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Child care costs are growing. Access is declining. But small businesses aren’t too concerned about the impact on business. The National Federation of Independent Business recently released its quadrennial report on the most pressing problems for small-business owners in the U.S. For the first time, it asked about the “cost and availability of child care,” which owners ranked as their 66th most pressing concern of the 75 assessed. Moreover, only 7% of small-business owners considered the problem “critical,” and 40% didn’t consider it a problem at all. This might be surprising, considering that child care costs increased 32% for American households from 2019 to 2023, and the share of parents without access to child care grew from 17.7% at the end of 2023 to 22.2%in the early months of 2024. But as Holly Wade, executive director of the NFIB Research Center, says, the results suggest that the problem is relatively limited in scope right now, at least in the eyes of business owners: “For some employers, they’re able to work around child care issues fairly easily, accommodate scheduling conflicts — [so it doesn’t rise] to the level of issues, for instance, like the cost of health insurance.” Indeed, in the NFIB report, health insurance costs ranked at the top of small-business owners’ concerns, as it has since 1986. The costs of supplies and inventories, economic uncertainty, and federal taxes were among other top issues for owners this year. Plus, if businesses have a “younger demographic of employees or an industry that has higher turnover [or] seasonal employment,” child care issues might not be a pain point for them at all, Wade adds. Other recent reports, however, still indicate that these pressures are impacting workforces. 29% of job switchers identified a lack of child care benefits as their top motivation in looking for another job, according to a 2024 report from Care.com. Women’s labor force participation is now lagging compared to pre-pandemic levels — and taking care of “the home or family” is the primary reason mothers are not working, according to the Pew Research Center. And as Inc. previously reported, there are still small-business owners who already believe that a lack of child care is negatively impacting their business — even if it may not be their top concern. By Sarah Lynch This article originally appeared on Fast Company’s sister publication, Inc. Inc. is the voice of the American entrepreneur. We inspire, inform, and document the most fascinating people in business: the risk-takers, the innovators, and the ultra-driven go-getters that represent the most dynamic force in the American economy.
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From Wall Street to Main Street, this week was packed with major business moves. There were big market debuts, tough earnings reports, and updates that show how quickly some industries are shifting. New companies made a strong entrance, established players faced some hard numbers, and key sectorseverything from housing to transportationsaw important changes. Taken together, this weeks news offered a picture of how businesses are adapting to a quickly changing economy and what that looks like right now on the ground. Here are the weeks biggest stories. Figma IPO Surges Past Expectations The collaborative design software company priced its IPO at $33 per share, well above expectations, and surged to $109 in its first hours of trading. Its $44 billion market cap makes it one of the years biggest tech debuts. Figmas IPO didnt just light up the stock marketit also minted a new class of billionaires. Cofounder and CEO Dylan Field now has an estimated net worth of $1.8 billion from his holdings, with the potential for another $1.3 billion in stock if FIG hits $130 per share. Zillows housing market report reveals hot and cold spots Zillow economists see a cooling housing market ahead. In its latest 12-month forecast released this week, the company projects U.S. home prices will fall 1% between June 2025 and June 2026, with a steeper 2% drop expected for the full calendar year. Rochester, New York, ranks as the nations hottest sellers market, while Jackson, Tennessee, tops the list of buyer-friendly areas. The U.S. market overall sits in neutral, with a national score of 52. Nissan reports $782 million loss Japanese automaker Nissan sank into a $782 million loss for April through June, but promised Wednesday it would return to profitability later this year. The automaker’s sales slipped 10% over the last quarter. CEO Ivan Espinosa outlined aggressive cost-cutting measures, including closing a flagship plant and slashing 20,000 jobs. SNAP cuts threaten thousands of grocery stores Reductions to SNAP benefits in the One Big Beautiful Bill Act could devastate small grocers in low-income areas, where up to 70% of sales depend on the program. According to the National Grocers Association (NGA), which represents independent community grocers across the United States, as well as their wholesalers, roughly 12% of grocery store payments currently come from SNAP. Citi Strata Elite Targets High-End Cardholders Citi reentered the premium card space this week with a $595-a-year offering featuring travel credits, lounge passes, and up to 12 times the rewards on bookings. The new card is designed to directly compete with Chases Sapphire Reserve card and the Platinum Card from American Expressboth of which have recently announced new features, fees, and revamps. Spain rescues Thirty Meter telescope Spain pledged $470 million and a new site in La Palma to revive the stalled Thirty Meter Telescope project after U.S. budget cuts pulled support. Faced with the risk of this major international scientific project being halted, the Government of Spain has decided to act with renewed commitment to science and major scientific infrastructures for the benefit of global knowledge, Diana Morant, Spains minister of science, innovation, and universities said about the potential acquisition. Union Pacific Pursues $85 Billion Merger A proposed acquisition of Norfolk Southern by Union Pacific would create a coast-to-coast freight rail network for the first time, connecting 43 states and 100 ports. The Surface Transportation Board (STB) will review the agreement after the companies file their application to mergesomething they say they plan to do within the next six months. Cinemark expands panoramic ScreenX theaters Cinemark is trying to lure audiences back into movie theaters. The company is rolling out 18 new ScreenX venues by 2026, featuring a 270-degree panoramic viewing experience. The deal expands Cinemarks existing partnership with South Korea-based CJ 4DPlex to a total of 26 Cinemark theaters. Rite Aid to close most pharmacies by mid-August As part of its bankruptcy process, Rite Aid will shut down nearly all remaining pharmacies by the end of next month, transferring prescriptions to other local providers. MLB prepares for record-breaking game The Braves and Reds will face off this weekend at Bristol Motor Speedway in front of more than 85,000 fans, the largest crowd in Major League Baseball history. The event, dubbed the MLB Speedway Classic, will mark the first MLB game ever played in the state.
