#payment system

[sillygalaxyangel]

🌍💼 Let's Talk Globalization and Financial Management Practices! 💡💰

Hey Tumblr fam! Today, let's zoom into the fascinating world of globalization and its impact on financial management practices. 🚀

🔍 Understanding Globalization: Globalization isn't just about interconnectedness; it's a game-changer that's reshaping how businesses operate on a global scale. 🌐 From trade liberalization to technological advancements, it's breaking down barriers and opening up new horizons.

💼 Global Finance in Focus: In this era of globalization, financial management practices have had to adapt to the dynamic landscape. 📈💻 Companies now face challenges and opportunities that transcend borders, from navigating currency fluctuations to managing international investments.

🔄 Currency Risk Management: With transactions happening across different currencies, managing currency risk has become paramount. 💱💼 Financial managers employ various hedging strategies to mitigate the impact of exchange rate fluctuations and safeguard their bottom line.

🤝 International Investment Strategies: Globalization has expanded investment opportunities beyond domestic markets. 💼💼 Financial managers now need to craft strategies that consider factors like geopolitical risks, regulatory environments, and cultural nuances when venturing into international investments.

📊 Financial Reporting Standards: Globalization has spurred the adoption of international financial reporting standards (IFRS), promoting transparency and comparability across borders. 📈📚 Financial managers must stay abreast of these standards to ensure compliance and enhance stakeholder confidence.

🔒 Risk Management in a Globalized World: Globalization has amplified the interconnectedness of financial markets, making them more susceptible to systemic risks. 🌐📉 Financial managers play a crucial role in identifying and mitigating these risks to safeguard the stability and resilience of their organizations.

💡 Adapting to the Global Landscape: In essence, globalization has transformed financial management into a dynamic and multifaceted discipline. 🔄💼 Financial managers must embrace innovation, agility, and a global mindset to navigate the complexities and capitalize on the opportunities presented by globalization.

So there you have it, a glimpse into the impact of globalization on financial management practices. 💼🌍 Feel free to share your thoughts and insights as we continue to explore this evolving landscape! 🗨️✨

[blofeldt]

BRICS Launched Intra-bank Payment System, Crashing USD & SWIFT Systeme system

[the-cash-cow]

NBFCs Transforming The Payment Landscape

Poonawalla Fincorp and IIFL Finance are making waves in the financial sector, signaling a paradigm shift for Non-Banking Financial Companies (NBFCs). With Poonawalla Fincorp's recent RBI approval to launch co-branded credit cards and IIFL Finance exploring bank tie-ups, these moves are reshaping the role of NBFCs. In the era of digital payments, this article explores how NBFCs can actively participate in the payment ecosystem, aligning with the changing dynamics of finance.

1. Understanding The Shift

The financial landscape is evolving, and NBFCs are embracing change. Abhay Bhutada, Poonawalla Fincorp's MD, envisions co-branded credit cards as a catalyst for transformation. These cards not only complement existing products but position NBFCs as dynamic players in the payment space. IIFL Finance, under Nirmal Jain's leadership, mirrors this shift by seeking co-branding partnerships with banks, underlining a strategic move towards innovative payment solutions.

Also Read Abhay Bhutada Shares Insights on Poonawalla Fincorp’s Long-Term Objectives

2. The Strategic Move

Co-branded credit cards are not just pieces of plastic; they represent a strategic leap for NBFCs. In a market dominated by digital transactions, these cards enable NBFCs to tap into a broader audience. By collaborating with banks, such as IIFL Finance's potential tie-up, NBFCs can leverage existing banking infrastructure and customer bases, fostering a win-win scenario.

3. Expanding Customer Reach

One of the primary advantages of co-branded credit cards is the ability to extend the reach of financial services. Warren Buffett's timeless wisdom emphasizes the importance of widening one's circle of competence. For NBFCs, this means extending their offerings beyond traditional boundaries. Co-branded credit cards provide an avenue to reach new customers and offer them convenient and innovative payment solutions.

Also Read: MD Abhay Bhutada Provides Glimpse of Poonawalla’s Co-Branded Card Strategy in Q4

4. Aligning with Digital Trends

The era of traditional banking is fading, and the rise of digital payments is undeniable. NBFCs must align with these trends to stay relevant. Abhay Bhutada's vision for Poonawalla Fincorp aligns with this reality – co-branded credit cards not only adapt to digital trends but also position NBFCs as modern financial institutions, catering to the preferences of the tech-savvy consumer.

5. Navigating Regulatory Waters

While the journey towards active participation in the payment ecosystem seems promising, NBFCs must navigate regulatory waters. The RBI nod for Poonawalla Fincorp's credit cards is a significant step, highlighting the importance of regulatory compliance. Navigating this terrain ensures a smooth transition for NBFCs into the payment space without compromising financial stability.

6. Building Trust

Trust is the currency of finance, and NBFCs must prioritize it. Collaborating with established banks, as seen in IIFL Finance's pursuit, enhances credibility. Customers trust banks for their financial needs, and NBFCs can leverage this trust through co-branded partnerships, fostering confidence and loyalty among their clientele.

