UnitedHealth Tries To Beat Apple and Amazon on Digital Health Care
That market is definitely moving a little too slowly when it comes to developing advanced technology for healthcare, this is according to the biggest health insurer not just in the entire United States of America but to the entire world, The UnitedHealth Group with over $184 billion revenue last year. They are basically a profit managed company for healthcare in Minnesota that offers healthcare insurances as well as healthcare products. It’s group subsidiaries serve more than 115 million people worldwide. In fact, they were given the highest employer satisfaction rating in 2011 for actually having self-insured health plans.
$250 MILLION OPTUM PROJECT FUND FOR HEALTHCARE
UnitedHealth Group recently announced that they are actually allotting $250 million to be able to create Optum Ventures, which will serve as a capital fund that would invest the healthcare companies of the next-generation.
They are together with that they are also launching four other different projects that are all related to the development of advanced healthcare. First is the Bouy Health, which is planned to be a digital health assistant that is actually artificially intelligence-powered. Together with that is the Apervita, which will serve as an analytic healthcare tool that has a cloud-based platform, but is proposed to be quicker and more convenient. The SHYFT Analytics, on the other hand, cloud-based data as well as an analytics provider but it is for companies that are working on life sciences such as diabetes, cardiovascular disease, and even cancer. Last but definitely not the least is the artificial intelligence machine learning company known as the Mindstrong Health that aims to be able to glean some insight when it comes to illness like PTSD, schizophrenia and depression through smartphone interaction.
UNITEDHEALTH VS APPLE VS AMAZON HEALTHCARE
The biggest health insurer in the world is definitely focused on getting ahead of top tech companies such as Amazon and Apple when it comes to healthcare. According to their CEO and healthcare analyst David Wichmann, people are asking him how he is going to manage and take things on a different level and he simply said that things will indeed change but for the better. He just assumed the position last September succeeding Stephen Hensley who served as the UnitedHealth chief for more than five years. UnitedHealth is reported to be forecasting 12 percent 2018 revenue growth coming from $223 billion to $225 billion. This is expected for the growth of Medicare Advantage for health insurances since the return of the Obamacare health insurance that will take place next year with a 75 percent headwind profits per share.
One of their major goals is to actually take a step ahead of companies such as Alphabet, who has managed to fund Verily Life Sciences which is a healthcare venture capital that is reportedly working on more than a dozen of solutions to be able to improve the health of a patient. Amazon on the other hand, is reportedly researching on ways to improve the power of the market in prescription drugs. These tech companies are making their way into healthcare because of their devices that could provide advanced technology and artificial intelligence. Just like what the COO of Apple, Jeff Williams said when he was asked about Apple’s plans on healthcare. According to an interview, Williams believes that the future of modern medicine actually revolves around the patient and the modern technology that could either identify or help their medical situation, with that they are improving the wearable technology, Apple Watch to be able to collect certain information from the wearers body, which has been such great help.
Because of the success of the Apple watches, they recently announced their take on another venture known as the Apple Heart Study, wherein in more data will be collected especially when it comes to certain abnormalities that the watch could detect from the heart rhythm or known as the atrial fibrillation.
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When it comes to healthcare UnitedHealth is one of the leading companies that sells insurance products just like Medicare Advantage and the Medicare Part D drug plans. Because of this, they actually make billions of dollars every single year just from the Medicaid programs alone. However, it operates on thin profit margins despite of how much they make.
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