Corporate health care gouging is worse than ever

An excellent presentation of what’s been going on for a while.

The largest corporate health care hospitals in the country are consolidating their power and using it to rip off patients, a new study from Families USA shows. Released amid the GOP’s manufactured affordability crisis, the study shows that health care executives at a handful of corporations are setting “high and irrational prices” in every state and charging patients almost three times what Medicare pays for the exact same service.

The 15 largest systems charged an average of 282 percent more than the Medicare rate, the study found, resulting in $22 million in profit per hospital per year…

The reason hospital executives can do this is because they are consolidating at a rapid clip, buying up independent providers, and jacking up prices at will. Five or fewer corporations in 42 states and the District of Columbia “controlled at least half of all hospital care in 2023,” researchers found. In almost half of all states, just three corporations controlled the majority of hospital care. Hospital executives have no competition or regulations to discipline their price-gouging, so they “can charge basically whatever they want, because they can,” said Anthony Wright, executive director of Families USA. - Tha American Prospect

Fertilizer companies gouge to the max

Among the most flagrant examples of what our corporate overlords have been up to. You of course have to click to see the graphs.

Last year's financial results from the world's largest fertiliser companies are now in — and it's a shocker. Given the sky high fertilizer prices of 2022, it was anticipated that their revenues would break records, but no one could have predicted this scale of profiteering. As the world grappled with a severe food crisis and farmers saw costs rise, the world’s largest fertiliser firms ramped up their margins and more than tripled their profits from two years ago.

Graph 1 shows the total profits of the big nine fertiliser companies over the past five years. They exponentially grew from an average of around US$14 billion before the COVID-19 pandemic to US$28 billion in 2021 and then to an astounding US$49 billion last year. International agencies like the World Bank blamed the spike in fertiliser prices on the Russian war in Ukraine, resulting in high natural gas prices (used to produce nitrogen fertiliser) from shortages and trade disruptions. But as can be seen in Graph 2, a major part of the story is the monopoly power of the fertiliser companies. These companies increased prices far beyond the increases in production costs and boosted their profit margins to a massive 36% in 2022. - IATP