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Peter Farrell, founder and executive chairman of San Diego's ResMed, maker of sleep equipment, is quoted in afr.com, the Australian Financial Review, saying that the partial U.S. government shutdown is positive for business. "Any time you can stop any government spending money, it's got to be a plus for the taxpayer," said Farrell to the publication.

But there is a lot of government spending that ResMed feasts on. Last year, an alert reader who contributes to this blog under the tag Ponzi pointed out that in its 2011 10-K report to the Securities and Exchange Commission, ResMed stated, "The cost of medical care in many of the countries in which we operate is funded in substantial part by GOVERNMENT (emphasis mine) and private insurance programs. In Germany, we receive payments directly from these payers. Outside Germany, although we do not generally receive payments for our products directly from these payers, our success in major markets is dependent upon the ability of patients to obtain adequate reimbursement for our products.

"In the United States, our products are purchased primarily by home healthcare dealers, hospitals or sleep clinics, which then invoice third-party payers directly for reimbursement. Domestic third-party payers include MEDICARE, MEDICAID (emphasis mine) and corporate health insurance plans."

Farrell must hope that the partial shutdown continues to not apply to Medicare, Medicaid, and other government programs that benefit ResMed.

Comments
10

He's stupid. But apart from stupidity, he was probably revealing a gut reaction to the pervasiveness of government in our lives, and how citizens could and should attempt to live without so much regulation and support. When your "bread is buttered" by the government, whether Medicare or VA or Medicaid or . . . you need no be discreet and not bite the hand that feeds you. (Two metaphors in one sentence is two too many, sorry.) However in his case I'll cut some slack and note that more and more of health care and related products are now part of a growing government monopoly, and that if ResMed is going to sell its products, it has to be to governments.

Oct. 6, 2013

"to" be discreet, not as shown above.

Oct. 6, 2013

Visduh: Caught it. Best, Don Bauder

Oct. 7, 2013

Visduh: He may be upset about the Obamacare tax on medical devices. Best, Don Bauder

Oct. 7, 2013

Gut reaction. Damn gummint. Yeah, I hear it all the time. I travel all over for my job. I regularly work with people who ignore the fact that a good portion of their income is from the very government they accuse of ripping them off. But I just realized why we'll never change our voting day from Tuesday to a weekend day, like so many other intelligent governments do. In America, too many tea party sympathisers are glued to ESPN, or partying at the local sports bar, on Sunday. The Conservatives would lose more if we switched to Sunday voting. Just a thought.

Oct. 6, 2013

Mrido:

The Dems are working on Tuesdays, so the hope of the coupon-clippers is that they won't have time to vote. Broadly speaking.

Oct. 6, 2013

Yankeedoodle: Especially in states like Florida and Ohio where the politicians try to make it difficult for Democrats to vote. Best, Don Bauder

Oct. 7, 2013

mridolf: I do think you are right: an inordinately high percentage of tea partiers sit on the couch and drink beer and watch sports. They think they are macho. They ought to try a really macho sport: birdwatching. Those hardy birdwatchers hike long distances, climbing through brambles, occasionally meeting up with fierce animals such as bears and mountain liions, etc. Best, Don Bauder

Oct. 7, 2013

I thought Tea Partiers drank Kool-Aid. By the barrel.

Oct. 7, 2013

Ponzi: Great point. Yes, Kool-Aid that they brewed themselves. Best, Don Bauder

Oct. 8, 2013

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