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White Coat Investor Podcast
WCI #334: How You’re Being Ripped Off By Incompetent and Corrupt CMS Bureaucrats with Dr. Alex Shteynshlyuger
Sep 28, 2023
43:44
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Dr. Alex Shteynshlyuger educates doctors about payment processing fees, which cost them millions. They discuss regulations, third-party providers, and the impact on medical practices. The chapter also highlights the issue of prioritization in healthcare and the impact of incompetent and corrupt CMS bureaucrats.
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Quick takeaways
- Payment processor fees imposed on healthcare providers by companies like Zealous violate federal regulations and cost medical practices billions of dollars annually.
- The clear conflict of interest between Matthew Albright, former intern director of the Division of National Standards at CMS, and his role as a lobbyist for Zealous has allowed illegal fees to be imposed on healthcare providers, and CMS must be held accountable.
Deep dives
The Problem of Payment Processor Fees
Payment processor fees imposed by companies like Zealous on healthcare providers are a major issue. These fees violate federal regulations that require health plans to send payments electronically at no cost. Zealous charges fees of 2.5% for electronic transactions, which can add up to billions of dollars each year for medical practices. This not only affects the profitability of practices but also leads to increased healthcare costs. CMS needs to enforce existing regulations and stop these illegal fees.
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