Also Read: How Are NBFCs Tackling RBI’s Stance On Unsecured Loans?

Conclusion

Poonawalla Fincorp and IIFL Finance's foray into co-branded credit cards exemplifies a pivotal moment for NBFCs. The shift towards becoming active participants in the payment ecosystem is not just a strategic move but a necessity in the evolving financial landscape. As they navigate through digital trends, regulatory frameworks, and customer trust, NBFCs can unlock new opportunities, redefine their roles, and emerge as key players in shaping the future of payments.

[paymentworldblog]

Why Payment Gateways Are the Future of the Financial World?

In our digital world, things are changing fast, and one major player in the financial game is the payment gateway. It's like the central hub that keeps our money moving smoothly and easily. With more and more people shopping online and businesses reaching across the globe, payment gateways have become the unsung heroes of hassle-free transactions. So, in this blog, let's dig into why these gateways are not just useful right now, but they're also paving the way for the future of how we handle our money.

Imagine all the times you've clicked "buy now" on your favorite online store—payment gateways make sure that money exchange happens securely. Plus, with businesses going global, these gateways are like the magic portals making sure money can travel across borders without any hiccups.

We're all about making transactions easy and seamless, right? Well, payment gateways are at the center of that mission. So, get ready to explore why these gateways are not just a trend of today but a crucial part of where our financial world is heading tomorrow. Let's dive in!

Enabling E-Commerce Revolution

Picture this: you're shopping online, clicking away to buy that cool gadget or trendy outfit. Behind the scenes, payment gateways are the unsung heroes making sure your money journey is safe and smooth. The e-commerce booms? It's like a shopping revolution, changing the game for businesses and us shoppers.

Now, payment gateways are the glue holding this online shopping world together. They're the digital bouncers at the entrance, making sure your transaction party is crash-free.

Take, for instance, your go-to online store. When you hit "checkout," the payment gateway steps up, encrypting your details like a secret code so only the right folks can access it. It's not just a transaction; it's a digital handshake between you and the seller, all thanks to payment gateways. They're the backbone of this e-commerce era, turning clicks into successful buys without missing a beat.

Global Connectivity

In today's business landscape, companies aren't confined by borders—they're going global. Think of payment gateways as the jet-setters of the financial world, making it possible for businesses to spread their wings worldwide. These gateways act like digital bridges, linking buyers and sellers from different corners of the globe.

Imagine you're a small business in California, and suddenly, someone in Tokyo wants what you're selling. This is where payment gateways come in clutch. They make cross-border transactions as smooth as a well-oiled machine. Your product goes one way, the payment goes the other, and bam, global trade in action.

For businesses, this global connectivity is a game-changer. It's like having a 24/7 open sign that can be seen from anywhere on the planet. So, whether you're a local artisan or a tech giant, payment gateways are the navigators helping you sail the seas of international markets, turning geographical boundaries into business opportunities.

Security as a Top Priority

Security is a big deal in the finance world, and payment gateways are like the security guards making sure your money stays safe. They're the frontline defenders of sensitive financial info, using heavy-duty encryption and super-smart security tactics to keep everything under lock and key.

Imagine your credit card details are like treasure, and payment gateways are the knights protecting it from digital dragons. These gateways use top-notch encryption, which is like turning your info into an unreadable secret code that only the right eyes can decipher. It's not just about keeping hackers at bay; it's about building a fortress of trust in the digital realm.

So, when you click that "confirm purchase" button, know that payment gateways are standing guard, making sure your data doesn't end up in the wrong hands. They're the unsung heroes keeping the digital world a safe space for your financial adventures. Trust in the digital realm starts with payment gateways, making sure your money's security is their top priority.

Paving the Way for Contactless Payments

Picture this: your phone becomes your wallet, and payment gateways are the wizards making it happen. With mobile devices taking center stage, we've entered the age of contactless payments, and payment gateways are right there, adapting to the new normal like seasoned shape-shifters.

So, what's the deal with contactless payments? Well, it's like waving a magic wand (or your phone) to make a payment. Payment gateways are the tech maestros behind this. They don't just stick to one tune; they play nice with mobile wallets, contactless cards, and whatever payment melody the future might bring.

Why does this matter? Because it's all about you, the customer. Payment gateways get that you want things quick, easy, and secure. By being super adaptable, they're like the tech chameleons ensuring your payment experience is as smooth as sliding into your favorite comfy chair. So, thanks to payment gateways, the era of tapping, waving, and paying with a simple nod to your phone is here to stay. Convenience, thy name is contactless.

Driving Digital Transformation

The finance game is going through a digital makeover, and guess who's in the driver's seat? It's the payment gateways, steering the financial industry through a major digital transformation. They're not just passengers; they're the engine propelling finance into the digital age.

Imagine payment gateways as the tech maestros in a symphony of ones and zeros. They're not just sitting on the sidelines; they're diving headfirst into the digital orchestra, seamlessly syncing with digital platforms. Picture this: transactions happening in the blink of an eye, all thanks to payment gateways automating the process.

