An entrepreneur in healthcare traces how 1940s insurance created a "save-all" mentality that drives overtreatment. He cites numbers: 30-40% of U.S. healthcare spending is fraud, waste, and abuse; 62% of personal bankruptcies stem from medical debt. Doctors are paid to treat illness, not prevent it.
Everything I've ever done in entrepreneurial-y has been in healthcare. Goes all the way back to like the 1940s. That was the beginning of health insurance. And that's the problem in US healthcare is we have a save all mentality. You keep fighting, right? You tell me we got a chance, we're gonna do that next drug. It doesn't matter what the price is of the drug, that user will come back. If it's saving your mom, I think you're willing to spend just about anything to do it. But because it's healthcare and we're so scared, right, to not take what the doctor recommended, it's gotten out of control. Most people today are pissed off because they're paying an exorbitant amount of money and what do they get for it? Because the minute an insurance company says we're not going to cover this. Now you have a family that believes that you are now staying between them and the doctor. 30 to 40% of what we spend on healthcare in the United States is related to fraud, waste, and abuse. I always assumed that the healthcare system has your back. Yes, the healthcare system has your back as long as you have a wallet in your back pocket. 62% of personal bankruptcies in the United States are caused by healthcare-induced debt. The minute you're very sick, it is a very scary world to live in. Doctors don't get paid by keeping you healthy. They get paid when you're sick. But we have built a system. It is human-made and it is extremely destructive. It is only gonna get worse.
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