The United States is rapidly spiraling towards a full-blown healthcare crisis. The country currently has per-capita healthcare expenditures that are more than two and a half times the average for OECD countries. While the United States has only mediocre healthcare when measuring by patient outcomes, the country spends a staggering $9,500 per capita, per year, on healthcare costs. Compare this with the country of Nicaragua, where the per-capita healthcare expenditures are just $30. Of course, the average American can still get better healthcare than the average Nicaraguan. But that fact is currently in danger of reversing if something is not done to prevent the continued slide in the quality of U.S. healthcare.
Drew Madden is one of the leading figures for healthcare reform in the United States today. He has spent more than 20 years in the industry, working with some of the top names in the business, including serving as the president of healthcare IT giant Nordic Consulting Partners for more than five years. What Madden’s time in the industry has convinced him of is that the American system of healthcare is badly broken. It is the most bureaucratically bloated, expensive and increasingly incompetent system in the world. While Madden says that there are many reasons for this situation, the most important one is as simple as Economics 101. There simply isn’t enough real competition to keep the bad actors in line.
Introducing real competition
Madden says that the best-bet solution to America’s healthcare woes is to introduce more competition into the marketplace. But how to best go about this is not at all obvious. One of the solutions that Madden has proposed and that he is currently carrying out through his new venture, Evergreen Healthcare Partners, is to create consumer-facing applications that allow consumers to get the same kind of high-quality and detailed information on health services that they might be able to get when buying a new or used car.
Madden says that giving consumers the power of strong information will help to keep the playing field level and the healthcare providers honest.