But it's not just about speed; it's about making your financial journey smoother. Payment gateways are the architects behind user-friendly experiences, making sure you don't feel lost in the digital labyrinth. They're not just adapting to the digital age; they're driving the bus, ushering in a new era where finance isn't just about numbers; it's about the seamless dance of technology and transactions. So, buckle up; the digital age of finance is here, and payment gateways are leading the way.

Fostering Fintech Innovation

Imagine payment gateways and fintech companies as the dynamic duo, shaking up the financial world with a wave of innovation. They aren't just working together; they're fostering a collaboration that's like a spark igniting a fire of change in the financial sector.

It's not your average teamwork. Payment gateways and fintech entities are joining forces to cook up new and exciting payment solutions. Think of it like a recipe for success, where traditional meets cutting-edge, and the result is a feast of novel ways to handle your finances.

These partnerships aren't just tinkering around; they're crafting solutions that resonate with a tech-savvy generation. Picture it as a playground of ideas, where payment gateways and fintech buddies are pushing boundaries and creating a landscape that's not just ever-evolving but also tailored to meet the demands of the digital age.

So, when you see new and cool ways to handle your money popping up, know that behind the scenes, payment gateways and fintech innovators are working hand in hand, creating a financial future that's as fresh as it gets.

In conclusion, payment gateways are not merely a current necessity but a glimpse into the future of the financial world. As businesses continue to navigate the digital landscape and consumers demand seamless, secure, and convenient transactions, payment gateways will play an increasingly central role in shaping the financial ecosystem. The future of finance is undeniably intertwined with the evolution and continued innovation of payment gateways.

Do you want to launch your own payment gateway or payment wallet? Techtsy can help with its solution.

[willingsmarks123]

Did You Know? The UPI payment system in France will unlock significant possibilities for Indian visitors.

[mecarlhooperposts]

What are the Advantages Associated with Connected Payment Systems?

Of late, during the past couple of years, the traditional form of payments like cash and cheque have largely been substituted for online or connected payment systems. With people and businesses across the globe understanding the benefits of adopting connected payment systems, online transactions are set to rise voluminously.

Internet connectivity is the backbone of the connected payment system and the penetration of cell phones with internet access is driving the trend worldwide. Whether you are a big business house with worldwide presence or just a small vendor sooner or later you will have to adapt to this digital payment system.

With the growing number of businesses and individuals joining the bandwagon of online payment systems, here in this article, we will discuss the advantages associated with connected payment systems as it is necessary to bring them into the limelight.

 Boost Up Sales

 One of the biggest advantages of an online payment system is its ability to boost your sales in a short span of time, unlike traditional payment systems in which it is not possible. The connected payment systems make it convenient for customers to buy anything from anywhere whenever they want without the constraints of a physical mode of transaction.

 The millennials are adopting online payment systems because they no longer have to physically visit a bank to make a payment while letting them do their shopping from the comfort of their home. This is why businesses around the world are increasingly adopting various modes of digital payment systems to help their customers make a purchase.

This is directly boosting their sales because earlier if someone was restricted from purchasing anything due to the limitation of cash carried by them, now, they can easily opt for any mode of connected payment system and make a purchase without having to worry about the constraints of physical cash.

Secure Transactions

 Before the online payment system was adopted on a mass scale businesses and companies involved in handling cash had to guard against the threat of their cash being targeted by criminals. However, with the adaptation of digital payment systems the threat of cash being stolen has been eliminated completely.

 There are various inbuilt security features available with connected payment systems that make all the transactions very secure and fast. While some people argue that online payment system is not foolproof and there is still scope for theft and fraud, however, with the systems continuously evolving and various protocols being put in place, digital transactions are certainly becoming more secure.

In addition to that, the payment data that is shared on these online payment gateways remain secure and is not accessible to third-party users. All your credit card information and bank details remain secure in a single place with layers of inbuilt security mechanisms and the transaction details are shared directly with your accounting software.

 Customer Satisfaction

The best thing about adopting connected payment systems is that your customers will find it increasingly easy to do business with you anytime and from anywhere they want. The swift transaction process makes it easy for everyone to make a purchase without having to wait for anything.

Besides that, when you are having connected payment systems at your service, then it is going to save your customers the hassles of being redirected to a third-party merchant gateway to complete their payment. The connected payment systems are designed keeping in mind the various digital payment methods being used by millennials all over the world.

Moreover, there are many businesses that offer their customer with buy now and pay later facility and the money is collected automatically after a specific period of time.

No Upfront Costs

When you are having connected payment systems at your service, then you don’t have to worry about any upfront fees in the form of processing costs while carrying out transactions.

Generally, businesses providing payment services to their customers first need to rope in a third-party card processor who charges money from them by facilitating the payment process with his own payment gateway. However, with connected payment systems, you don’t have to get involved in this complex process & incur additional costs.

Finally

The above-discussed factors are some of the advantages associated with connected payment systems. If you are a business owner with having online or offline presence and have yet to adopt the connected payment system, then it is high time that you must do so or you are going to miss the bus.

