Amazon-Berkshire-JPMorgan Health Ventures' Impact on the Future of Employee Benefits
Amazon-Berkshire-JPMorgan partnership may bring substantial changes to the Health industry on how the companies would partner, but ultimately shared the goal of providing high-quality, lower-cost healthcare to employees and their families. But all the three companies are disruptors in their industries, but have little experience in healthcare. In view of this, can you share your point of view on the following two questions?
A) What does this partnership mean for the healthcare industry and in particular to Employee Benefits?
B) What types of partnerships and mergers do you expect to see in the future?
There is no question the ABC partnership (Amazon, Berkshire, Chase) is going to the change the access to medical care. These giants (particularly Amazon) know about inefficiencies and friction in transactions. They will be able to automate and improve the user experience. As an emergency physician for over 35 years, I saw firsthand how much inefficiency there is in getting from symptoms to treatment. Often the patients would fill out forms, the nurse would ask questions answered on the form and then the doctor would ask similar questions all to the frustration of the patient. Then I might order a lab test, the clerk would input the information, the phlebotomist eventually would come, the test would be done, there would be an inevitable delay in entering the result into the computer and another delay until the physician processed the information. And of course, it was similar for imaging studies. It would make more sense for the patient to input symptoms at home by phone or computer and then tests could be automatically ordered (without human touch where appropriate) and scheduling could be automatically streamlined. There seem to be multiple opportunities for computers and AI to wring out the inefficiencies in medical care delivery.