Intel Chairman Craig Barrett on Corporate America's Health Care Initiative

Strategic Insights -

Intel, along with major corporations, is launching a healthcare initiative to modernize the medical system and bring information technology into healthcare. The initiative, which aims to make electronic health records available to millions of employees, has sparked discussion on its potential impact on the US healthcare system. Intel Chairman Craig Barrett explains the concept and its goals, highlighting the need for corporate America to take an active role in modernizing the medical system and managing healthcare costs.

Key Takeaways:

  • The health care initiative aims to create a portable, lifetime, independent record of medical care for employees, allowing them to manage their own health activities.
  • The initiative involves 5 founding members: Intel, Wal-Mart, Applied Materials, BP America, and Pitney Bowes, which will contribute substantial sums to establish the program initially.
  • After the initial setup, there will be a small nominal charge per employee for participating companies to join the program.
  • The initiative aims to modernize the medical system, bring information technology, and help manage costs while providing employees with a personal health care record.
  • The program has the potential to benefit 2.5 million individuals, or at least those working for the participating employers.
  • The National Association of Manufacturers is an ally of the initiative, but the automakers are not yet on board.
  • The program will start to roll out in 2007, with a trial period among the 5 founding members before being opened to other employers, states, and governments.

Statistics:

  • The US spends about 16-17% of GDP on medical care, which is twice as much as any other country.
  • The US does not get better results despite spending more money on healthcare.
  • 2.5 million individuals could potentially sign up for the electronic health records program.
  • The program's initial setup is being funded by the 5 founding members, with a small per-employee charge for participating companies after the initial investment.

Sources:

  • CNBC/DOW JONES BUSINESS VIDEO MARK HAINES, CNBC ANCHOR: We are back at this hour. Intel along with Wal- Mart (WMT), Applied Materials (AMAT), BP America (BP), and Pitney Bowes (PBI) announcing a major health care initiative...
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  • CNBC/DOW JONES BUSINESS VIDEO MARK HAINES: (Comment removed due to incorrect format usage - reformatted as above)