[universalinfo]

Is Online Bill Pay Right for Your Business?

Are you finding it hard to keep track of all your bills, and worried about missing deadlines or incurring late fees? Online bill pay could be the answer. If you’re running a small business or at an enterprise-level operation, having an upgraded system for making payments on time can help reduce financial headaches and make bookkeeping easier. Let’s take a look at what online bill pay is accurate and how it might benefit your company.

Defining Online Bill Pay and its Benefits

Online bill payment is a service offered by many banks and financial institutions that allows users to easily make payments on bills and other recurring expenses. Business owners can use the service to automate their bill pay process, setting up regular payments with certain vendors, as well as one-time transactions. This helps ensure that all payments are made on time, eliminating the risk of costly late fees and helping to maintain a good relationship with vendors.

Pros:

The convenience of online bill pay can reduce administrative costs associated with paper-based bills paying, such as processing time and postage expenses.

By signing up for an electronic payment program, businesses can speed up the process significantly and save money in the future.

If an invoice needs to be sent to multiple people, you are able to do so quickly and easily helping expedite the payment process.

Security is another major benefit of online bill pay. Banks and financial institutions offering this service typically use encryption technology to protect user information from hackers, meaning that your business’s sensitive data will remain secure. This can help to reduce the risk of fraud and identity theft, as well as protect your business from costly data breaches.

Cons:

Vendors may not accept electronic payments. This means that you might still have to manually process paper-based checks or other forms of payment for those particular bills.

If your business relies heavily on cash transactions or deals with a lot of customers who prefer to pay in person, then using an online payment system could make it difficult or impractical.

Some banks may charge a fee for using their online bill pay service, so be sure to investigate all available options and determine which one will work best for you.

How to Choose the Right Online Bill Pay Provider

When deciding on an online bill pay provider, it’s important to consider the features that are most important to your business. Does the service offer integration with other tools or accounting software? What types of payment methods does it accept? Does it offer additional features such as automatic reminders for upcoming payments or updates about payment status?

Make sure to research any fees associated with the service. Some providers may charge setup or transaction fees, while others might offer free accounts for small businesses. Also, be sure to read the fine print and understand exactly what you’re signing up for before making a final decision.

Finally, consider how customer support is handled by the provider. Being able to easily contact a representative in case of issues or questions can be invaluable, so make sure that the service you choose has adequate customer support resources.

Setting Up the Right Security Measures with Online Bill Pay

When it comes to online bill pay, security is imperative. Retailers need to take the necessary steps to guarantee that their customers’ data remains safe and secure. This can be done by setting up multi-factor authentication for any payment system, utilizing strong encryption protocols on all devices, and restricting access to sensitive information when possible.

It’s also important for retailers to have a clear policy in place regarding data security and encryption. This should include information such as who is authorized to access customer data, what type of encryption algorithms are used, and how often backups are taken. It’s also important to keep up with the latest industry developments and regulations when it comes to online

Tips for Making Sure Your Customers Have a Smooth Experience with Online Bill Pay

Make sure your website has a secure login page for customers to access their payment accounts with robust encryption protocols and multi-factor authentication.

 Offer multiple payment methods, such as credit or debit cards, e-checks, and digital wallets, so that customers can choose the one that works best for them.

Use automated notifications to remind customers of upcoming payments or to update them on their payment status.

Provide clear and easy-to-understand instructions for setting up an online bill pay account, as well as step-by-step guidance on how to use the system.

Make sure customer support is available in case any issues arise.

Regularly review security policies and procedures to ensure that customer data remains safe and secure.

Conclusion

Online bill pay is a great way for retailers to restructure their payment process and provide customers with an efficient and secure way to pay their bills. By taking the necessary steps to guarantee that customer data remains safe and providing a smooth payment experience, retailers can benefit from increased customer satisfaction and lower costs associated with processing payments. Ultimately, it’s important to choose the right online bill-pay provider that meets the needs of your business, offers integration with other tools or accounting software, and provides adequate customer support. With the right provider in place, retailers can reap the many benefits of online bill pay.

[o9c4com]

# FX4Cash | Twitter List | Flickr Discussions Topic

FX4Cash® – Corporates and Institutions. FX4Cash gives you the ability to manage and control your incoming foreign currency premiums and profits / dividends. FX4Cash Currency Guide. What is fx4 cash? What is FX4 account? What currency does Deutsche Bank use? Which bank deals with foreign exchange? FX4Cash is a platform that provides an automated solution for handling global cross- currency payments, whether large or small, recurrent or infrequent. FX4Cash payment system. Deutsche Bank has launched FX4Cash, a new FX payments product aimed to meet with clients' FX and cash management needs. Ability to send and receive transfers in more than 100 different currencies. FAQ - Fx4Cash - International Transfers Solution.

