Buffett, Bezos, and Dimon; three mega rich titans of industry recently announced that they were banding together to reduce healthcare costs. Their announcement sent tremors throughout the healthcare industry. Indeed, many predicted that major cost cutting and intense competition would ensue throughout all areas of healthcare. A dissenting opinion could not be found, until this week.
Drew Altman of the Kaiser Family Foundation, penned an article this week, appearing in Axios, cautioning that the healthcare industry take a step back and consider their odds for success.
While they may come up with ways to lower their own corporate health care costs, it’s highly unlikely their new health care venture will move the needle on overall health spending for everyone in the United States.
The history of health care is littered with business titans who have declared war on health care costs. Amazon, Berkshire Hathaway and JPMorgan Chase may be able to get their own costs down, but that doesn’t mean they can do it for everyone else.