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Today in Health IT, we're discussing the top six billionaires in healthcare. My name is Kate Gamble. I'm Managing Editor at This Week Health, where we host a set of channels and events dedicated to transforming healthcare one connection at a time. This episode is brought to you by Google Chrome OS. With Windows 10 end of support approaching, healthcare systems can repurpose existing hardware by installing Chrome OS Flex.

Lowering costs. Bolstering security with an OS that's never had a reported successful ransomware attack, all while integrating with their existing apps solutions and more. Learn more at this week, health.com/google Chrome os. So today we're discussing the top six billionaires in healthcare, and I'm joined by Sarah Richardson.

President of community development here at This Week Health and a billionaire herself. I'm kidding. Sarah, welcome to the show. Happy Friday. And Kate, if I was a billionaire, I'm not sure I would be doing the Today Show every day with you. I'm just saying. Yes, I understand. So before we dive into this topic, I do want to point out that tomorrow is George Washington's birthday.

So Sarah and I, we were both students of the American revolution and of Washington himself. He was a very wealthy president, but when you look at how he used his influence, he set some really important precedents, like transfer of power, creating a presidential cabinet

so an interesting perspective for what we're talking about today, and of course I'll use any excuse I can to talk about Washington, but we're talking about some more wealthy people as we dive into the eye opening world of healthcare billionaires. Becker's Hospital Review recently highlighted the top six wealthiest individuals in U.

S. healthcare, shedding light on their financial power and influence over the industry. But what does this mean for innovation, accessibility, and the future of healthcare? Let's break this down. When we talk about billionaires in healthcare, the first reaction is often mixed. On one hand, they've built massive companies that drive innovation.

We all know the examples of those. But on the other, the U. S. healthcare system is known for its high costs. So where do we draw the line? Sarah, what are your thoughts here? I'm glad you pointed it out because these billionaires control a significant portion of the healthcare economy, from insurance and biotech to pharmaceuticals.

So some argue that this leads to better innovation, While others worry that profits take precedence over patient care. So we're always discussing the yin and yang and the right balance of this equation. Yeah, and there's no easy answer to that, unfortunately. But when we talk about the impact, many of these leaders are also involved in philanthropy.

For example, some have donated billions to medical research and public health initiatives. But when you think about it, is that enough to offset the broader systemic issues? Point taken, because while philanthropy is commendable, it doesn't change the fact that healthcare access remains uneven in this country.

Wealth concentration in healthcare raises questions about whether the industry is structured more for financial gain than patient well being. So for our CIOs, why is this important? What are the key takeaways from this billionaire influence? So the first thing to consider is many of these billionaires are investing in digital transformation, truly transforming and investing in A.

I. Big data and analytics that are shaping the next generation of health care. CIOs need to stay ahead of these trends to remain competitive and have that curiosity lens that is following what they are doing. Because often if it's in the biotech or pharmaceutical space, the hospital CIO isn't necessarily spending a lot of time.

Being as aware of those areas because they are adjacent to the hospital. Let's be honest, running a hospital doesn't leave you a lot of time at the end of the day to be curious and figure out other elements that are going to be longer term influences. Yeah very true. But when you think about some of the examples, Thermo Fisher Scientific has played a massive role in diagnostics, including COVID 19 testing, which was game changing.

So understanding where the major players are investing can help healthcare organizations align their own tech strategies. Absolutely. Another angle is cost control. So with insurance companies and pharmaceutical giants driving the financial side of healthcare, CIOs have to leverage the data driven insights to find efficiencies and reduce costs for both hospitals and patients.

I've talked to so many CIOs today who said a little bit of that cusp of IT as a revenue producing center. Maybe that wasn't as true in some organizations, so you can help drive it. What we're finding though, is CIOs looking for creative That are bringing in philanthropic, non government funding options that are looking for efficiencies in automations that are thinking about how they create better opportunities in OR scheduling.

So all of these workflow efficiencies with. Point solutions that integrate again, back into the EHR that allow other parts of the organization to have significant revenue improvement. So it's not just about cutting the costs. It's about also finding money in other parts of the organization. That's always been true to a degree, but it's more so even now because the CIO often has early view into some of these ideas.

If you go to vibe, if you're going to hymns and you're seeing some of these new startups, this new Capabilities and opportunities or working with more established partners, pulling those solutions in to drive revenue and create the efficiency that then helps to mitigate what you're being asked to do in terms of cutting costs.

It's such an interesting dichotomy to me that sometimes it's the organizations that don't have as much funds that do come up with more creative ways to do things, but on the other hand, having funds enables or having funds gives you options to do more. So really interesting there. We have to talk about ethics.

Should billionaires in healthcare have more accountability in balancing profit with patient care? That is a big question I'm throwing at you. It's also a tough one because on one hand, the companies have led to major medical breakthroughs and on the other, the high drug prices and insurance barriers remain a concern for Patience.

