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As private equity dominates wheelchair market, users wait months for repairs

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Re: As private equity dominates wheelchair market, users wait months for repairs

#191

Post by readams »

SllX wrote: post #159
ptero wrote: post #144

Earlier quoted context omitted.

I suspect in the US the lack of competition is due to regulation and liability, not VCs.

It’s more the divorce between the receiver, the seller and the buyer. Sellers are not selling to the people using the wheelchairs, they’re selling to insurance companies and the government. Both types of entities have a proclivity for overpaying. This is also true for most drugs. If we removed private insurance companies, Medicare and Medicaid in their totality from the equation, the market rate for drugs and medical…

You also need the unreasonable barriers to entry for the scam to work. Otherwise new entrants would still drive down the price. So the FDA is doing its part to keep prices high.

Re: As private equity dominates wheelchair market, users wait months for repairs

#192

Post by tenuousemphasis »

srackey wrote: post #186
azinman2 wrote: post #87

Banning private equity (not sure how) is necessary to prevent enshitification of all health care and related services.

Yes, because communism (what else is “banning private equity”?) NEVER results in “enshitification” of ANY kind. Seriously, the issue here can most likely be tracked to private equity taking advantage of existing regulations. Not sure why MORE state involvement in the economy would be the solution.

It doesn't sound like you understand what Private Equity means. Allow me to assist you in your quest for enlightenment.

>Private equity describes investment partnerships that buy and manage companies before selling them.

Re: As private equity dominates wheelchair market, users wait months for repairs

#193

Post by SllX »

readams wrote: post #191
SllX wrote: post #159

Earlier quoted context omitted.

It’s more the divorce between the receiver, the seller and the buyer. Sellers are not selling to the people using the wheelchairs, they’re selling to insurance companies and the government. Both types of entities have a proclivity for overpaying. This is also true for most drugs. If we removed private insurance companies, Medicare and Medicaid in their totality from the equation, the market rate for drugs and medical…

You also need the unreasonable barriers to entry for the scam to work. Otherwise new entrants would still drive down the price. So the FDA is doing its part to keep prices high.

In terms of everything keeping health care costs sky high, you are correct. What I outlined is the tip of the iceberg, if the iceberg was Antarctica.

Re: As private equity dominates wheelchair market, users wait months for repairs

#194

Post by WanderPanda »

minusLik wrote: post #67

What the article does not seem to mention is that an usual electric wheelchair costs about $65,000 (and is intended to be replaced every six years or so). This and the non-availability of replacement parts is why some wheelchair users started a project to open-source a wheelchair from standard parts: https://themif.org/ Louis Rossmann interviewed the founder of the project here: https://www.youtube.com/watch?v=eaAj59…

Seems like the best way forward would be to give some smaller amount, lets say $30,000 to the one in need and let them shop around for the best solution and keep the (probably still sizable) difference

Re: As private equity dominates wheelchair market, users wait months for repairs

#195

Post by digger495 »

minusLik wrote: post #67

What the article does not seem to mention is that an usual electric wheelchair costs about $65,000 (and is intended to be replaced every six years or so). This and the non-availability of replacement parts is why some wheelchair users started a project to open-source a wheelchair from standard parts: https://themif.org/ Louis Rossmann interviewed the founder of the project here: https://www.youtube.com/watch?v=eaAj59…

They do not. I just was fitted for one. I asked "how much is this retail, out the door, cash?"

$24,000.

So if Medicare is paying $65k, something is seriously wrong.

Re: As private equity dominates wheelchair market, users wait months for repairs

#196

Post by WanderPanda »

newsclues wrote: post #177
heyoni wrote: post #151

Earlier quoted context omitted.

In my experience, the chairs and how they’re built aren’t what adds to the price tag; the fact that an insurance company is paying is what is. My daughter literally just got approved for a talking device that would otherwise cost us $4000. It’s a Samsung tablet with $300 software and an attached speaker and comes with some sort of repair agreement. I can buy and break 20 iPads for that price…and we did end up buying…

It’s similar to defence procurement. If the customer is government with endless budget, inflate costs, and use regulatory capture to maintain the cash flow.

Just that in this case the end-customer is a person that could shop around for what he/she needs. Such a competitive market would instantly vaporate the current, rent-seeking margins

Re: As private equity dominates wheelchair market, users wait months for repairs

#197

Post by bsder »

azinman2 wrote: post #87

Banning private equity (not sure how) is necessary to prevent enshitification of all health care and related services.

You just need to get super aggressive with anti-trust actions.

Any company with more than 25% market share in a category gets broken up. Period. At all levels.

This prevents the "12 companies all buying from the single upstream supplier" problem.

Re: As private equity dominates wheelchair market, users wait months for repairs

#198

Post by CodeWriter23 »

digger495 wrote: post #195
minusLik wrote: post #67

What the article does not seem to mention is that an usual electric wheelchair costs about $65,000 (and is intended to be replaced every six years or so). This and the non-availability of replacement parts is why some wheelchair users started a project to open-source a wheelchair from standard parts: https://themif.org/ Louis Rossmann interviewed the founder of the project here: https://www.youtube.com/watch?v=eaAj59…

They do not. I just was fitted for one. I asked "how much is this retail, out the door, cash?" $24,000. So if Medicare is paying $65k, something is seriously wrong.

Welcome to American healthcare. I bought a CPAP machine for $800 cash about 10 years ago but signed paperwork saying it cost $2500 and assigning them the right to collect from my insurer. I had none at the time. Don't know if the billed Medi-Cal on my behalf [scratches chin].

Re: As private equity dominates wheelchair market, users wait months for repairs

#200

Post by evilduck »

TkTech wrote: post #152
makmanalp wrote: post #148

Earlier quoted context omitted.

Isn't the auto industry notoriously jam packed with regulation?

Weirdly, not really in the US. The regulations are all a little pointless because it's a "self-regulated" industry. Look at the cyber truck - stuck floor pedals and trunk closer that cuts off fingers, or trivial to clone car fobs.

Same for Kia and Hyundai being able to sell cars with compromised security. Something other countries regulate.
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