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Marketplace on RADIO IQ
Marketplace with host Kai Ryssdal produced and distributed by American Public Media focuses on the latest business news both nationally and internationally, the global economy, and wider events linked to the financial markets.
The only national daily business news program originating from the West Coast, Marketplace is noted for its timely, relevant and accessible coverage of business, economics and personal finance.
Wednesday, July 30, 2014 6:00am
Some of the big, urban hospitals around the country – the "safety net" hospitals that serve the poor – are getting hit with a dose of good news.
Under the Affordable Care Act, the number of uninsured patients is dropping sharply. Hospitals like Our Lady of Lourdes in Camden, New Jersey, are now spending millions less on providing charity care.
William Castro is one of thousands of patients Lourdes had treated for free. A car accident in 2010 left him suffering with chronic back pain.
“You know what it is... you’re a grown man and it’s so bad you have to take hot showers, you are crying at night,” says Castro.
Without health insurance, Castro made monthly visits to the hospitals where doctors scribbled out prescriptions.
The 46-year-old says he struggled to scrape up the money to buy his meds.
“You are talking about $300-$350 a month. And a person that’s not able to work... can you imagine, having zero? Needing this medication, and have to count on your family, loved ones, friends... then next month you have to do it all over again?” he says.
Now on Medicaid, Castro has his prescriptions covered – no co-pays – and is hoping to enroll in a pain management course.
One by one, Lourdes CEO Alexander Hatala has watched his uninsured patient population fall from 8.5 percent of patients last year to 3 percent.
That’s a $3.5 million of savings at the Camden hospital.
“$3.5 million can make a difference between breaking even or operating in the red,” Hatala says.
What’s happening in Camden is happening around the country – at least for hospitals in states that expanded Medicaid under Obamacare.
This summer the Colorado Hospital Association – looking at stats from 30 states – found a 30 percent jump in Medicaid charges, and a 30 percent drop in charity care costs.
That puts hospitals on track to save billions this year.
“Yeah, there’s more money. But it also comes with a caveat,” says Ellen Kugler, Executive Director of the National Association of Urban Hospitals. “There are a number of federal cuts coming and many more that are coming.”
Federal, state, and local government funding currently covers about 65 percent of charity care costs. Under the ACA, the plan has been to reduce that funding - at least at the federal level - as more Americans gain insurance coverage.
In this new landscape, the Urban Institute’s Teresa Coughlin says these hospitals will now have to fight to keep their newly-insured patients: “Do they have contracts with [insurers]? Are they able to retain patients who became newly insured and still continue to come to their facility? Or will they go elsewhere now that they have a choice?”
Coughlin says some of these hospitals are considered second-tier facilities, and to keep their doors open, they must build relationships with insurers and convince consumers they offer excellent service for a fair price.
A whole new world, says Coughlin - a world where not all safety net hospitals may survive.
Wednesday, July 30, 2014 6:00am
Humana is among the companies reporting its quarterly numbers on Wednesday as earnings season continues. The health insurance giant always releases its earnings before the markets open. Whole Foods reports the same day, but the grocery chain always waits until after the closing bell.
If you've ever wondered why companies go one way or the other, it's worth noting the Securities and Exchange Commission doesn’t care what time of day companies report their quarterly earnings.
So it comes down to factors like: what’s the best time to put the CEO on the phone with investors and analysts?
"Some people are morning people and some people are afternoon people," says Jeff Morgan, president of the National Investor Relations Institute. He adds that once a company picks a time, it sticks. "We want to be sure that whatever we do every quarter, we do the same thing the next quarter, so that there’s not anybody wondering why we’re making changes."
A recent study found that 66 percent of companies hold earnings calls at the same time every quarter. Co-author Elizabeth Demers, an associate professor of accounting at the University of Virginia's Darden School of Business, says executives should avoid afternoon calls, when they might be hungry and cranky.
"What we find is that as the tone of the calls becomes more negative, the share price returns are also more negative," Demers says. "In other words, the stock price responds to the negativity that's being emitted on the calls."
Demers says size matters, too; a lot of small companies reporting earnings have to take whatever slot they can get.
Wednesday, July 30, 2014 6:00am
Meet the voice of video game makers on Capitol Hill: Erik Huey.
A "Donkey Kong" champion and "Madden" addict, he's now chief lobbyist for the Entertainment Software Association, the main trade group for the gaming business in Washington.
“I feel like Mario the fix-it man, the plumber, making sure things flow correctly. But I think more often than not, I feel like Sonic the Hedgehog, running around with frenetic energy," he says.
Huey and his staff have just finished discussing a plan to highlight gaming industry jobs in congressional districts.
Members of Congress listen to Huey. The Center for Responsive Politics says the Entertainment Software Association spent almost $5.5 million on lobbying in 2013.
“That’s pretty serious lobbying money,” says Viveca Novak, a spokeswoman for the Center.
Scrolling through spending reports, Novak says there was a spike in the video game lobby’s spending as Congress considered a bill mandating research into whether violent video games cause actual violence.
“Almost half of their reports in 2013 mentioned the Violent Content Research Act. It’s clearly something they were very concerned about,” says Novak.
The bill is now stalled in the Senate.
The video game industry has lobbied on online piracy and privacy, too. And it's not just relying on shoe leather. The lobbyists are trying to get gamers to help make their case online. But it’s not easy.
“It’s a little bit like herding cats with a dog in the room,” says Andrew Rasiej, the founder of Personal Democracy Media, and chairman of an annual conference on politics and technology.
Gamers don’t always support the tech lobby’s positions. Still, Erik Huey says his association has organized about 600,000 gamers into a group called the Video Game Voters Network.
When a congressman recently made disparaging remarks about gaming, Huey says thousands of group members responded.
“Four thousand constituents calling in — that’s quite powerful,” he says.
Huey says when it works, the Video Game Voters Network can be a potent weapon. Most other lobbyists don’t have such an active, online base that's used to combat. Or, at least virtual combat.
Wednesday, July 30, 2014 5:00am
Outernet is a new project aims to deliver online content, but not the internet itself—only its information. The method? Large satellites and simple radio waves.
If it works, it might be a useful way to deliver information to people who don't have regular access.
“Instead of providing direct internet access to everyone, we’re providing the content that exists on the internet,” says Syed Karim, founder of the project.
The satellites will broadcast the data to anyone with a receiver who can then turn them into files viewable in a browser.
Currently, the site will only be updating pages such as Wikipedia on a weekly or biweekly basis. As bandwidth increases, a page can be “rebroadcast” — re-transmitted — and it can be locally updated for those who are “listening” to it.
The project expects to launch in a few weeks.
Tuesday, July 29, 2014 5:29pm
Some are even twice the size of your average fridge in Europe.
Not only do big refrigerators cost us more money because they take more power to cool, but they also may "encourage unhealthy eating habits," says Gawker reporter Dan Nosowitz.
He cites a couple of studies including one that says, "families that have more food in the house eat more food."
Another one says that "the average American throws out about 25 percent of food and beverages purchased."
June 30, 2014