Andy Schoonover, CEO of CrowdHealth, discusses the high cost of medical insurance and how the Bitcoin community is coming together to provide affordable care. They explore the benefits of using Bitcoin for healthcare payments, reducing fees and increasing privacy. The podcast also highlights the financial stress of medical bills and the importance of community support.
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Quick takeaways
CrowdHealth aims to disrupt the healthcare industry by offering a Bitcoin alternative to traditional health insurance, providing direct payments to individuals in need.
CrowdHealth focuses on promoting healthy eating and low-carb diets to reduce obesity rates and improve healthcare outcomes, resulting in significant cost savings for its members.
Deep dives
CrowdHealth: A Bitcoin Alternative to Health Insurance
CrowdHealth is a Bitcoin alternative to the traditional health insurance system. By directly paying individuals in need, CrowdHealth aims to disrupt the inefficiencies and rent-seeking practices of the healthcare industry. They have successfully kept prices down for their members through internal processes such as cash pay and have introduced Bitcoin into their system. Initially, they allowed members to save any unused healthcare funds in Bitcoin, but due to custodial challenges, they changed the approach to allow members to keep the money and invest it as they please. For the future, CrowdHealth plans to further incorporate Bitcoin, aiming to transact a portion of the healthcare market with the cryptocurrency.
Addressing the Broken Healthcare System and Promoting Wellness
The United States spends more on healthcare than any other nation, yet its outcomes are often poor. High obesity rates in the country contribute to the rising costs of healthcare. CrowdHealth places a significant emphasis on promoting healthy eating and avoiding seed oils. They educate their members on low-carb diets and other strategies to reduce obesity rates and improve healthcare outcomes. Unlike traditional health plans, CrowdHealth genuinely cares about the health of its members, as their incentives are aligned with keeping individuals healthy and thriving, rather than profiting from illness. This approach has resulted in notable cost savings for its members.
Integrating Bitcoin and Lightning Network for Healthcare Transactions
In an effort to integrate Bitcoin and further support the use of Lightning Network, CrowdHealth has partnered with Breeze to incorporate a Lightning wallet into their app. With this integration, members can receive Bitcoin donations to cover healthcare expenses. The adoption of the Lightning Network reduces transaction fees and eliminates the need for KYC requirements, enhancing privacy and facilitating international expansion. The lightning infrastructure also allows healthcare providers to offer discounts, as they no longer have to deal with administrative burdens imposed by health insurance companies. CrowdHealth's model ensures that members' bills are covered, providing financial protection and building a community-focused alternative to traditional health insurance.
CEO of CrowdHealth, Andy Schoonover, returns to provide an update on the company's business model and crowdfunding, the high cost of medical insurance, and how Bitcoiners come together to make affordable care possible.
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CrowdHealth offers the Bitcoin community alternative to health insurance. I now spend just ~$100 a month on my health care. Sign up:https://www.joincrowdhealth.com/natalie
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Bio: Andy Schoonover is founder and CEO of CrowdHealth, a community-powered alternative to health insurance that provides a revolutionary way of paying for healthcare bills through crowdfunding. Andy was previously CEO of healthcare technology company, VRI. He is a graduate of the University of Virginia and Stanford University’s Graduate School of Business. CrowdHealth is a Coin Stories partner. Follow Andy on X/Twitter: https://twitter.com/SchoonoverAndy
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This podcast is for educational purposes and should not be construed as official investment advice.