In a recent episode of the Bitcoin Standard podcast, Saifedean Ammous hosted Andy Schoonover, CEO of CrowdHealth, an innovative startup disrupting the traditional health insurance industry. CrowdHealth is a community-based approach to healthcare financing, leveraging the power of bitcoin to provide affordable care. The conversation delved into the company's progress, the integration of bitcoin and the Lightning Network, and the future of healthcare and insurance.
Highlights
CrowdHealth has experienced significant growth, tripling in size since last year, as people recognize the misalignment of incentives in traditional health insurance.
The company's model involves a subscription fee and peer-to-peer financial assistance for healthcare costs, bypassing traditional insurance companies.
CrowdHealth holds cash reserves in bitcoin, allowing for immediate and efficient payments to healthcare providers and patients.
The integration of the Lightning Network into CrowdHealth's app will enable faster, cheaper transactions and empower users with a bitcoin-based healthcare wallet.
The company is working on creating a database of bitcoin-friendly doctors to further align healthcare with bitcoin's low time preference philosophy.
Key Takeaways
CrowdHealth is redefining healthcare by eliminating the middleman and aligning incentives between patients and providers.
The company's growth reflects a shift in consumer sentiment towards more transparent and community-driven healthcare solutions.
By holding reserves in bitcoin and integrating the Lightning Network, CrowdHealth is reducing costs and improving efficiency.
The company is committed to expanding its services and is exploring international opportunities, contingent on validating the legitimacy of healthcare bills.
CrowdHealth's approach encourages healthier lifestyles and proactive healthcare management, leading to better outcomes and lower costs.
Best Quotes
"We're creating a doctor-patient relationship again, as opposed to a doctor-health insurance plan relationship."
"By holding part of your reserves in bitcoin, you benefit from the fact that bitcoin is not criminal money like fiat; it's money that's designed for your own good, not for the good of the government that issues it."
"We want our members to live hard and die fast. I want you to live really well for the next 40 or 50 years and then die fast. I want to die in my sleep and not wake up, as opposed to dying in a nursing home, being there for three years in a slow decay."
"The only way this is going to be reversed is online. And I think bitcoin is going to be a pivotal part of this because it's allowing us to rebuild communities without having to be in the same physical space with one another."
"Good community members typically get their health events funded. Bad members of the community haven't got their health events funded, so it's a great policing mechanism here."
CrowdHealth is not just a healthcare solution; it's a movement towards a healthier, more financially sound future, empowered by the principles of bitcoin.
