Healthcare is taking an ever-greater share of corporate America’s balance sheet. In accordance to the latestKaiser Family Foundation survey, employers today spend $12,591 on average for family coverage — a 54 percent increase since the year 2005.
Some companies have finally had enough. 20 of America’s greatest corporations — involving American Express, Coca-Cola and Verizon — recently established a coalition called the Health Transformation Alliance. They are planning to pool their 4 million workers’ healthcare data in case to figure out what is working, and what is a waste of money.
Instantly, they could leverage their collective purchasing power to discuss better deals with healthcare contributors.
It is a worthwhile experiment. Government has majorly failed to rein in spiraling healthcare costs; in fact, by over-regulating the healthcare marketplace, it is largely made the issue worse.
The private sector will have to take matters into its own hands and find ways to creatively deploy market forces to its benefit.
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