#461: Defecting from Corrupt Healthcare with Andy Schoonover
Nov 17, 2023
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Andy Schoonover, founder and CEO of CrowdHealth, discusses the new Lightning wallet integration and the progress of CrowdHealth. They talk about the corrupt healthcare system, the benefits of Bitcoin in healthcare, and the importance of metabolic health. They also discuss the challenges of spreading awareness, the profitability of CrowdHealth, and their relationship with TFTC.
CrowdHealth offers a unique alternative to traditional health insurance by allowing individuals to opt out of the insurance system and directly fund their healthcare expenses, providing more personalized care and eliminating the middleman.
The concept of building communities based on shared characteristics can drive changes in healthcare behaviors, as seen in the example of the Bitcoin community, where incentivized alignment and stronger relationships lead to better outcomes.
Deep dives
Revolutionizing Healthcare: CrowdHealth's Model and Benefits
CrowdHealth offers a unique alternative to traditional health insurance, providing significant cost savings and a better care experience. By allowing individuals to opt out of the insurance system and directly fund their healthcare expenses, CrowdHealth offers more personalized care and eliminates the middleman. The model has gained traction among Bitcoiners, with a dedicated community forming around the mission to revolutionize the healthcare industry. Doctors are also embracing the model, as they see the value of escaping the constraints of insurance companies and reestablishing direct relationships with patients. With the integration of Bitcoin and the Lightning Network, CrowdHealth aims to empower individuals to transact in Bitcoin and promote the use of the digital currency in the healthcare sector. By gradually increasing adoption and reaching critical mass, the hope is to transform the way healthcare expenses are handled and provide more options for individuals seeking affordable and high-quality care.
The Challenges and Future of CrowdHealth
Despite the positive reception, CrowdHealth faces challenges in gaining acceptance and overcoming regulatory hurdles. Educating individuals and doctors about the model and its benefits is crucial. Additionally, since CrowdHealth is not an insurance company, certain regulations limit direct employer relationships. Nevertheless, progress has been made in working with Bitcoin companies and providing them with a direct pay option for healthcare expenses. The ultimate tipping point for widespread adoption lies in reaching around 30,000 to 50,000 individuals enrolled in CrowdHealth, creating broader awareness and acceptance of the model. By offering a more transparent and cost-effective solution, CrowdHealth aims to disrupt the traditional healthcare industry and empower individuals to take control of their healthcare decisions.
The Power of Community and Incentives in Healthcare
The podcast episode explores the concept of building communities based on shared characteristics in order to change healthcare behaviors. The host discusses the benefits of creating smaller groups where members are motivated to take care of each other and act in the best interest of the community. The example of the Bitcoin community is mentioned as an illustration of how incentivized alignment and stronger relationships can lead to better outcomes. The idea of creating crowds of people with specific health characteristics, like metabolic health, is proposed to encourage individuals to prioritize their health and join these communities.
Defections from the Healthcare System and Consumerization
The podcast episode highlights a trend of defections from the traditional healthcare system, with doctors and individuals opting for alternative models like direct primary care and crowd health. The discussion emphasizes the need for a more consumer-driven healthcare approach that gives individuals more control and transparency. The challenges and advantages of hitting the 'hard button' are discussed, with a focus on low-time preference decision-making and the willingness to take on short-term difficulties for longer-term benefits. The profitability and success of crowd health are mentioned, along with the positive feedback from members who appreciate the model's transparency and the sense of belonging to a community.
Marty sits down with Andy Schoonover to discuss CrowdHealth's new Lightning wallet integration, as well as how CrowdHealth has been doing in the last year.
Andy on Twitter: https://twitter.com/SchoonoverAndy
CrowdHealth: https://www.joincrowdhealth.com/tftc
0:00 - Intro 7:23 - It’s been a year 14:22 - Doctors are excited 18:22 - The government owns the system 22:29 - Insurance is impersonal 28:23 - Bitcoin and LN 34:13 - Bitcoin doctors 42:49 - What’s the catch? 48:29 - How many people does it take for change? 51:22 - Relationship with employers 55:28 - Metabolic health and strong communities 1:04:09 - Defectors from the corrupt system 1:08:21 - Spreading knowledge 1:13:01 - CrowdHealth profitability 1:15:50 - CH’s relationship with TFTC 1:20:23 - Press the hard button 1:24:21 - We’re gonna win