The root of these rapidly rising health costs is what economists have called the Third Party Payment problem.
Banks and third party payment operators make it easy to get started.
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Yet ObamaCare actually expands third party payment, exacerbating existing cost problems.
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American medicine is so expensive because of third party payment, that is, roughly 90 percent of health care expenses initially are paid by someone other than the patient.
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The cost-lowering potential of direct-payment practices is heartening because the current third-party payment system has failed to stem our burgeoning health cost crisis.
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Unfortunately, physics, economics and entrepreneurship take a backseat to our legalistic, third-party payment system.
Now quite apart from the issue of profit, there is the problem of third-party payment.
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Obamacare will only add to the cost-inflating administrative burden that third-party payment places on doctors.
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Indeed, third-party payment is largely to blame for the untamed growth of health costs.
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Unfortunately, physics, economics and entrepreneurship take a back seat to our legalistic, third-party payment system.
Commissions charged for third-party payment services would also be subject to PBOC approval.
Others are considering a departure from the current system of third-party payment.
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For years, agreements that retailers have signed with third-party payment processors prohibited merchants from selling products at different prices depending on payment method.
We rely on a third-party payment system that dramatically reduces any incentive for the patient to be a value-conscious shopper in the health care marketplace.
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As with any third-party payment system, which gives the illusion of someone else paying, patients tend to demand far more medical services than they would if they believed they could spend any savings on something else.
People were duped into sending a partial or full payment to a third-party agent via a wire transfer payment service and to fax their payment receipt to the seller as proof of payment.
Our system of third- and fourth-party payment for health care ensures that even people who actively try to discover the cost of their care have difficulty doing so.
Concerns over how best to report and reconcile items on the form 1099-K have plagued retailers and individuals alike since legislation was passed by Congress in 2008 requiring the issuance of forms 1099-K for third party merchant and credit card payment processing which meets certain criteria.
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Such technology can enable third-party developers to create mobile payment applications so users could use their phones as digital wallets.
Under the current rules, information reporting for applicable payment card and third party network transactions are due to the IRS by February 28 each year (or March 31, if filed electronically) for the prior calendar year.
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Or you could use a third-party company that charges your mortgage payment to your credit card each month (thus preserving any rebates or rewards that are only given to new purchases) in exchange for a fee.
In a speech earlier this year, he cited the importance of precision-target advertising, real-time search functions, e-commerce, revenue-sharing with third-party software and games developers as well as payment for digital content.
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And while contingency fees do little to incentivize lawyers to pursue cases that would result in important injunctive relief without a significant monetary payment (such as certain varieties of public interest cases), third-party financing is no better solution.
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In its first public enforcement action, the CFPB found that third-party call-center vendors of Capital One Bank pressured or misled customers into paying for payment protection and credit monitoring products when they activated their credit cards, according to a press release.
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