of medical care to injured workers. Both increased costs/profits .