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- Daily Industry Report - October 30
Daily Industry Report - October 30
Your summary of the Voluntary and Healthcare Industry’s most relevant and breaking news; brought to you by the Health & Voluntary Benefits Association®
Jake Velie, CPT | Robert S. Shestack, CCSS, CVBS, CFF |
2024 THE STAKES: On health care
By Margot Sanger-Katz - After several elections with health care at the forefront, the issue has faded into the background this cycle. But the stakes are still high. Read Full Article…
HVBA Article Summary
Impact on Health Insurance Subsidies: The next president's regulatory power will significantly affect health insurance coverage, especially through the future of enhanced subsidies under the Affordable Care Act. If these subsidies expire, over three million Americans could lose insurance, and many would see higher premiums. Kamala Harris supports making the subsidies permanent, while Donald Trump opposes their extension.
Prescription Drug Pricing Strategies: Both candidates agree on the need to lower prescription drug costs, but their strategies differ. The Biden administration has begun allowing Medicare to negotiate drug prices, a move Harris wants to expand. Trump's past policies aimed at similar goals were mixed in success, and his future stance remains uncertain.
Medicare and Medicaid Policies: Both candidates pledge to maintain Medicare benefits for seniors, but they diverge significantly on Medicaid. Trump has implemented work requirements that could restrict access, while Harris proposes expanding coverage. Control of Congress by either party could drastically alter these programs, impacting millions of Americans.
HVBA Poll Question - Please share your insightWith over 2.5 million workplace violence incidents annually, costing businesses $250 billion, are you aware of affordable workplace violence insurance programs that protect employees, similar to voluntary accident benefits but with higher payouts? |
Our last poll results are in!
27.49%
of Daily Industry Report readers who participated in our last polling question, when asked what they “think is the most important step to improve healthcare cybersecurity?“ responded with “implementing organization-wide cybersecurity training for all employees.”
25.49% believe the most important step to improve health cybersecurity is “ensuring new technologies are built with a security-first approach,” while another 23.84% said “increasing investment in cybersecurity tools and infrastructure,” and 23.18% feel it to be “recruiting cybersecurity leaders with diverse, non-healthcare experience.”
Have a poll question you’d like to suggest? Let us know!
LinkedIn sued for tracking user health data
By Kat Black - Business-focused social media platform LinkedIn has been slapped with three digital privacy class actions contending that it illegally intercepted users' sensitive health care information to use in targeted advertising. Read Full Article… (Subscription required)
HVBA Article Summary
Legal Claims and Allegations: Three cases filed by Bursor & Fisher in California assert wiretapping claims under the California Invasion of Privacy Act against LinkedIn, claiming the company improperly accessed users' sensitive personal and health information through its tracking tool, the LinkedIn Insight Tag, used on the websites of health care providers like Spring Fertility and CityMD.
Impact on Tracking Technology and Privacy Policies: Experts, including privacy attorney Stacy Boven, highlight the potential widespread implications of these lawsuits for companies with public-facing websites. As tracking technology litigation becomes more sophisticated, simply having privacy policies may not be sufficient to protect against legal challenges related to data collection practices.
LinkedIn's Response and Compliance Issues: LinkedIn maintains that it collects data lawfully and aims to safeguard member privacy. However, plaintiffs argue that LinkedIn's practices lack transparency and violate privacy laws, as users are often unaware of the tracking technologies implemented on the websites they visit, raising questions about informed consent.
Battle Continues Over Compounded GLP-1s
By Alicia Ault - The US Food and Drug Administration (FDA) has notified compounding pharmacies that the agency — at least temporarily — won’t take action against them for creating copies of the dual glucose-dependent insulinotropic polypeptide/glucagon-like peptide 1 (GLP-1) drug tirzepatide (Eli Lilly and Company). Read Full Article…
HVBA Article Summary
FDA Action on Compounding: Novo Nordisk has requested the FDA to classify semaglutide as a drug that is difficult to compound, aiming to prevent pharmacies from making copies of its products, Ozempic and Wegovy, in response to ongoing shortages caused by high demand.
Legal Disputes Over Compounded Drugs: The FDA's recent removal of tirzepatide from its shortage list sparked protests from compounding pharmacies, leading to legal action. The FDA has since paused enforcement against compounding until it reviews this decision, highlighting ongoing accessibility issues for patients.
Warnings Against Compounded Medications: Both Novo Nordisk and Eli Lilly have issued warnings about the risks associated with compounded versions of their drugs, emphasizing that these products lack the safety and quality assurances of FDA-approved medications, and have pursued legal actions against those selling such alternatives.