So the challenge is ensuring that the financial success translates into better outcomes, not just bigger stockholder returns. And when you work for an organization, I've worked for more than one actually, but I think three or four now that were publicly traded. That was always part of the conversation.

And I'm grateful for those organizations had that as an element of the conversation. Hey, this is important for shareholders. It's important for return on investment. And how. Does it implicate how good we are at patient safety, patient quality, the outcomes that are important for the purpose by which we exist in the first place?

You're talking about the need for transparency and, if these billionaires and major healthcare corporations are driving the trends, how do we ensure their decisions are in the best interest of patients? So one of the solutions is policy reform and greater oversight, but healthcare leaders also play a role.

If you're advocating for fair pricing, if you are increasing access to care, like you and I discussed with the urgent care. Model and prioritizing ethical AI and data use, which we've also discussed in terms of bias and making sure you have proper audits for your data and AI solutions, you can use these to help bridge the gap between innovation and affordability.

So now where do we go from here? All of these points considered, how should healthcare leaders and CIOs think about the influence of billionaire driven healthcare companies? Stay informed and proactive. Read the news, look for the articles, listen to the Today Show, come to our summits, have the conversations with your organizations, talk to CIOs who work in those types of environments.

Because when you watch where the industry leaders are investing, Whether it's AI, whether it's value based care, whether it's biotech and pharmaceuticals, it's all going to directly impact hospital operations and patient incomes. I always think about, if you're going to be curious to do some research, which you do exceptionally well because of your journalism background, where does it start?

Where does all of it begin and how do those downstream flows work? And because we have so many settings of care, it's a little bit different for each type of hospital system or physician owned group. Knowing where the money goes, how it gets there, and how decisions are made, even as a technologist. Be aware of where this starts, where it comes from.

Ask those questions of your peers in your C suite as well. I've always been a fan of being really close to the CFO from an operating model perspective, because Where does the money come from? Where is it going? How much cash on hand do we have? What are the partnerships we need to be thinking about? What is the risk?

Do we have bonds that are rated on Moody as an example? Know those things about your organization because wherever you go, they're going to be true. Yeah, really great takeaways. And I remember an interview years ago with a CIO who was talking about the CFO relationship. And he said, it should be a walk in relationship that you can walk right into the office at any point and, state your concerns or just be able to have that be able to catch up.

And that's really important. So for our listeners.

So for the So for those of you who are listening to this, what are your thoughts on the role of billionaires in health care and do you see that influence as a net positive or a challenge to overcome? It's an interesting topic and we definitely welcome any input on this. We do. And it's always important to say, I guess in today's episode, we say what would George Washington do?

Yes, exactly.

And on that note, happy birthday to POTUS one and Sarah, I believe you have some fun facts about the general. I do, and I'm also a big fan of the musical Hamilton, and of course, George Washington plays a role in that. But I didn't realize until, I think there's a lot of things about George Washington you know, and you're like, is this fact or fallacy, and you go research it, he never lived in the White House.

So even though he was the first U. S. president, he never lived in it. The Capitol was in Philadelphia during his presidency, and the White House wasn't completed until after he left office. Which I guess would mean that he was probably if George Washington was alive today and the Capitol was still in Philadelphia, he would probably be at a Super Bowl parade of some sort, I would imagine.

That's true. Which either you or I are celebrating, that's okay. And then he was a dog lover, he had a soft spot for dogs. He gave them unique names though, like Drunkard, Vulcan, and Sweet Lips, which just makes me laugh because the Vulcan, Star Trek reference, it wasn't a thing back then obviously.

But imagine if your dogs were named that today, people would look at you like you were a little crazy. George didn't have a middle name, it was just George Washington. We all know his teeth were actually not made out of wood. It's a common myth that he had them, but really his dentures were a mixture of hippopotamus ivory.

Gold, lead, and even some human teeth, which I can't even imagine what they really looked like. That just seems like a very interesting alchemy of things brought together. And then here was one of the favorite things I found out about him. He was a whiskey distiller. And after his presidency, he became one of the largest whiskey producers.

In the U. S., his Mount Vernon distillery produced 11, 000 gallons of whiskey every single year. That is really interesting. And if you are able to, I highly recommend visiting Mount Vernon. I have a few times. I love it there. I believe they make a wine, too, now. But yeah, I, any excuse to talk about Washington, I will.

Happy birthday to the great one. Happy birthday, George. Okay. So remember to share this podcast with a friend or colleague. Use it as a foundation for daily or weekly discussions on the topics that are relevant to you and the industry. They can subscribe wherever you listen to podcasts. Sarah, thank you for your time and your fun facts.

Always. And in chance you and I get to throw some fun facts and ideas into a podcast. We're absolutely going to do it. I think next step is probably going to be St. Patrick's day. I look forward to that. Thank you all for listening. And that's a wrap.