Mark Cuban speaking with attendees at the 2019 Arizona Technology Innovation Summit (Source – Flickr)
Highlights:
- The prominent Shark Tank Shark is very concerned about healthcare costs.
- The shark is on a mission to reshape the American healthcare system by making it more convenient and reachable.
- With AI-powered machines, he is aiming to revolutionize the healthcare industry.
Healthcare is unbelievably expensive in The United States. In 2022, the average cost spent by Americans on healthcare was $13,493 per person, as per PGPF report. This number is more than double when you compare it with the average spending in other wealthy countries.
Mark Cuban actively seeks exciting investment opportunities in the medical field. As per the official website of Mark Cuban Companies, Mark holds a stake in 17 healthcare-related companies. This includes Hicc Away, Mahmee, Mobile ODT, Genetesis, Biomeme, etc.
Mark Cuban’s Investments in Healthcare
In 2016, Mark Cuban co-founded Cost Plus Drug Company which provides generic drugs at lower prices. With this, he has been able to make medicines more affordable. He has also invested in cutting-edge technologies, AI-powered devices and smart medical solutions to revolutionize healthcare in America and around the globe.
4 Ways To Make Healthcare Affordable
Mark Cuban is making healthcare affordable via Cost Plus Drug, which manufactures and sells low versions of high-cost generics. But this alone won’t revolutionize healthcare when it comes to affordability. Therefore, he suggests four changes in the healthcare system that will help Americans save their money.
1. Transparency
Mark Cuban believes that companies and medical institutions should be transparent about their pricing. He said during a podcast, “The smartest thing we did was publish our entire price list because that allowed any company, any sponsor, CMS, researchers to compare our prices to what others were already paying,” as per an article by Yahoo Finance.
At Cost Plus Drugs, the prices are mentioned without any hidden fee. The surprise element is often what burns a hole in a person’s pocket. By being honest about the costing, Mark has been able to make a real change in healthcare. “All it took was transparency and not jacking up margins to market,” he says.
2. Removing the middlemen
Mark Cuban identifies the biggest reason why prices in healthcare are sky high. He gives out an easy solution- Remove the middlemen. If a product reaches directly from manufacturers to customers, the prices are affordable.
The moment a middleman steps in, his profit margins eventually add up to the price of the product. By getting rid of middlemen, his company continues to offer drugs at very low prices.
3. Upfront Payments
Mark Cuban, via his companies, has been able to eliminate financial risk for hospitals who often bear the cost of unpaid deductibles. His approach includes paying hospitals upfront at Medicare rates or even lower. By doing so, hospitals can reduce a lot of paperwork and hassle.
4. Making the System Work for People
Mark Cuban believes that getting heathcare facilities shouldn’t be difficult for citizens. People are often buried with insurance forms, bills and tons of other paperwork. So what is Mark doing differently? He published all his contracts and pricing, and thus making the process simpler for those seeking healthcare services.
With these four approaches, Mark Cuban proved that availing healthcare services shouldn’t be tricky and expensive. The pricing can be brought down significantly if the process is made simple, smooth and efficient.
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
Speak Your Mind