Hospital service prices have surged at twice the rate of inflation since 2000
By Alan Goforth - Hospital service prices increased by more than 220% between 2000 and 2022, which was more than twice the rate of inflation and that of other medical services. Read Full Article… (Subscription required)
HVBA Article Summary
Historical Price Trends: Hospital price increases have been occurring for years, even before the COVID-19 pandemic, contradicting claims that rising costs are solely due to pandemic-related labor shortages.
Profit vs. Costs Analysis: The study found that higher inpatient and outpatient prices are primarily linked to increased revenues and profits rather than significant differences in operating costs, highlighting a potential focus on profit generation rather than cost recovery.
Policy Implications: To enhance healthcare affordability, policymakers should prioritize negotiated rates, as the research indicates that high hospital prices do not necessarily correlate with higher operating costs but are associated with significantly higher profits.
Change Healthcare's Massive Data Breach Impacted 100 Million People. What to Know
By Evan Zimmer - After completing an investigation into last February's Change Healthcare data breach, the US Department of Health and Human Services confirmed yesterday that 100 million individuals were impacted. That makes it one of the largest breaches of medical and health data in US history, Reuters reports. Read Full Article…
HVBA Article Summary
Nature of the Attack: Change Healthcare, a subsidiary of UnitedHealth, suffered a cyberattack by the ALPHV ransomware group, compromising sensitive data for a significant number of individuals, including those not directly insured by UnitedHealth. The breach reportedly affected about one-third of Americans, disrupting medical services and processing across various healthcare systems.
Data Compromised: While UnitedHealth cannot confirm the specifics for each affected individual, potential data breaches may include Social Security numbers, medical records, billing information, and other sensitive health insurance details. The company has notified around 100 million individuals regarding the possible compromise of their information.
Protection Measures for Affected Individuals: In response to the breach, Change Healthcare offers IDX identity theft protection for up to two years and recommends actions for those impacted, such as monitoring healthcare policies, credit reports, and bank accounts for suspicious activity, as well as considering freezing credit reports to prevent unauthorized new credit applications.
Bariatric surgeries plunge in GLP-1 era: New study
By Erica Carbajal - Between 2022 and 2023, prescriptions for GLP-1 drugs soared 132.6% while bariatric surgery rates fell 25.6%, according to a new study from researchers at Boston-based Harvard Medical School and Brigham and Women's Hospital. Read Full Article…
HVBA Article Summary
Decline in Bariatric Surgery Utilization: The study, led by Dr. Thomas Tsai, reveals a significant decline in the use of bariatric metabolic surgery among privately insured patients, correlating with the increased prescription of GLP-1 weight loss medications. This marks one of the first national estimates quantifying this trend.
Limited Treatment Access: The research indicates that nearly 95% of patients diagnosed with obesity did not receive either GLP-1 medications or bariatric surgery, highlighting ongoing access challenges in obesity treatment across the United States.
Future Trends and Cost Considerations: With the rise of GLP-1 drugs, it is projected that inpatient bariatric surgery rates may decrease by 15% by 2034. While the upfront costs of bariatric surgery range from $15,000 to $23,000, studies suggest they may be more cost-effective in the long term compared to ongoing weight loss drug treatments.
Anti-Obesity Medications Show Whole-Body Promise, With More to Come
By Carolyn Crist - The potential of glucagon-like peptide 1 (GLP-1) receptor agonists continues to grow more promising as new studies identify benefits beyond glucose control and weight loss. Read Full Article… (Subscription required)
HVBA Article Summary
Wide-ranging Health Benefits: GLP-1 medications, such as semaglutide and tirzepatide, show promise beyond weight loss, significantly improving cardiovascular health, kidney function, liver health, and even mental health. Research indicates these drugs can reduce major cardiovascular events, enhance kidney protection in patients with chronic kidney disease, and alleviate symptoms of liver disease.
Emerging Therapeutics: Next-generation GLP-1 medications, including Eli Lilly’s retatrutide, are being developed as triple agonists that target GLP-1, GIP, and glucagon receptors. These newer therapies are anticipated to provide even more substantial health benefits and could become available in the next few years as clinical trials progress.
Behavioral and Psychological Effects: Research is revealing that GLP-1 medications may also positively impact mental health by reducing addictive behaviors and improving psychological well-being. This includes declines in heavy drinking, smoking, and gambling, suggesting that these medications might influence brain mechanisms related to addiction and reward.