From Crisis to Opportunity: Transforming America’s Economy for the 21st Century
By: Stanford Silverman
As Erich Fromm wrote, “Man is the only animal for whom his own existence is a problem which he has to solve.”
Today, we face new and complex challenges that demand our attention and action. As entrepreneurial and concerned citizens, it is our responsibility to ask ourselves the tough questions – what kind of nation do we aspire to live in, work in, and raise our families in? What kind of America do we believe in?
We are a nation founded on the principles of innovation, hard work, and determination. Our entrepreneurial spirit is at the core of what makes America great. However, our government has been mired in political polarization, leaving the business of America behind. It is time for each of us to take a stand and make sure our country is not destroyed by apathy and inaction. Each of us must take an active role in the political realm if we want to restore our nation to its former glory.
We are at a crossroads in our nation’s history. The stakes are high, and the consequences of inaction are dire. In this series of thought-provoking blogs, I will be shedding light on the pressing issues that America is facing and offering solutions that will help us thrive in these turbulent times.
One of the most pressing issues in today’s world is America’s healthcare system. Despite having one of the highest per capita health care expenditures in the world, the US ranks 37th worldwide in the World Health Organization evaluation and last in Commonwealth Fund reports in terms of healthcare quality when compared to 11 other developed countries.
As Americans, it is our duty to ensure that our healthcare system is effective and efficient, providing access to quality care for all. Unfortunately, our current system is failing us, with skyrocketing costs and limited access to care. It is time for a bold, capitalistic approach to solve this critical issue.
Empowering medical professionals to practice their professions without government interference is a start to improving patient-centered care. Physicians should be able to order tests and treatments without the need to meet certain criteria ordained by patients insurance companies. They should also be allowed to have open conversations with patients without the fear of being judged or punished. By finding this balance, we can improve patient outcomes and ensure that patients receive the best possible care.
Additionally, our healthcare system should encourage investment in artificial intelligence and machine learning, providing tax incentives to encourage innovation and improvement in the healthcare industry. To further promote investment in the healthcare industry, our government should offer tax incentives for hedge funds, family offices, high net worth individuals, and crowdfunding to invest in healthcare, as this will create new jobs and help drive up the GDP contribution of healthcare, which currently accounts for 17.9% of the US economy.
For example, AI and machine learning can be implemented to improve patient diagnosis and treatment plans, as well as help manage administrative tasks like appointment scheduling, billing, and even doctor-patient communication. This can lead to improved patient outcomes, increased efficiency, and lower costs. Additionally, investing in health data research through AI could help us better understand the causes and impacts of disease and predict and prevent disease outbreaks, providing us with valuable insights into the health of our population.
Implementing a national health insurance program is another initiative that can reduce costs and increase access to care, as evidenced by the success of such programs in other countries such as Canada and the UK. This program should provide comprehensive coverage without limiting choices or reducing quality of care and should be designed to be portable across state lines. To ensure competition and drive down costs, this program should be implemented by private, entrepreneurial insurance companies, doctor-run conglomerates, union, and community health co-ops.
The government should also offer tax incentives to foster the growth and development of these organizations, such as providing tax breaks for small businesses offering insurance or offering credits for individuals and families who purchase health insurance. Additionally, we can reduce costs by implementing price transparency, allowing Medicare to negotiate prescription drug prices, and incentivizing value-based payments for healthcare providers to focus on providing quality care rather than quantity of services. This can be done by rewarding providers for achieving specific quality metrics, such as reducing readmission rates or increasing patient satisfaction. This shift away from fee-for-service models can help reduce costs while also improving patient outcomes.
Telemedicine is another key solution that can provide access to care in rural and underserved areas, providing patients with a sense of security and convenience as well as providing care to homebound or time constrained individuals in urban and suburban areas. By utilizing technology, patients can receive care from the comfort of their own homes, reducing travel costs, missed workdays, and unnecessary emergency room visits.
Additionally, we must incentivize preventative care, invest in primary care, and improve coordination of care to ensure that patients receive the right care at the right time. This will help reduce costs by avoiding unnecessary treatments and tests, while also improving the patient experience by providing timely and appropriate care. Telemedicine will help reduce wait times, eliminating the need for patients to wait days or weeks to receive care. To ensure access in areas with limited internet connectivity, telemedicine can also be provided through mobile apps, online or telephone consultations. Improving access to care in rural and underserved areas will help reduce health disparities in those communities.
The use of new technologies such as virtual reality (VR), open AI, quantum computing, and wearable devices like pulse meters, medical watches, biofeedback devices, heart monitors, athletic monitors, etc., will allow doctors to inexpensively monitor patients from remote locations. Open AI can be used to analyze large amounts of medical data, which can improve patient outcomes and help doctors make better-informed decisions. Wearable devices like medical watches and heart monitors can track patients’ vital signs in real-time and alert doctors to potential problems.
Investors can also get involved in developing new technologies that allow patients to receive care at home. For example, telehealth companies like Teladoc and Doctor on Demand offer virtual consultations with doctors, while companies like Livongo and Omada Health offer digital coaching and monitoring for chronic conditions like diabetes and hypertension.
Another example is the company Biofourmis, which uses wearable devices and AI to monitor patients with chronic conditions, alerting doctors to potential problems before they become serious. By investing in these and other innovative technologies, we can improve access to care in rural and underserved areas, reduce costs, and improve patient outcomes.
As a patriotic American, it is important to consider the monetization opportunities for investors in addition to those listed above in this blog. Companies like CVS Health Corporation, Optum, and Humana are leading the charge in developing new technologies and implementing value-based payments, providing opportunities for growth and innovation. Athenahealth and Cerner are also providing technology solutions that enable better coordination of care and improved price transparency, creating a more efficient and effective healthcare system.
In conclusion, the US healthcare system is in dire need of an overhaul. It is expensive, complex, and inefficient, with costs rising faster than inflation and access to quality care becoming increasingly difficult to obtain. Furthermore, government regulations have led to a lack of patient-centered care and physician autonomy, leaving our healthcare system in disarray. A patriotic, capitalistic approach is necessary to address these issues.