[sillygalaxyangel]

Mastering the Art of Effective Pension Fund Management 💼🏦

Hey Tumblr fam! 👋 Let's dive into an essential topic that's all about securing our future: Effective Pension Fund Management. Whether you're just starting your career or approaching retirement, understanding how pension funds are managed can make a huge difference in your financial well-being. 🌟💰

🔍 What is Pension Fund Management? Pension fund management involves overseeing and investing the funds set aside to pay retirees. The goal is to ensure that there are enough assets to cover future pension liabilities, providing a stable income for retirees.

💡 Key Elements of Effective Pension Fund Management:

Diversification of Investments:

Why It Matters: Diversifying investments helps spread risk. By investing in a mix of assets like stocks, bonds, real estate, and alternative investments, pension funds can protect against market volatility.

Example: A well-managed pension fund might allocate assets across various sectors and geographies to reduce risk and maximize returns.

Risk Management:

Why It Matters: Understanding and mitigating risks is crucial for maintaining the health of the pension fund. This includes market risk, interest rate risk, and inflation risk.

Example: Implementing strategies such as hedging and using derivatives can help manage these risks effectively.

Regular Monitoring and Rebalancing:

Why It Matters: Continuous monitoring ensures that the investment strategy remains aligned with the fund’s goals. Rebalancing adjusts the portfolio to maintain the desired asset allocation.

Example: If stocks outperform and exceed the target allocation, selling some and buying underperforming assets like bonds can maintain balance.

Cost Management:

Why It Matters: Lowering costs can significantly impact the net returns of a pension fund. This includes minimizing management fees, transaction costs, and other expenses.

Example: Choosing low-cost index funds or negotiating better terms with asset managers can enhance overall fund performance.

Sustainable Investing:

Why It Matters: Incorporating Environmental, Social, and Governance (ESG) criteria can lead to more sustainable long-term returns and positively impact society.

Example: Investing in companies with strong ESG practices can reduce risk and potentially offer better returns over time.

Strong Governance:

Why It Matters: Effective governance ensures that the pension fund is managed in the best interest of its beneficiaries. This includes having a clear investment policy, ethical standards, and accountability measures.

Example: Establishing a board with diverse expertise and regular audits can strengthen governance.

🌍 Global Trends in Pension Fund Management: The landscape of pension fund management is constantly evolving. Trends like increased adoption of technology, focus on sustainable investing, and shifting demographics are shaping the future of pension funds.

🚀 Your Takeaway: Effective pension fund management is about balancing risk, maximizing returns, and ensuring long-term sustainability. By understanding these principles, you can make informed decisions about your retirement savings and feel confident about your financial future.

Feel free to share your thoughts and let's keep the conversation going! 💬👇

Stay financially savvy, Tumblr fam! 🌟💰

[luiscagreen]

Advantages Of Mobile Payment Systems For Retailers And Consumers

[mostlysignssomeportents]

The health industry’s invisible hand is a fist

On June 21, I'm doing an ONLINE READING for the LOCUS AWARDS at 16hPT. On June 22, I'll be in OAKLAND, CA for a panel and a keynote at the LOCUS AWARDS.

The US has the rich world's most expensive health care system, and that system delivers the worst health outcomes of any country in the rich world. Also, the US is unique in relying on market forces as the primary regulator of its health care system. All of these facts are related!

Capitalism's most dogmatic zealots have a mystical belief in the power of markets to "efficiently allocate" goods and services. For them, the process by which goods and services are offered and purchased performs a kind of vast, distributed computation that "discovers the price" of everything. Our decisions to accept or refuse prices are the data that feeds this distributed computer, and the signals these decisions send about our desires triggers investment decisions by sellers, which guides the whole system to "equilibrium" in which we are all better off.

There's some truth to this: when demand for something exceeds the supply, prices tend to go up. These higher prices tempt new sellers into the market, until demand is met and prices fall and production is stabilized at the level that meets demand.

But this elegant, self-regulating system rarely survives contact with reality. It's the kind of simplified model that works when we're hypothesizing about perfectly spherical cows of uniform density on a frictionless surface, but ceases to be useful when it encounters a messy world of imperfect rationality, imperfect information, monopolization, regulatory capture, and other unavoidable properties of reality.

For members of the "efficient market" cult, reality's stubborn refusal to behave the way it does in their thought experiments is a personal affront. Panged by cognitive dissonance, the cult members insist that any market failures in the real world are illusions caused by not doing capitalism hard enough. When deregulation and markets fail, the answer is always more deregulation and more markets.

That's the story of the American health industry in a nutshell. Rather than accepting that people won't shop for the best emergency room while unconscious in an ambulance, or that the "clearing price" of "not dying of cancer" is "infinity," the cult insists that America's worst-in-class, most expensive health system just needs more capitalism to turn it into a world leader.

