Tech Giants Including Amazon to Team Up In Providing Comprehensive Healthcare
Due to the newly passed Republican Tax Law, as well as the stopgap bill in the Congress that cuts the budget for Medicare, Medicaid, and CHIP, millions of Americans all over the country are anxious about their healthcare. This blockade the country is facing is a surefire formula for compromising healthcare.
We all became worried about what the future will bring: will we still be able to sustain ourselves when we get sick? Will we drain our savings the moment our insurances and healthcare fail us, and we’re forced to pay a loft sum? What about our children’s medications and annual checkups? These are some dreadful questions most of us are anxious to answer. However, it seems there’s still light and hope for us when it comes to our healthcare. Why? Tech and retail giants, such as Amazon, are teaming up to enter the healthcare industry.
Tech giants — AMAZON, BERKSHIRE, and JPMORGAN — are collaborating to create a startup healthcare company.
It’s no surprise that Amazon’s CEO Jeff Bezos has been interested in the healthcare sector. Millions of people all over the world, especially the ones residing in the United States, know that it’s only a matter of time before Bezos announced to the world he’s starting up a healthcare company. However, people were surprised to see that not only did he announce his new venture, but he also included Jamie Dimon and Warren Buffett in his idea, too!
On Tuesday, Amazon Inc., Berkshire, and JPMorgan released a joint statement announcing their partnership to create a healthcare company. Although not much of the plan was revealed, especially since it’s still in its early planning stage, the company at least shares their vision of their own healthcare company. They want to establish a company that isn’t driven by profit, constraints, or incentives. This will be their major edge over their competitors, especially since we know that most traditional healthcare and insurance companies focus more on profit and incentives. That’s also why you see how some agents are pressuring you in acquiring insurance for them to gain profits and incentives.
This giant move from Amazon shook healthcare insurance companies.
There’s no doubt that this recent announcement caused shockwaves in the healthcare industry. In fact, after the announcement, stocks investors and shareholders noticed a significant decline in stock performance in the healthcare industry. An example for this is the pharmaceutical company Express Scripts Holding Co. when their stocks slumped to 6.9%. The CVS Health Corp, on the other hand, decreased its index to 4.9%. Other health insurance companies also noticed their index decline.
However, the good news is that existing health insurance companies can still relax and take this opportunity to upgrade their services. Even if this new partnership consists of giant companies, and can be seen as a threat, it’s still in its early stages. The startup healthcare company isn’t even operating yet. In fact, a reliable source gave a tip that, for now, the company is still focusing on internal affairs and organization.
They are still seeking for partnership with health and insurance institutions who are experts on the matter. They will also lead a research team to collect data to determine their bargaining power to provide a lower healthcare cost. This, in turn, will give them a competitive edge and beat premium prices of other insurance companies. The partnership will also tackle about enabling the direct purchasing of medications and make them eligible for lab test whenever their customers visit their attending physicians for a medical checkup.
Existing health insurance companies should welcome this new competition with open arms.
Despite the plummet and threat of new emerging company entering the healthcare industry, most giant health insurance companies welcome the competition with open arms. They stated that this new competition is a testimony that the healthcare industry is booming, and there’s a high demand. This will also help existing companies to reassess their performance as well as the products and services they’re offering to their customers. Competition means there’s a flaw with the current services offered somewhere — there’s a problem. And when there’s a problem, there’s an opportunity for a solution. If you have that solution, then you’re getting an edge to up your services in healthcare. It’s only a matter of time to determine which company would offer the best health-care solution.
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