As most people are aware, healthcare costs in America are skyrocketing. This has resulted in $933 billion more being spent on people’s healthcare in 2013 versus back in 1996. The care today is much better than even back then but it’s also a lot more intense and costly. A lot of it is also being driven by there being a lot more people in the United States and more people living much longer than people tended to years ago.
Two of the areas that people are spending much more money is to treat diabetes as well getting treatment for neck and low back pain. The increase in spending on diabetes is mainly attributable to expensive pharmaceuticals to manage it. While more people aren’t experiencing back and neck pain more people are doing something about it by getting medical treatment of their condition. This has resulted in a lot more healthcare spending.
Annual spending on healthcare now stands at $697 billion. There had been efforts to reduce this but to little avail so far. One person in the industry said that the amount spent on healthcare each day has gone through the roof despite the best efforts of those concentrating on reducing the costs. One justification for this is that even though drug prices are higher than ever they keep people out of the hospital, which isn’t really the case.
Eric Lefkofsky is one person trying to reduce the cost of healthcare in regards to cancer treatment. The company he co-founded, Tempus, Inc., helps doctors personalize cancer care. His company collected a huge amount of molecular and clinical data that it developed into a database for use by cancer doctors. As it is DNA-based it cuts out a lot of the guesswork on what treatment will work best for each patient, reducing the costs and achieving better patient outcomes.
As a longtime entrepreneur, Eric Lefkofsky is well acquainted with big ideas like Tempus and how to run the company. He has also founded or co-founded other big companies in the past such as Groupon. He sees problems that technology can address and then effectively builds companies around the solutions.