Mark Cuban to headline 32BJ annual conference

Influential health care workers union 32BJ is calling in the big guns as it pushes for a new statewide bill that would cap the prices of routine outpatient medical services. Billionaire celebrity Mark Cuban, of “Shark Tank” and NBA fame, will be the keynote speaker at the union’s annual conference on Oct. 9, which City & State is co-hosting for the third time. 

Cuban, an investor worth more than $5 billion, has attempted to bring down the cost of health care in America through his business ventures. In 2022, he launched Cost Plus Drugs in 2022, a company focused on reducing the cost of prescription medicine. Outside of his pharmabusiness activities, Cuban has risen to prominence with politically-minded Americans as a vocal anti-Trump billionare, stumping against him the run-up to last year’s presidential election.

“Healthcare prices are out of control, and it's time we did something about it. I'm looking forward to joining 32BJ Health Fund's conference to share how transparency and direct contracting can cut out middlemen and lower costs – just like we've done with Cost Plus Drugs,” Cuban told City & State in the statement. “I hope to add more fuel for the movement of New York purchasers and advocates who are sick of the status quo in American healthcare." 

The Fair Pricing Act would require health care providers to accept payment rates for routine services that don’t exceed 150% of the amount paid by Medicare. A February study found the bill could save New Yorkers more than $1 billion annually. 

The bill faces strong opposition from the Greater New York Hospitals Association, a consortium of health care providers and hospitals that have considerable weight in Albany. The group argues that conflating the costs associated with a hospital or outpatient visit with that of a doctor’s visit misrepresents their functions and financial realities. 

“Hospitals and doctors’ offices are not the same. Hospitals provide 24/7 care, accept all patients regardless of their ability to pay, and are equipped to handle major disasters while adhering to stringent regulatory requirements – factors that both necessitate and justify their higher reimbursement rates,” GNYHA President Kenneth Raske said in a statement. “This terrible bill also ignores the enormous financial pressures hospitals face, including severe Medicaid underpayments and staggering numbers of payment delays and denials by for-profit insurance companies.”

But 32BJ and supporters of the bill, which is sponsored by state Sen. Liz Krueger and Assembly Member Chantel Jackson, think that drawing even more attention to the legislation and the dire need for affordable healthcare could even the playing field. In their view, Cuban and his massive profile might be the best way.

“We’re thrilled and honored to have Mark Cuban as the keynote speaker for our annual conference on hospital prices and healthcare affordability. The inclusion of such a nationally prominent voice on this issue shows that while our fight for more affordable hospitals started in New York, its impact is resonating across the country,” 32BJ SEIU President Manny Pastreich said in a statement. “For too long, we’ve seen workers, businesses and local governments burdened by skyrocketing hospital costs. It’s time to level the playing field and hold hospitals accountable for their unjustifiable pricing practices.”