After five days on the run, United Health Care (UHC) CEO shooter Luigi Mangione was found with a three-page handwritten manifesto expressing “some malice toward American companies,” according to NBC News. This manifesto outlines the urgent need for transformative approaches to healthcare. A law enforcement official who has seen the manifesto told CNN that Mangione wrote in a handwritten letter that he admitted to killing Thompson and said he acted alone and used his “own funds.”
“We apologize for the conflict and trauma caused,” the statement said, “but we had to do it. The parasites expected it.”
Mangione wears a mask while traveling in a taxi
NYPD Crime Stoppers
In his manifesto, Mangione criticizes health insurance in the United States and its focus on profit rather than health care. The U.S. health insurance industry is a huge market, with the market size projected to be approximately $1.4 trillion in 2024. The industry is driven by major players such as UnitedHealth Group, CVS Health, Anthem, and Humana, which together control nearly three-quarters of the health insurance industry. market. This field includes a wide range of services, from private insurance plans to government-sponsored programs such as Medicare and Medicaid.
This strong revenue generation highlights the scale of U.S. health care spending and emphasizes the critical role health insurers play in shaping access and affordability of health care. It also explains why this industry is a key focus in policy discussions and technological innovations aimed at reducing costs while improving patient outcomes.
Specifically, technological advancements like Web3 technologies, including but not limited to blockchain, cryptocurrencies, and artificial intelligence, are fundamental to improving the current state of health systems with a mission of accessibility and affordability. It is prepared as a driving force. As Bitcoin democratizes the financial industry and brings banking to the unbanked, Web3 democratizes access and affordability to health care and the current state of health insurance companies as gatekeepers. It is only natural that we can take on the challenge.
Built on a decentralized blockchain system, Web3 provides a breakthrough solution to the challenges posed by his vision for healthcare reform.
How can health insurance grow in the Web3 ecosystem?
Life and health insurance continues to rank among the world's top three industries by sales. The global health insurance market is expected to grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2034, reaching 3 trillion trillion yen by 2034, due to increasing demand for medical services and treatments and market growth, especially post-pandemic. It is expected to reach $630 billion. Concentrated in a small number of insurance companies. With increasing revenue, Web3 is introducing a transparent pricing mechanism through a tokenized ecosystem supported by a healthcare-focused cryptocurrency exchange.
Healthcare virtual currency exchange
Healthcare-focused crypto exchanges have the potential to promote healthcare liquidity and affordability through several mechanisms.
1. Incentivized payment system
Blockchain-based exchanges can facilitate transactions for healthcare services faster and more cost-effectively by using healthcare-specific tokens. This reduces reliance on traditional payment systems that often have high transaction fees, reducing costs for healthcare providers and patients. Smart contracts can be used to automate billing, claims, and payments and eliminate inefficiencies.
Benefits: Reduced administrative costs and increased cost transparency for patients. For example: A token-based system allows patients to pay directly for services, avoiding opaque billing practices.
2. Improving the liquidity of medical funds
By tokenizing medical services and providing a market for medical funds, these exchanges can attract investors from around the world. This model facilitates access to finance for healthcare providers, especially in underfunded areas, and provides a liquid market for healthcare-specific financial products.
3. Pricing and Payment Transparency
Cryptocurrency exchanges built for healthcare can offer transparent pricing structures through smart contracts. Patients and providers have clear visibility into the cost of services, reducing hidden fees and increasing transaction confidence.
4. Affordable cross-border payments
For international healthcare services such as medical tourism, the use of cryptocurrencies eliminates exchange fees and delays, making it easier for patients to access affordable care around the world.
5. Improved data monetization model
The healthcare-focused exchange allows individuals to tokenize and monetize their anonymized health data. Pharmaceutical companies and researchers can purchase this data and generate an additional revenue stream that can be reinvested in healthcare affordability efforts.
6. Reward programs and health incentives
The exchange enables an incentive model where patients earn tokens for healthy behaviors (e.g., maintaining fitness goals, attending preventive care visits, etc.). These tokens can be redeemed for medical services, reducing out-of-pocket costs for patients.
7. Integration with decentralized insurance models
Cryptocurrency exchanges can also support decentralized insurance platforms where premiums and claims are processed via blockchain. These models can provide lower-cost insurance alternatives and improve access to health insurance.
decentralized finance
Cryptocurrency loans have the potential to increase affordability and liquidity in the healthcare sector by leveraging decentralized finance (DeFi) mechanisms. Here's how:
1. Improving access to capital for healthcare providers
Healthcare providers, especially small practices and startups, often struggle to secure traditional financing due to the long process and strict requirements. Crypto loans, which use blockchain to automate and decentralize lending, provide faster and more accessible funds. These loans help providers invest in new equipment, expand their facilities, or improve the quality of their services.
2. Lower interest rates through DeFi platforms
Decentralized finance platforms eliminate intermediaries and reduce borrowing costs. Patients or healthcare providers can obtain loans at lower interest rates compared to traditional financial institutions. This affordable financing can lead to more competitive healthcare pricing.
3. Flexible payment structure
Crypto loans often offer more flexible repayment terms, such as income share agreements or collateralized lending models using crypto assets. For patients, this means manageable financing options for expensive treatments, easing their immediate financial burden.
4. Cross-border accessibility
Cryptocurrency loans cross borders, allowing patients in underserved areas to finance medical procedures around the world. This has a particularly big impact on medical tourism. Medical tourism allows affordable financing to provide access to quality care around the world without currency issues.
5. Microfinance medical services
Cryptocurrency loans can be scaled down to microfinance levels, allowing patients to take out small, affordable loans for basic medical needs. This is especially beneficial in low-income areas where traditional financing is not available or affordable.
6. Tokenized health insurance premiums
Patients can pay their premiums using cryptocurrency loans, and insurance companies tokenize their insurance policies to increase liquidity. This ensures continuous coverage and reduces the risk of medical interruptions due to premium lapses.
7. Transparent and efficient financing process
Blockchain technology ensures that all loan transactions are immutable and transparent. This builds trust between borrowers (patients or healthcare providers) and lenders and facilitates participation in the healthcare finance ecosystem.
8. Community-driven fundraising
Crypto lending enables peer-to-peer lending that directly helps communities finance healthcare. These models can foster affordable care solutions driven by decentralized community support efforts.
Challenges and considerations
While this is promising, there are also challenges, such as:
Regulatory risks: Cryptocurrency loans may face compliance issues in the healthcare sector. Volatility: Cryptocurrency price fluctuations can affect loan repayments and overall affordability. Adoption: Both patients and healthcare providers need education to effectively use cryptocurrency solutions.
By providing a decentralized, accessible, and cost-effective financial solution, cryptocurrency loans can alleviate financial pressures in healthcare and promote both liquidity and affordability. This innovation has the potential to fill funding gaps and make quality care more accessible around the world.
