On Wednesday, October 16th Warren Buffett was on CNBC when he said that ‘Healthcare is the Tapeworm of the American Economy.’ Click Here to view the interview on CNBC:
Warren Buffett is famous for boiling down complex subjects into bite-size quotes. Here are some additional Warren Buffett quotes that apply to healthcare as well:
1) “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
- Healthcare Translation: Always do the right thing for the patient/member/employee/healthcare consumer.
2) “Price is what you pay. Value is what you get.”
- Healthcare Translation: Price is not necessarily connected to Quality/Value.
3) “Chains of habit are too light to be felt until they are too heavy to be broken.”
- Healthcare Translation: The effects of Fee-for-Service Third-Party Payment have slowly created habits over time that are very hard to break.
4) “There seems to be some perverse human characteristic that likes to make easy things difficult.”
- Healthcare Translation: The US Healthcare System has been made much more complicated than it needs to be.
5) “Beware of geeks bearing formulas.”
- Healthcare Translation: Doctors, Hospitals, Patients, Disease, Insurance Companies and Employers interact in a complex, adaptive system that is not easily modeled by mathematical formulas.
6) “Only when the tide goes out do you discover who’s been swimming naked.”
- Healthcare Translation: Rising Costs and Obamacare have started to show who has not ‘kept their own house in order.’
Healthcare Translations by Dr. Eric Bricker