In the 1980s, Reagan's court sorcerers decreed that they could fix health care with something called "Prospective Payment Systems," which would pay hospitals a lump sum for treating conditions, rather than reimbursing them for each procedure, using competition and profit motives to drive "efficiency." The hospital system responded by "upcoding' patients: if you showed up with a broken leg and a history of coronary disease, they would code you as a heart patient and someone who needed a cast. They'd collect both lump sums, slap a cast on you, and wheel you out the door:

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4195137/

As Robert Kuttner writes for The American Prospect, this kind of abuse was predictable from the outset, especially since Health and Human Services is starved of budget for auditors and can only hand out "slaps on the wrist" when they catch a hospital ripping off the system:

https://prospect.org/economy/2024-06-13-fantasyland-general/

Upcoding isn't limited to Medicare fraud, either. Hospitals and insurers are locked in a death-battle over payments, and hospitals' favorite scam is sending everyone to the ER, even when they don't have emergencies (some hospitals literally lock all the doors except for the ER entrance). That way, a normal, uncomplicated childbirth can be transformed into a "Level 5" emergency treatment (the highest severity of emergency) and generate a surprise bill of over $2,700:

https://pluralistic.net/2021/10/27/crossing-a-line/#zero-fucks-given

The US health industry is bad enough to generate a constant degree of political will for change, but the industry (and its captured politicians and regulators) is also canny enough to dream up an endless procession of useless gimmicks designed to temporarily bleed off the pressure for change. In 2018, HHS passed a rule requiring hospitals to publish their prices.

Hospitals responded to this with a shrewd gambit: they simply ignored the rule. So in 2021, HHS made another rule, creating penalties for ignoring the first rule:

https://www.cms.gov/priorities/key-initiatives/hospital-price-transparency/hospitals

The theory here was that publishing prices would create "market discipline." Again, this isn't wholly nonsensical. To the extent that patients have nonurgent conditions and the free time to shop around, being able to access prices will help them. Indeed, if the prices are in a standards-defined, machine-readable form, patients and their advocates could automatically import them, create price-comparison sites, leaderboards, etc. None of this addresses the core problem that health-care is a) a human right and b) not a discretionary expense, but it could help at the margins.

But there's another wrinkle here. The same people who claim that prices can solve all of our problems also insist that monopolies are impossible. They've presided over a decades-long assault on antitrust law that has seen hospitals, pharma companies, insurers, and a menagerie of obscure middlemen merge into gigantic companies that are too big to fail and too big to jail. When a single hospital system is responsible for the majority of care in a city or even a county, how much punishment can regulators realistically subject it to?

Not much, as it turns out. Kuttner describes how Mass Gen Brigham cornered the market on health-care in Boston, allowing it to flout the rules on pricing. In addition to standard tricks – like charging self-pay patients vastly more than insured payments (because individuals don't have the bargaining power of insurers), Mass Gen Brigham's price data is a sick joke.

See for yourself! The portal will send you giant, unstructured, ZIPped text files filled with cryptic garbage like:

ADJUSTABLE C TAPER NECK PLUS|1|UNITED HEALTHCARE [1016]|HB CH UNITED HMO / PPO / INDEMNITY [34]|UNITED HEALTHCARE HMO [101604]|75|Inv Loc: 1004203; from OR location 1004203|52.02|Inpatient PAF; 69.36% Billed|75|Inv Loc: 1004203; from OR location 1004203|56.87|Outpatient PAF; 75.83% Billed

https://www.massgeneralbrigham.org/en/patient-care/patient-visitor-information/billing/cms-required-hospital-charge-data

These files have tens of thousands of rows. As a patient, you are meant to parse through these in order to decide whether you're getting ripped off on that HIP STEM 16X203MM SIZE 4 FEMORAL PRESS FIT NEUTRAL REVISION TITANIUM you're in the market for (as it happens, I have two of these in my body).

Kuttner describes the surreal lengths he had to go through to prevent his mother from getting ripped off by Mass Gen through an upcoding hustle. By coding her as "admitted for observation," Mass Gen was able to turn her into an outpatient, with a 20% co-pay (this is down to a GW Bush policy that punishes hospitals that charge Medicare for inpatient care when they could be treated as outpatients – hospitals reflexively game the system to make every patient an outpatient, even if they have overnight hospital stays).

Kuttner's an expert on this: he was national policy correspondent for the New England Journal of Medicine and covers the health beat for the Prospect. Even so, it took him ten hours of phone calls to two doctors' offices and Blue Cross to resolve the discrepancy. The average person is not qualified to do this – indeed, the average person won't even know they've been upcoded.

Needless to say that people in other countries – countries where health care is cheaper and the outcomes are better – are baffled by this. Canadians, Britons, Australians, Germans, Finns, etc do not have to price-shop for their care. They don't have to hawkishly monitor their admission paperwork for sneaky upcodes. They don't have to spend ten hours on the phone arguing about esoteric billing practices.

In a rational world, we'd compare the American system to the rest of the world and say, "Well, they've figured it out, we should do what they're doing." But in good old U-S-A! U-S-A! U-S-A!, the answer to this is more prices, more commercialization, more market forces. Just rub some capitalism on it!

