JP Morgan CEO Jamie Dimon, Berkshire Hathaway CEO Warren Buffett, and Amazon CEO Jeff Bezos have announced that they’ll be creating a new business to solve the US’s healthcare crisis. Healthcare Entrepreneur and Accolade CEO Rajeev Singh is excited about the development, but also wants to make sure these industry giants do it the right way.
Singh points to four different elements that could change healthcare as we know it for the better.
First, he believes we need to create a free data network to spur innovation. There is currently a wealth of medical data that could be used to predict outcomes, understand health, and reach consumers in new ways. What’s holding us back? Singh says that records are currently “hidden behind opaque or expensive-to-reach technology stacks,” and that needs to change if we’re going to innovate.
Second, more collaboration. Singh argues that innovators must collaborate and stop working in silos. The healthcare system is complex, and go-it-alone approach will likely fail in an industry known for being fragmented. He believes that without coalition work and outreach to existing innovators, new efforts to change the system for the good may fail.
Third, don’t assume technology is a substitute for humanity. Though he’s confident that we’ll see new and exciting technological advances, along with opportunities for more transparency and patient autonomy, he warns that ignoring compassion and need for a human touch could be harmful for healthcare seekers in vulnerable or stressful situation. Singh advocates for a system that includes coordination between machine learning, technology, doctors, and nurses.
Finally, Singh wants to be sure and tackle the complex problem of socio-economic equity in healthcare, and he believes that this new joint venture may finally provide an opportunity to help solve historic disparities in healthcare determined by factors encompassing class, education, support networks, location, and salary.
Read the full story in Rajeev Singh’s own words here.