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Several years ago, I received a bad medical bill: $150 for an in-network doctors appointment that my health insurance was supposed to cover with a $30 co-pay. After multiple long and frustrating phone calls over several weeksduring which time nothing was resolvedI gave up and wrote a check for $150. That experience convinced me that medical billing is confusing and error-ridden on purpose. Recent research backs this up. A staggering 80% of medical bills contain errors, most of which are easily preventable. Under our current medical billing system, patients face a horrible catch-22: They can spend money on error-ridden bills or they can spend time getting them corrected. (If they have neither money nor time, then their bills may go to collections.) Covering medical costs under an intentionally confusing system will always be an uphill battle. But until we change how we pay for healthcare as a society, heres what you can do to make medical bills fit better into your personal budget. Take your time paying medical bills Some healthcare providers may send a bill to you before your insurance company has had time to process your claim. If thats what has happened, your balance owed will look much higher than you expect. In that case, the bill may have a blank spot in the section labeled insurance payment or plan payment. Waiting to pay that bill until the insurance has come through will ensure you only pay what you owe. But this isnt the only reason you may want to wait before paying a medical bill. If you expect to receive multiple bills because of a lengthy stay in a hospital or repeated specialist visits because of a particular health issue, it can also be a good idea to hold off on paying until you have received all of the related medical bills. This will allow you to double check that you have not been double-billed for any procedures or services before you start making payments. You dont need to worry that waiting to pay will affect your credit. The time period before unpaid medical debt is reported to the three major credit bureaus was increased from six months to 1 year as of 2022. And as of 2023, medical debt under $500 is no longer reported to the credit bureaus. Request an itemized bill If you had multiple services, your bill may not list them all. Instead, patients often receive a summary bill that lumps all of the charges for services together. But its impossible to tell if there are any errors in a summary bill, which is why you should request an itemized bill if you dont receive one. While hospitals generally will not send one without being asked, receiving an itemized bill upon request is one of your rights as a patient. The hospital is legally required to send it within 30 days of your request. Also known as a superbill, the itemized bill lists each medical billing procedure code, the amount paid by insurance, and the amount you owe. Check for mistakes With the itemized list in front of you, check for mistakes. Some of the common errors you might find include: Services or procedures erroneously listed multiple times Procedures listed that you didnt receive Charges listed that have already been paid Amounts charged that are above legal limits Charges for more expensive procedures than what you received You may need to look up medical billing codes to make sense of the itemized bill. These codes can generally be found online by typing in the code with the term medical billing code. You can compare the description of the procedure you find online with your bill to see if the codes match the healthcare you received. Dont forget basic fact-checking Unfortunately, some of the most frustrating medical billing problems may stem from getting a basic fact wrong. An incorrect birthdate, patients with similar names, or someone accidentally transposing two numbers in a patients street address could be enough to trigger an insurance claim denial. While you are checking medical bills for mistakes, make sure youre also looking at your personal information, including your birthday, billing address, date of healthcare service, medications, and other details. Ask your medical provider for a price break Just because the final charge you receive looks more like a phone number than a bill doesnt mean you have to pay that amount all at once. Many doctors accept payment over time with a payment plan and provide a no-fee method of making monthly payments. Providers may alternatively forgive a portion of your bill if you can make an immediate, smaller payment. Its important to remember that doctors are not well served by the medical billing system, either. Doctors often sell medical debt to a collections agency after 90 days of delinquencybut for a fraction of whats owed. Which means medical providers would rather work with a patient to avoid losing money by sending the debt to collections. Partner with a patient advocate Having to navigate all of this while simultaneously recovering from injury or illness seems like the kind of dystopian nightmare that Suzanne Collins would consider a bit over-the-top. Thankfully, help is available via patient advocacy, and theres no fight-to-the-death requirement to access it. Patient advocates work to help patients navigate the healthcare system so they can get the best care for their needs. This includes helping patients to understand and manage their medical bills. To find a patient advocate, start by calling your hospital. Many hospitals have advocates on staff who can help you with the process of understanding your bills, correcting medical billing errors, and applying for financial assistance. Alternatively, you can search for a patient advocate or representative online. Check for advocacy groups that help with medical bills in your state or for patients with a secific condition or disease that you have. If you have a chronic or life-threatening illness, the Patient Advocate Foundation is a nonprofit organization that can help you get and pay for care. Navigating the broken system Medical billing is not set up for clarity, low cost, or ease of use. When a patient gives up and pays more than they owe, the system is (most likely) working as intended. And until collectively we decide to change it, we are stuck with a system that requires an investment of time to avoid overpayment. Until that happens, knowing your rights as a patient can help keep you from making costly mistakes with your medical bills. That includes the right to take up to a year to repay your medical bills before they are reported to the credit bureaus and the right to request itemized charges. In addition, keeping an eye out for mistakes, which are incredibly common, can help you avoid overcharges. Finally, ask your medical provider for any discounts or payment plans they offer, and partner with a patient advocate so the burden isnt entirely on your shoulders.
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E-Commerce
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