Physician-Legislator Targets Insurance Giants in Washington
A Career of Service Meets Political Action
Health insurers 1 7 trillion revenue – For three and a half decades, my professional existence has revolved around one singular mission: healing those who seek my help. Today, wearing two hats as both a medical doctor and a member of Congress, I have chosen to confront what I consider the most formidable and self-interested organization in our nation’s capital—the health insurance industry.
The financial landscape of this sector reveals troubling patterns. During the year 2025, seven dominant for-profit insurance corporations collectively generated approximately $1.7 trillion in total revenue. This staggering figure translated into minimum profits of $54 billion. However, these profit numbers likely represent an underestimation, considering these companies’ demonstrated capacity and tendency to reclassify and conceal their actual financial gains through various accounting mechanisms.
The Capitalist Perspective on Healthcare Profits
I do not harbor an inherent aversion to profitability. My worldview remains fundamentally capitalist. Yet, a critical distinction exists: these insurance corporations depend heavily on taxpayer contributions to sustain their operations. This dependency creates an unusual dynamic where public funds flow into private coffers at an alarming rate.
Consider UnitedHealthcare, which stands as the largest entity within the healthcare sector. This corporation now derives over seventy-seven percent of its income from government-sponsored programs. This situation appears contradictory when one considers that UnitedHealthcare enrolls nearly double the number of individuals in its private commercial plans compared to government programs. Despite this, the company mounted an aggressive lobbying campaign to maintain the subsidies established under the Affordable Care Act.
The Stock Buyback Phenomenon
Since the year 2015, the seven leading insurance companies have invested more than $137 billion in purchasing their own shares. This practice raises significant concerns. When corporations buy back their stock, they artificially elevate share prices while simultaneously concealing fundamental financial vulnerabilities. Executive compensation becomes inflated as a result, even when underlying business performance may not justify such increases.
Historically, this practice faced legal restrictions. Throughout most of the twentieth century, stock buybacks were predominantly prohibited because courts and regulators classified them as a mechanism for manipulating stock market values. While generating profit and rewarding shareholders remains entirely acceptable, these insurance giants prefer channeling their surplus earnings into buybacks rather than reducing premiums for policyholders.
This financial maneuvering contributes directly to an escalating cycle of economic hardship for patients attempting to afford necessary medical treatment. The money flows upward to executives and investors instead of downward to those requiring care.
An Oligopoly’s Grip on American Healthcare
We currently observe an oligopolistic structure extracting nearly $2 trillion each year from American citizens while progressively restricting access to essential medical services. Rising profits correlate with an expanding labyrinth of pre-authorization requirements, claim denials, and disputes over out-of-network providers. These mechanisms serve primarily to enrich corporate leadership and shareholders rather than facilitate patient recovery.
The rapid expansion of vertical integration within the industry, accompanied by escalating costs, aligns conveniently with the Affordable Care Act—a legislative framework originally drafted by insurance corporations for their own benefit. If given the authority, I would dismantle these corporate behemoths and abolish the for-profit model entirely from healthcare delivery.
The American patient simply cannot sustain this bloated administrative apparatus that contributes minimal value to actual wellness outcomes. Emergency room visits should not devastate family finances. Cancer treatments we understand how to administer should remain accessible. Common medications that save lives should not become luxuries reserved for the wealthy.
A Call for Accountability
Regarding the challenges plaguing American medicine, I maintain an equal-opportunity approach to criticism. I will challenge any sector that creates unnecessary obstacles for patients. Multiple entities share responsibility for our current situation, but the excessive and greedy practices of our largest insurance corporations occupy the top position on my list of concerns.
The American public is increasingly recognizing these problems. Citizens across the political spectrum, including members of Congress, are beginning to pay attention. The era of accepting the status quo appears to be ending.
The American patient simply cannot afford to feed this bloated bureaucracy that adds very little to their wellness.
Greg Murphy, M.D., represents North Carolina’s 3rd District. He serves as co-chair of the Congressional Doctors Caucus.
