Healthcare is stuck.
For years an obtuse and complex system in place meant that healthcare professionals – not customers – had the power. A patient journey that consisted of problem, identification and treatment, containing huge decision makers (GPs, Specialists, Psychiatrists, etc.) that ultimately affected every single stage of the process.
Not only does this broken system mean that profits are soaring and the decision makers get richer, it means that the customer is left behind. In a world where many industries have moved to a consumer-centric methodology – healthcare is stuck.
Enter the ‘Titans’.
Amazon, Berkshire Hathaway and JPMorgan Chase are aiming to end this cycle. Fueled by the innovation, revenue and people behind these titans of modern industry, the Three have already begun disrupting the industry by creating a joint independent company to offer their employees healthcare and insurance that is; “free from profit-making incentives and constraints”.
By compiling power and resources, they’re able to compromise better deals, offers and ultimately, lower prices from healthcare service providers which they can in turn pass on to their combined one million plus employees.
What does this mean?
A lot of things. While employees under these giants benefit immensely, everyday workers in America may be hit harder with healthcare service offerers forced to push prices higher while giving discounts to the conglomerate. It also means that worldwide, prices should start to reflect a consumer-centric market.
In Australia and many other countries around the world, healthcare is free. Yet as most of us know, this means that we all have access to high quality services – but as the demand is so high, it severely outweighs the services. While private healthcare has always been relatively accessible to most, one thing is for sure: the healthcare industries are monitoring the Titan situation closely. Who knows – if healthcare can start to amalgamate, we might be looking at the revitalisation of an industry.