Andy Slavitt, CMS acting administrator, referred to the Affordable Care Act as a disruption that could transform the healthcare industry, to a group of payers in Washington, D.C., at an HHS forum, according to Morning Consult.
Here are four things to know:
1. Mr. Slavitt likened the healthcare industry to the automobile and banking industries. He said the following about the ACA marketplaces: "What we see here, is the opening up of a new $40 billion and growing market with lots of capital. As disruptions go, this is a pretty great one."
2. During the forum, Mr. Slavitt, along with HHS Secretary Sylvia Burwell, attempted to reassure payers that the marketplace would thrive as the open enrollment period draws nearer.
3. While he contested payers suffering losses on the ACA exchanges, he said the losses are largely attributed to payers setting their monthly premiums too low as people did not know the actual costs of covering a new cohort of consumers.
4. He told payers to take advantage of the opportunities available in the marketplace. He said, "Forgive me if I'm not persuaded by the headlines or the Wall Street analysts predicting doom and gloom."
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