INOVA Fairfax Hospital - Forced to Prepay

[Anonymous]

So glad we have an old-fashioned PPO with copays. We don't have to deal with any of this.

[Anonymous]

Anonymous wrote:So glad we have an old-fashioned PPO with copays. We don't have to deal with any of this.

^^^
Someone who doesn’t understand how insurance works.

[Anonymous]

Anonymous wrote:

Anonymous wrote:While they've undoubtedly been stiffed a few times, this sounds like a profit-driven policy.

If the OP was forced to pre-pay $1,000 for a procedure, let's assume Inova gets that cash 60 days earlier than billing the OP's insurer and letting the EOB process play out.

If Inova puts that money into a simple high-yield (5%) savings account, that $1,000 with compounded interest becomes $1,102.50 after 60 days. Inova makes another $102.50 in profit off of just one patient.

Now multiply that by the thousands of patients they're forcing this on, and you're talking about a new revenue stream worth millions.

It's completely shady and a sign of all of the things that are wrong with for-profit health care.

Inova is a nonprofit hospital.

Non profits are allowed to generate income on investments.

[Anonymous]

It's criminal op. The insurance tells me that if they are a participating provider they cannot do that it's against their BCBS contact and if they take issue they can call to verify they can't do that.

[Anonymous]

Anonymous wrote:While they've undoubtedly been stiffed a few times, this sounds like a profit-driven policy.

If the OP was forced to pre-pay $1,000 for a procedure, let's assume Inova gets that cash 60 days earlier than billing the OP's insurer and letting the EOB process play out.

If Inova puts that money into a simple high-yield (5%) savings account, that $1,000 with compounded interest becomes $1,102.50 after 60 days. Inova makes another $102.50 in profit off of just one patient.

Now multiply that by the thousands of patients they're forcing this on, and you're talking about a new revenue stream worth millions.

It's completely shady and a sign of all of the things that are wrong with for-profit health care.

Your math is a little off here

[Anonymous]

Hospitals like Inova are getting killed financially. I audit hospitals for a living - for-profit and non-profit, doesn't matter, none are doing well. Many of my hospitals earn 20 cents on the dollar for each service provided. Truly, they have no choice but to collect from you up front when the service is provided and this is definitely becoming the norm.

[Anonymous]

Anonymous wrote:

Anonymous wrote:While they've undoubtedly been stiffed a few times, this sounds like a profit-driven policy.

If the OP was forced to pre-pay $1,000 for a procedure, let's assume Inova gets that cash 60 days earlier than billing the OP's insurer and letting the EOB process play out.

If Inova puts that money into a simple high-yield (5%) savings account, that $1,000 with compounded interest becomes $1,102.50 after 60 days. Inova makes another $102.50 in profit off of just one patient.

Now multiply that by the thousands of patients they're forcing this on, and you're talking about a new revenue stream worth millions.

It's completely shady and a sign of all of the things that are wrong with for-profit health care.

Inova is a nonprofit hospital.

And....? Just because an organization is 'non-profit' doesn't mean that it doesn't generate large amounts of net revenue. The restriction is any revenues that exceed expenses must be committed to the organization's purpose, not taken by private parties.

[Anonymous]

With over $2.7 billion in annual revenue, Inova is not using a high-yield savings account.... they are investing their money into higher yield portfolios to help pay for that new $182 million campus they bought from ExxonMobil a few years ago. They have an entire department dedicated to making financial investments.

Supposing Inova made just half of its 2+ million annual patients pay in advance, even a few bucks in profit per patient adds up quick. If there wasn't a clear cut business case for doing this, they wouldn't be paying for an entire "estimating department" to support the operation with their accounting magic.

The existing system is complicated, but that's reflective of the industry. The payment terms of how long the insurer has to pay the bill submitted by Inova are negotiated between the two entities. If Inova's not happy with whatever payment terms they negotiated, they shouldn't be taking it out on the little guy. Sorry no sympathy for them.

The 20 cents on the dollar line is also misleading. The list price of their medical services is grossly exaggerated and the actual price is always negotiated with the insurer at a fraction of the list price. They are getting the majority of that negotiated amount from the insurer, and billing the patient for the remaining fraction. If they don't get that remainder from a deadbeat patient, then they sell the debt to a collection agency for 20 cents on the dollar. The number of non-paying uninsured patients which Inova gets zero money from is a small percentage of their overall patients.

I'm surprised at how many people here seem to be supporting Inova. Let's see if their posts seem to stop after the end of the work day.

[Anonymous]

I honestly don’t understand-and find it disheartening- how May people come on here to defend business practices which at at the expense of individuals.

It’s ridiculous how much people support policies that are profit driven, and at the expense of regular people who have a NEED (not a want) re their physical health.

What is wrong with you people? Like the people who cheer dorms with RTW policies that only benefit corps and not their employees.

[Anonymous]

Anonymous wrote:Hospitals like Inova are getting killed financially. I audit hospitals for a living - for-profit and non-profit, doesn't matter, none are doing well. Many of my hospitals earn 20 cents on the dollar for each service provided. Truly, they have no choice but to collect from you up front when the service is provided and this is definitely becoming the norm.

Reason 7643678898 why healthcare should not be driven by money.

[Anonymous]

OP probably wanted to stiff inova and is upset they prevented it.

[Anonymous]

I have been doing this for years at Children’s.

[Anonymous]

Anonymous wrote:I honestly don’t understand-and find it disheartening- how May people come on here to defend business practices which at at the expense of individuals.

It’s ridiculous how much people support policies that are profit driven, and at the expense of regular people who have a NEED (not a want) re their physical health.

What is wrong with you people? Like the people who cheer dorms with RTW policies that only benefit corps and not their employees.

Working from home may be good for current experienced employees but it is terrible for future or junior employees. I suppose if you don't care about the future of any company, firm, or agency, then you can oppose RTW.

Same for hospitals. If you don't care about having a hospital and doctors in the coming years, then you can oppose paying them.

[Anonymous]

I don't mind paying my co-payment up-front and do this regularly. However, Inova is on the aggressive side for payments.

Don't forget they're left holding the bag on people who show up for medical care and skip town without paying their hospital bills. This is especially true with migrants.

Hospitals like Inova are nonprofit, but they do have to cover their expenses. I think this is why they're so aggressive about collecting bills. They've tried skipping the insurance and intimidating me into paying the full amount. I've spent time on the phone telling them I ain't paying nothing more than what the insurance tells me is my share of the bill.

[Anonymous]

Anonymous wrote:I honestly don’t understand-and find it disheartening- how May people come on here to defend business practices which at at the expense of individuals.

It’s ridiculous how much people support policies that are profit driven, and at the expense of regular people who have a NEED (not a want) re their physical health.

What is wrong with you people? Like the people who cheer dorms with RTW policies that only benefit corps and not their employees.

There are a lot of things that are outrageous about our healthcare system. Paying what you owe at the time you get service/treatment is not one of them IMO.