World’s Richest Men Are Teaming Up For A Better Healthcare Company
The health industry has been struggling for quite a while now, especially with the costs, insurances, and the laws with the new Trump Administration. However, before the month of January ended, the biggest names in the corporate world, Warren Buffet, Jeff Bezos, and Jamie Dimon, who are some of the world’s richest men and has the most successful companies, have teamed up to fix the healthcare problem by working together in a company.
SOARING HEALTHCARE COSTS SOLUTION
Jeff Bezos of Amazon, who has become the richest man in the world, is teaming with Berkshire Hathaway by business magnate Warren Buffet, and JPMorgan Chase by Jamie Simon, and together, they have revealed that they will be teaming up to be able to give the American nation better healthcare options.
The company is yet to be named, but according to a statement, it wouldn’t have any profit-making incentives as well as constraints, unlike other health insurance companies. There are over 840,00 employees between the three companies, and they want to concentrate on providing them and their families the health insurance that they deserve.
In an interview, Buffet compared the ridiculously increasing healthcare costs to a starving tapeworm that is feeding on the American economy. He mentioned that the three companies share the same stand when it comes to putting their resources behind so they could invest in enhancing the satisfaction rates of patients since they deserve to have an affordable healthcare.
These three were reported to have been talking about this problem with the healthcare, especially providing for their employees who are based in the United States. The executive, who has been familiar with the talks, simply says that the three business magnates have been talking about it formally and informally for the past couple of years and is now in the talks on turning everything into reality.
Despite not having any healthcare-related projects in the past, the three, who are working on the early planning stages of the unnamed company, are said to be taking their time, but one thing is for sure though, their employees may have the privilege to actually get prescription medicines for a lower price as well as cheaper medical costs, especially those who have chronic illnesses.
A BENEFICIAL COLLABORATION
According to John Sculley, the chairman of the healthcare startup RxAdvance, companies must focus on having lower costs for caring people who are suffering from chronic illnesses just like heart disease, hypertension, and diabetes. This is because they are considered to be the most expensive patients since their medications and procedures are incredibly expensive, and living with it for the rest of their lives is worse.
These three companies have the power to merge their expertise just like using Amazon for technology, JPMorgan on finance, and Berkshire Hathaway’s insurance business to be able to create a unique system for a better healthcare — this is all according to a health information technology professor, Idris Adjerid from the University of Notre Dame. He also mentioned how these three companies could build models on being able to predict who is most likely to have certain conditions that could help people from making an action quickly before it gets worse that may lead to them spending more money.
Another big issue that they could resolve is by digitizing and centralizing healthcare information about patients so that medical experts, specialists, and physicians could compare notes and know what exactly is the problem instead of everyone being confused or refusing to compare notes.
BEZOS AND DIMON’S THOUGHTS
The Amazon founder said that the healthcare industry is indeed very complex, and that this is a challenge for the three of them, especially with the fact that none of them has walked through the healthcare path before. But he believes that all of these efforts will be worth it since their employees would work so much better and would be better at their respective jobs if they know that they have a much better healthcare insurance.
Dimon on the other hand, believes that this may benefit their American employees for the time being, but it could be much bigger and better with years to come, and they may cover the entire country and not just their employees.
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