Well, hearing the phrase "it's too big to fail" ad nauseum has become tiresome, if not irritating. But what of those companies that are too big to play by the rules, too big to be bothered by rules and regulations, so big that oversight is difficult if not impossible. So here we have one of the largest healthcare insurance companies in America being charged by the Dept. of Justice with extensive fraud. Hmmmm. Can this be a company of our own peoples being charged with--theft of taxpayer dollars? Will anybody go to jail? Or, will they settle on a figure, charge it off as a cost of doing business and move on? As we have seen with Wall Streeters, bankers, brokers, and other crooks, (you, Mr. Cohen), getting caught 'with-hand-in-till' is not the same as holding up a bank for a few grand.
So, United Health will form up its legal beagles and jump into the ring with the crew from our DOJ and go several rounds before opponents get tired of it all and negotiate a figure both sides agree to in settlement. It's the new "legal system" we have come to appreciate in the 21st Century. And we are still waiting for the 9th Justice of the Supreme Court, aka 'The Tie Breaker".
United Health has been charged with inflated billing practices for its Medicare patients and other patients in various programs. Claims are that the fraudulent practices go back ten years and amounts exceed billions of dollars. Given the weight of rules and regulations insurers must follow, there will be intense debate over the very rules that the insurer has been accused of violating. To be sure, the company has legions of staff members whose sole job is to "know" the rules. This is to ensure that moneys collected have come from legitimate billing practices. On the flip side, the government has its legions who do the same. Results: court fight!
My guess is a protracted dance around the rule book, some court action, and a settlement, probably within 4-5 years. Ho-hum.
No comments:
Post a Comment