That's where companies like Multiplan come in: this is a middleman that serves other middlemen. Multiplan negotiates prices on behalf of insurers, and splits the difference between the list price and the negotiated price with them:

https://www.nytimes.com/2024/04/07/us/health-insurance-medical-bills.html

But – as the Arm and a Leg podcast points out – this provides the perverse incentive for Multiplan to drive list prices up. If the list price quintuples, and then Multiplan drives it back down to, say, double the old price, they collect more money. Meanwhile, your insurer sticks you with the bill, over and above your deductible and co-pay:

https://armandalegshow.com/episode/multiplan/

The Multiplan layer doesn't just allow insurers to rip you off (though boy does it allow insurers to rip you off), it also makes it literally impossible to know what the price is going to be before you get your procedure. As with any proposition bet, the added complexity is there to make it impossible for you to calculate the odds and figure out if you're getting robbed:

https://pluralistic.net/2022/05/04/house-always-wins/#are-you-on-drugs

Multiplan is the purest expression of market dynamics brainworms I've yet encountered: solving the inefficiencies created by the complexity of a system with too many middlemen by adding another middle-man who is even more complex.

No matter what the problem is with America's health industry, the answer is always the same: more markets! Are older voters getting pissed off at politicians for slashing Medicare? No problem: just create Medicare Advantage, where old people can surrender their right to government care and place themselves in the loving hands of a giant corporation that makes more money by denying them care.

The US health industry is a perfect parable about the dangers of trusting shareholder accountable markets to do the work of democratically accountable governments. Shareholders love monopolies, so they drove monopolization throughout the health supply chain. As David Dayen writes in his 2020 book Monopolized the pharma industry monopolized first, and put the screws to hospitals:

https://pluralistic.net/2021/01/29/fractal-bullshit/#dayenu

Hospitals formed regional monopolies to counter the seller power of consolidated Big Pharma. That's Mass Gen's story: tapping the capital markets to buy other hospitals in the region until it became too big to fail and too big to jail (and too big to care). Consolidated hospitals, in turn, put the screws to insurers, so they also consolidated, fighting Big Hospital's pricing power.

Monopoly at any point in a supply chain leads to monopoly throughout the supply chain. But patients can't consolidate (that's what governments are for – representing the diffuse interests of people). Neither can health workers (that's what unions are for). So the system screwed everyone: patients paid more for worse care. Health workers put in longer hours under worse conditions and got paid less.

Kuttner describes how his eye doctor races from patient to patient "as if he was on roller skates." When Kuttner wrote him a letter questioning the quality of care, the eye doctor answered that he understood that he was giving his patients short shrift, but explained that he had to, because his pay was half what he needed, relegating him to a small apartment and an old car. The hospital – which skims the payments he gets for care – sets his caseload, and he can't turn down patients.

The answers to this are obvious: get markets out of health care. Unionize health workers. Give regulators the budgets and power to hold health corporations to account.

But for market cultists, all of that can't work. Instead, we have to create more esoteric middlemen like "pharmacy benefit managers" and Multiplan. We need more prices to shovel into the market computer's data-hopper. If we just capitalism hard enough, surely the system will finally work…someday.

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2024/06/13/a-punch-in-the-guts/#hayek-pilled

[serpentface]

FAMILY TITLES AMONG THE HILL TRIBES

(ft. various linguistic notes and tangents)

In-universe Brakul’s self-given title of ‘Red-Dog’ is Brakul 'ne-Dainh' in his native language (Bict-Urbinnas dialect of the Highland language group) and Brakul 'Chin-Reyla' in Wardi. Ne-Dainh/Chin-Reyla is not something he treats as or considers an actual surname or identity, just a self-styled nickname. He already has a title.

Family names/surnames are not a native practice among the Hill Tribes (though some clans or individual families have adopted this practice), and all traditionally use titles that designate immediate ancestry, clan and tribe. These full titles are officially given when one comes of age and are spoken aloud in ceremony (with the entire direct male and female lines listed by name, with most traditions expecting 12 generations of each being named).

The function is to cement one’s sense of place in the world, and their place in a direct ancestral line, which puts the person under the full watch and guidance of their ancestors. It's also a critical method of recording lineage- the long held practice of each person memorizing at least 24 total direct ancestors allows for very long, largely accurate records of family history to be kept, with some people able to trace their ancestry all the way back to initial settlement of the Highlands (or even beyond).

Brakul’s full title is:

“Brakul virsum Kuligan et Borunil an Briyonis ne-Taig an Bict-Urbinnas”

Which dead literally translates to “Brakul son of Kuligan and Borunil of the Foothills (of) Red-Cattle, of the North (Urbin/Erubin) River Valley” but has a much richer meaning in the original language.

"BRAKUL VIRSUM KULIGAN ET BORUNIL"

The actual meaning here is closer to ‘Brakul, son of Kuligan and his father’s fathers, and Borunil and her mother’s mothers’.

“Virsum” means ‘child (son/daughter) of’ (the gender is contextual), but implies the person’s status as a descendant of a full male and female line of ancestors. A different word is used if you’re just saying ‘I’m so and so’s son”. The title describes him as a son of his father Kuligan and of Kuligan’s male line, and of his mother Borunil and Borunil's female line.

