Change Healthcare hack effect on the US economy.

[ExGingi]

I saw this tweet when it was posted, not knowing much about it. Since then I've been personally affected with several thousand in insurance claims owed to me for reimbursement.

This must be in the big billions if not over a Trillion effect on the US economy. Somehow this isn't at the top of the headlines. Is this news item being deliberately suppressed?

https://x.com/yossy770/status/1769908375419060493

[cgr]

The craziest part is that it was clearly negligence on Change's end, and yet no there have been no hearings in Congress as to the lax cyber security measures that they employed (and all this without getting into how they will possibly make everyone whole).

What could help in the long run is more competition in the industry. This would force companies to secure their systems without the need for government oversight. The threat of losing your customer base overnight is stronger than any potential rules and regulations.

[ushdadude]

Yeah it's pretty crazy how this isn't news. The entire medical industry is scrambling

[incendia]

Many, if not all, switched to another exchange weeks ago

UH set up a fund to lend money to affected healthcare providers

Not all claims go through the exchange some go directly to the insurance some state's

Healthcare claims are payed out over weeks and months. companies might have cash flow issues but it won't hit right away an not all at once


 

[dealfinder11]

Many, if not all, switched to another exchange weeks ago

UH set up a fund to lend money to affected healthcare providers

Not all claims go through the exchange some go directly to the insurance some state's

Healthcare claims are payed out over weeks and months. companies might have cash flow issues but it won't hit right away an not all at once

There are numerous levels of impact. Most customers indeed switched to alternative clearinghouses. But many of the insurance payors utilize CH to provide remittance advise and direct deposits, and it has taken many of those companies longer to pivot.

The optum/uhc funding that was made available was a joke. it was only a marginal amount of the outstanding claims. I also have no idea what their strategy is as i don't know of anyone who is switching back to CH once they are back online.

i found their lack of transparency and communication early on to be the most frustrating. Instead of working a backup plans, many companies thought they could wait it out, thinking it would be back online shortly.

I have alot more to say, and the class actions will not allow this to go away, but the OPs point is certainly 100% valid.

[ExGingi]

I looked at my Medical insurance claims and noticed that claims submitted directly by providers seem to all have EOBs, whereas anything I paid out of pocked and filed for reimbursement, doesn't have an EOB, even if the claim status is "processed".

[ExGingi]

Yeah it's pretty crazy how this isn't news. The entire medical industry is scrambling

Do you find dental to be more of an issue?

As I said, on the medical side I see a difference between claims submitted directly by providers versus those I submitted for reimbursement, but with dental none have EOBs, regardless of who filed.

[ExGingi]

What could help in the long run is more competition in the industry. This would force companies to secure their systems without the need for government oversight. The threat of losing your customer base overnight is stronger than any potential rules and regulations.

There was more competition. In case you haven't noticed there has been lots of consolidation. I don't know if this can be specifically credited to Obamacare, but maybe it's just too difficult to be profitable without scale.

I wouldn't be surprised if this deliberately suppressed so as not to shine a negative light on Obamacare (and lack of cybersecurity enforcement) in an election year.

[ExGingi]

Meanwhile, regardless of this issue, due to stupid overarching HIPAA regulations, I can file claims for my kids over 18, but cannot get their EOBs under my login.

[ushdadude]

Do you find dental to be more of an issue?

As I said, on the medical side I see a difference between claims submitted directly by providers versus those I submitted for reimbursement, but with dental none have EOBs, regardless of who filed.

I bill medical insurance for sleep apnea appliances. It's been a real headache