This is a historical week. We saw this first signs of enormous changes to come in health care provision in the United States. It won’t be business as usual anymore.
In fact, the announcement of a major new health care company to be launched a sign that the world is becoming a better place.
Three of the world’s biggest companies have come together to create a new health care company.
Amazon, Berkshire Hathaway and JPMorgan Chase & Co. announced this week in a press release that they are partnering on ways to address healthcare for their U.S. employees.
Health care costs in America have been spiraling out of control for years now with no solution in sight and millions of people falling through the cracks.
The aim of the new company, which will be “an independent company that is free from profit-making”, is to deliver a service that better serves employees and reduces costs for them.
This development is a sign of things to come – large technology companies taking over and improving on services traditionally provided by government.
Ray Kurzweil, Vice-chancellor of singularity Hub, Google’s Director of Engineering and well-known futurist with a reputation for making accurate predictions, has said repeatedly that the world is becoming a better place and the announcement this week seems to be a precursor to a better world.
Warren Buffett, Berkshire Hathaway Chairman and CEO, likened the ballooning costs of the healthcare act to a hungry tapeworm on the American economy.
According to the press release, the initial focus of the new company will be on technology solutions that will provide U.S. employees and their families with simplified, high-quality and transparent healthcare at a reasonable cost.
This is the point: companies like these have the resources and access to expertise that can make things happen.
Fact is, healthcare today is a nightmare and poses enormous challenges. It truly is one of the most pressing issues facing society today.
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Existing structures have not been able to adjust to developing circumstances and new solutions are desperately needed.
Being entrepreneurs and businessmen with lifelong experience in the complexities of achieving success, the three men are entering the venture with a fair share of rational caution.
“The healthcare system is complex, and we enter into this challenge open-eyed about the degree of difficulty,” said Jeff Bezos, Amazon founder and CEO.
“Hard as it might be, reducing healthcare’s burden on the economy while improving outcomes for employees and their families would be worth the effort. Success is going to require talented experts, a beginner’s mind, and a long-term orientation.”
The new venture brings together three of the world’s largest and most successful companies with a combined employee count of just over a million. And in Buffett, Amazon’s Jeff Bezos and JPMorgan’s Jamie Dimon the venture also brings together three of the world’s most visionary and successful leaders.
Healthcare has been ready for major disruption for a while now.
At the Singularity University’s Exponential Medicine conference in 2015, co-founder of Singularity University, Peter Diamandis said: “[Healthcare] is this massively broken system that is inefficient, is dangerous in some cases, and ultimately has the potential to be completely reorganized.”
He predicted that patients will eventually gain more sovereignty over their own health.
“Key to this will be a shift from inefficient bureaucracies to established businesses and startups dedicated to leveraging cutting-edge technologies to bring self-health tools and methodologies to market,” Diamandis said.
Now, the newly announced health care venture for the employees of these companies, may not be the bright new future of health care that Diamandis is referring to. But the venture will have access to the latest technology which it will be able to leverage to start the disruption of health care as we know it.
Globally healthcare systems have been facing rising demand from an aging population, ongoing chronic diseases, costly clinical innovations and other challenges for years now. New solutions and new players are sorely needed.