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Name:
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water_watcher
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Subject:
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Obama turns down IBM to save $1 trillion
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Date:
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10/27/2010 8:28:25 PM
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October 20, 2010
Government & Politics Obama Snubs Trillion Dollar-Saving
IBM Healthcare Fraud Program
It's Not About Healthcare or Cutting Costs: The CEO and chairman
of IBM, Samuel J. Palmisano, offered a plan to the Obama Administration
that would have cut healthcare costs by eliminating fraud and abuse to
the tune of almost $1 trillion...the Obama Administration balked.
Samuel J. Palmisano, the Chairman of the Board and CEO for IBM, said in a recent Wall Street Journal interview that he offered to provide the Obama Administration with a program that would curb healthcare claims fraud and abuse by almost one trillion dollars but the Obama White House turned the offer down.
"We could have improved the quality and reduced the cost of the healthcare system by $900 billion...I said we would do it for free to prove that it works. They turned us down." Mr. Palmisano said during a taping of The Wall Street Journal's Viewpointsprogram on September 14, 2010.
A second meeting between Mr. Palmisano and the Obama Administration took place two weeks later, with no change in the Obama Administration's stance. A call placed to IBM on October 8, 2010, by FOX News confirmed, via a spokesperson, that Mr. Palmisano stands by his statement.
Speaking on FOX News' Stuart Varney, Mort Zuckerman, Editor-in-Chief of US News & World Report, said, "It's a little bit puzzling because I think there is a huge amount of both fraud and inefficiency that American business is a lot more comfortable with and more effective in trying to reduce. And this is certainly true because the IBM people have studied this very carefully. And when Palmisano went to the White House and made that proposal, it was based upon a lot of work and it was not accepted. And it's really puzzling...These are very, very responsible people. They don't have a political ax to grind. They are very familiar with the subject; they understand exactly what the issues are."
Cost projections prepared by economists at the Centers for Medicare & Medicaid Services (CMS), revealed the nation's healthcare spending, as a share of the economy, will be 0.3 percentage points higher in 2019 than estimated before the law was passed. That CMS report, published September 9, 2010, in the journal Health Affairs, also revealed healthcare spending will grow by an average of 6.3 percent each year over the next decade, whereas pre-reform projections pegged annual growth at 6.1 percent.
CMS actuaries also say that Medicare cuts mandated by the law are unrealistic and unsustainable. An April 22, 2010 CMS report about the financial and coverage effects of selected provisions of the new law estimates that about 15 percent of hospitals and other healthcare providers could lose money treating Medicare beneficiaries as a result of the proposed cuts.
Zuckerman concluded, "when you are in a situation where this country is facing a huge deficit and where anybody who knows anything at all about the health care system knows how much waste fraud and abuse is involved in that system. We see it covered on many different media over the years. Not to take this offer up, frankly, does not make sense."
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