All ancestors (within this particular system of kinship, divided into one direct male line from the father and one direct female line from the mother, and not including husbands from the female line or wives from the male line) are invoked and credited with the word ‘virsum’. Speaking it as part of the personal title is part of the routine and necessary honoring of one’s ancestors, who watch over their descendants from the afterlife and can temporarily return to the land to guide and protect (and sometimes punish, or teach sharp lessons to) the living.

"AN BRIYONIS NE-TAIG"

The actual meaning here would be understood as ‘clan/people of the foothills where cattle are lit red by the setting sun'.

‘Briyonis’ is the word for ‘foothill’, citing his clan’s specific location being the foothills that form the slopes of the north Urbin river valley. He is of a lesser clan within the powerful North Urbin River tribe. His clan benefits from close affiliation to their more powerful ruling clans located directly in the river valley, which grants them access to a greater variety of cultivated foods, but their actual position in the foothills still renders them predominantly reliant on cattle for subsistence. Clan names referencing cattle or horses are very common, given their frequent centrality to life.

The ‘ne-Taig’ literally means ‘red cattle’, but the ‘ne’ color word for red specifically invokes shades of red seen in and cast by a rising/setting sun. This red cast is culturally regarded as a unique beauty and evocative (and part of the name) of the solar god Hraighne. The foothills his clan is physically located on are a vantage point from which the western horizon is not fully obscured by mountains, and they experience very striking sunsets and are directly touched by the light. This is fairly unique to this location, and is invoked in the clan name and identity. ‘Ne-Taig’ here suggests a visual of grazing cattle illuminated red by the sun as it crosses the horizon.

‘Ne-Dainh’ carries the same implication, a dog illuminated red by setting sunlight. The Wardi language does not have a comparable word for a sunlit red and ‘Chin-Reyla’ really does just mean ‘(orangeish) red dog’ (‘reyla’ is specific to orangey-red colors, which is the closest match he could get. There’s no way to impart the meaning of ‘sunlit-red dog’ in Wardi that is non-clunky enough to be appropriate for a name).

"AN BICT-URBINNAS"

‘an Bict-Urbinnas’ is fairly simple, Bict means ‘north’, and 'Urbin' is the name of the specific river that stems from a northern and eastern tributary. This river has a very ancient name (or a derivative of one) that predates settlement by the Hill Tribes, and its exact meaning is lost.

The root -(n)nas designates a river valley, but has strong implications of being an esteemed and bountiful place, rather than solely a literal geographical descriptor (as the river valleys are centers of power and trade in the highlands). It may be a loanword from the Wardi language family, as its usage is VERY similar in form and function to the Wardi -(n)nos, which also suggests a place of esteem and bounty (more specifically having connotations of a kingdom).

’An’ literally means ‘of’, but in the specific sense of describing the place and identity of a collection of people. ‘an Bict Urbinnas’ would be understood in speech as ‘of the north Urbin River Valley (people)’. The clans historically settled in and around the valley of the North Urbin River form the totality of the Bict-Urbinnas tribe.

The ‘Urbin’ word predates the contemporary Wardi name ‘Erubin’ for the river, the latter of which invokes the semi-mythological founding figure Erub, who himself was of a Wardi tribe located downriver to the south of the Highlands. The real historically extant ‘Erub’ was most likely named Urub after the river, with his cited name shifting over the centuries in folklore, and the Wardi name for the river shifting with it.

‘Erubin’ as a corruption of ‘Urbin’ functions very well in Wardi language due to ‘-bi/bin’ denoting something as a ‘gift’, usually in a more metaphorical sense. ‘Erubin’ is understood as meaning ‘(The river that is) Erub’s gift’, and the Erubin/Urbin river is a key tributary to the much larger Black river, one of the key rivers that feeds the region's wetter and more fertile west. This 'gift' meaning also occurs in the name of the southeastern Imperial Wardi city-state Erubinnos, which is understood as meaning ’((The kingdom that is) Erub’s gift’. He is considered to have conquered and taken the land (from the core city's actual founders, the Wogan people) and established a kingdom there in the early days of warring Wardi tribal monarchies.

[squid-nerds]

Finally have a Patreon

Hi everyone,

I apologize about the delays on the next chapter of Yuuto and Léandre. Sincerely, a lot of situations popped up out of nowhere-- bills going higher, less people coming to cons to help said bills, and my cat eating damn thread so she needed emergency surgery :( So, I'm struggling a bit financially.

Therefore, I've recently started a patreon so that I can, hopefully, make time to finish the next part of the comic and create more in the future.

If you're able, here's the link to my patreon. I'm trying to draw all requests given on there right now and I really could use the help. Plus, there's a peak of the next chapter and doodles I haven't posted before.

Again, I'm sorry for the delays and having to put art behind a paywall. I prefer my art to be free just because I love sharing it. I wouldn't do this if circumstances weren't dire :(

Thank you for reading, I hope to be back very soon

[aj-lenoire]

i'm honestly fascinated by the concept of the demon butcher. like yeah yeah the fingers still twitch because there's no real 'death' once you're already in hell, we've all seen that shtick before but like... how did he become the demon butcher? was he a butcher in life? did he have to apply to this position? was there an interview process???