A Disruption in the Healthcare Industry On The Horizon
If you haven’t heard the news…three American corporate giants are stepping into the healthcare center stage.
Amazon, Berkshire Hathaway, & JP Morgan – three mega-firms of American business – announced last week they will be teaming up to form a new health system “free from profit-making incentives and constraints.” This, free from profit-making claim, is a tremendous leap forward in the healthcare industry. It may change the way we insure, treat, and track patients.
Why Would The Trio Want to Enter Healthcare?
(1) Huge Savings
Together, Amazon, Berkshire Hathaway & JP Morgan employ millions of workers, a lot of which are unsatisfied with the current chunks being taken out for health insurance. In addition, the conglomerates are tired of paying their enormous part of the coverage. If they could bring down the price by working together, more revenue can stay in their pockets, and in their employees’ pockets, rather than going to the hands of the current insurers.
(2) Improved Care
Healthcare, in its current state, is faltering. Most notably, prices for care and medication are skyrocketing. The three giants entering aim to form the world’s largest B Corporation – a company legally obligated to serve society, not just shareholders. The absence of exorbitant profit-driven expectations may substantially drive down costs while also providing better healthcare.
How is that second part possible? Combining tech, finance, and insurance has the ability to synergistically disrupt current practices of healthcare by harnessing individually skills. Coupling the data, finance, & insurance may lead to new systems, assisted diagnosis, patient tracking, efficient bill-pay, revolutionary coverage plans, app-integration, easy EHR access, or far more.
The evidence will need to speak for itself. It is too early to know many specifics, or exactly how they will manifest their plans. Look forward to more updates coming by 2019.