https://thewickhut.com/2022/08/08/too-expensive-to-live-the-rising-cost-of-medical-bills-in-america/
patients. Patients are required to cover the medical costs of themselves if there are at least one other stakeholder.
Prior to the introduction of hospital insurance, it was possible to pay for medical expenses. Patients now have the option of walking in to a hospital and get treated, only to go back home without any additional expense. Hospitals then bill the insurance provider of the patient for this service. Insurance companies pay the hospital more as opposed to patients paying their bills. This higher cost covers the late payment which hospitals suffer. It also increases the costs of treatment and the cost of insurance.
Hospitals were philanthropic centers from the 1950s to the 1970s. These are now business-for-profit organisations. They are owned by shareholders who hope to earn a profit from their investment. Consequently, healthcare becomes expensive. To provide high quality care there is competition that increases the hospital’s cost of investment. High-quality facilities translate to increased expenses. For-profit hospitals have to hire additional staff, and pay them well. Thus, the patients have to cover the costs of the services offered by these hospitals in order in order to cover their employees.
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