If this is your first time learning about Medicare competitive bidding, you are not alone. Part of the reason why you may have never heard of the term is because it was part of an old piece of legislation called the Medicare Modernization Act, signed into law by President Bush in 2003. It was finally implemented in 2011, and is aimed at “weeding out multiple companies selling the same products at higher prices, even though such products were not necessarily better.
There is little impact for seniors receiving Medicare. The bill’s biggest effect has been on ironing out wasteful spending in government, saving more than $400 million in the first two years, across nine regions, alone. Further savings are expected as the bill is implemented in 90 additional areas this year.
While the aim has been to make companies offering medical equipment to the government for Medicare more competitive, some have worried that the quality of equipment would decline in tandem with the prices. So far, the opposite has happened, and the quality of medical equipment being provided to the government has actually remained the same.
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