In the podcast, Disrupt! with Nelson Griswold, the host discusses the current state and future growth of the US healthcare industry, which is currently worth $4.25 trillion and is projected to grow to almost $6 trillion by 2027. He emphasizes the negative impact of the industry's rising costs on working class Americans and the importance of prioritizing quality care. The podcast delves into the issue of medical misdiagnosis and the need for second opinions, as not all doctors are created equal and 39% of medical malpractice claims are attributed to just 2% of doctors. Nelson Griswold introduces listeners to next-gen benefits healthcare plans that prioritize quality and offer significant cost savings for employers. Join advisors, CEOs, and CFOs who are taking control of their healthcare spend and reforming America's private healthcare system. Don't miss out on this eye-opening discussion!
Timestamps
[00:00:20] The size and growth of the US healthcare industry
[00:06:43] Revolutionizing Healthcare Business Model
[00:11:55] Preventing Misdiagnosis and Improving Provider Quality
[00:17:38] Next Gen Benefits: Prioritizing Quality in Healthcare
Best Quotes
[00:04:36] This is what I believe to be the greatest reverse Robinhood in US history, robbing from the poor, the working class in America, and giving to the rich, the insurance companies
[00:08:59] Medical misdiagnosis is a huge problem in the US. 1 in 20 Americans annually, adult Americans, are misdiagnosed in the United States. 1 in 20. That's around 12,000,000 Americans. And 50% of these errors could be harmful
[00:11:01] Only 12% of the original diagnoses that Mayo Clinic reviewed were upheld as totally correct. That's 1 in 10 doctors who are correct
[00:08:41] There is no good price for bad health care." - Leah Bender, CEO of the Leapfrog Group
All Quotes
[00:14:08] % of doctors are responsible for almost 40% of the medical malpractice claims that are paid by the insurance company by the medical malpractice insurance company
[00:09:48] percent of bypass surgeries are misdiagnosed. It should not have happened. And remember, the most expensive claim is the one that should never have happened
[00:01:00] UHC UnitedHealthcare has a 450. $1,000,000,000 market cap 10 times the size of General Motors
[00:05:48] % of employees with below average incomes did not get a recommended test or treatment or a drug because of out of pocket costs
[Unknown] % of original diagnoses were determined to be totally wrong. 1 in 5 doctors were 100% wrong
[00:13:05] % of doctors are below average. Who wants to be seen by doctors that are well down into that bottom half?
[00:01:52] McKinsey Consulting says that they believe there's gonna be a 7.1% growth rate for each of the next 5 years for the US healthcare system
[Unknown] Insurance companies are both very profitable, but also growing at the same time
[00:06:02] Even those with above average income, 18% said that they had skipped a drug or failed to get a recommended treatment or health care
[00:11:01] Only 12% of the original diagnoses that Mayo Clinic reviewed were upheld as totally correct. That's 1 in 10 doctors who are correct
[00:16:29] The Bucha carriers are more concerned about protecting dangerous doctors and unsafe hospitals from their bad quality scores. Then they are protecting their members from those dangerous doctors and unsafe hospitals
[00:18:01] The Buchas force patients to play Russian roulette with their life and their health
[00:04:36] This is what I believe to be the greatest reverse Robinhood in US history, robbing from the poor, the working class in America, and giving to the rich, the insurance companies
[00:08:59] Medical misdiagnosis is a huge problem in the US. 1 in 20 Americans annually, adult Americans, are misdiagnosed in the United States. 1 in 20. That's around 12,000,000 Americans. And 50% of these errors could be harmful
[00:08:41] There is no good price for bad health care
[00:08:41] There is no good price for bad health care." - Leah Bender, CEO of the Leapfrog Group
Blog Post
Article 1: The US Healthcare System – An Industry Worth Trillions
In a recent episode of Disrupt, Nelson Griswold sheds light on some alarming facts about the US healthcare system. According to McKinsey Consulting, the healthcare system is expected to grow at a rate of 7.1% for the next five years, making healthcare a $6 trillion industry by 2027. Currently, the industry is worth a staggering $4.25 trillion, which makes up 18.3% of the gross domestic product. This is a significant increase from 1999, as health care costs have tripled since then. As a result, premiums for health insurance have tripled as well, explaining why insurance companies are growing at an incredible pace, with UnitedHealthcare's share value increasing by 26,100% since 2009.
Here are three tips that you can take away from Nelson Griswold’s discussion on the US healthcare system:
1. Keep an eye on the pace of growth: The 7.1% annual growth rate of health care is concerning, as it is going to make health care a $6 trillion industry by 2027. This exponential growth can have a devastating impact on employee out-of-pocket costs and insurance premiums. Make sure to monitor the pace of growth to stay prepared for any changes that might impact your business.
2. Consider shifting costs: Employers have been forced to shift costs to employees to keep insurance premiums affordable. Since 2010, deductibles have gone up by 92%, while wages have only gone up by 8%. This shift has had a significant impact on employees and their families. Consider how you can shift costs to employees while still maintaining affordability for your business.
3. Stay up to date on trends: As healthcare continues to evolve, it’s essential to stay up to date on trends and potential changes. Make sure you’re aware of new policies, regulations, and technologies that could impact the industry.
If you’re interested in learning more about the US healthcare system and how it affects your business, listen to this episode of Disrupt with Nelson Griswold and his guest to gain insights and evaluate the impact it has on your business.
Quote: "This is what I believe to be the greatest reverse Robinhood in US history, robbing from the poor, the working class in America, and giving to the rich, the insurance companies." - Nelson Griswold
Article 2: The Lucrative Insurance Industry
The insurance industry in the United States is booming, with insurance companies experiencing substantial growth in their share values since 2009. For instance, Elavance (previously known as Anthem) share value has gone up 1460%, while Cigna is up 2049% and Humana is up 1950%. UnitedHealthcare's share value has skyrocketed by 26100%, highlighting the industry's success.
Here are three takeaways from Nelson Griswold’s discussion on the growth of the insurance industry:
1. Understand the impact on employee wages: Insurance premiums have tripled since 1999, with employee wages increasing only 30% during the same period, adjusted for inflation. Employers increased their employee compensation packages, but most of these dollars went to the insurance companies rather than the employees. This trend has led to a reverse Robinhood effect, with insurance companies profiting, but employees suffering.
2. Keep an eye on rising premiums: As insurance companies continue to thrive, premiums for different policies keep getting more expensive. With employers increasingly shifting costs to employees, it's essential to stay aware of rising premiums to avoid being caught off guard by unexpected bills.
3. Employee out-of-pocket costs are increasing significantly: With employers shifting costs to employees, employee out-of-pocket costs are going up. Since 2010, deductibles have gone up by 92% while wages increased only by 8% during
Social Post
1. Are you aware of what's happening in the US healthcare system? It's time to listen to Discrupt! with Nelson Griswold. In this episode, Nelson talks about the staggering growth and facts of the healthcare industry and how it's affecting you. Don't miss out! #healthcare #USindustry #DiscruptwithNelsonGriswold
2. Need a reality check on healthcare costs? Join Nelson Griswold on his podcast show, Discrupt! and hear his take on the situation. It's mind-blowing to think that healthcare is worth $4.25 trillion and with an expected growth rate of 7.1%. Tune in now! #realitycheck #healthcare #DiscruptwithNelsonGriswold
3. It's time to uncover where your insurance dollars are going! Listen to the latest episode of Discrupt! with Nelson Griswold where he talks about how insurance companies are gaining at the cost of employees. Hear the details of how carrier revenue rose 716% more than employee wages since 1999. #insurancecompanies #employeewages #DiscruptwithNelsonGriswold
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