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Every year, thousands of aspiring entrepreneurs worldwide flock to the nation’s leading business schools. They hope to learn how to create new businesses that can make a difference in the world.

Stanford University’s Graduate School of Business is located in the heart of Silicon Valley and offers various programs designed to help aspiring entrepreneurs.

Many program students aspire to launch the next Google, Apple, or Facebook. However, many are also interested in transforming the US healthcare system.Getting the country’s health care system back on track is not as easy as it sounds. It will require the creation of new solutions and the ability to navigate through a bureaucratic system that is often befuddling.

Even with the challenges of implementing a new system, the students are still motivated by their desire to improve the quality of health care in the country.

According to the students, the country’s health care system is growing at an unsustainable rate. It costs the average family around 25 percent of their income. Over the next two decades to around 50 percent.

  1. Understand New Health Care Economics

The Affordable Care Act is expected to have a significant impact on the way health care is delivered.

Innovation will be the key to solving the country’s health care problems. It will require creating new businesses that can provide better quality and lower costs. More competition in the insurance industry is what the future is looking like. This will help lower the prices of health insurance.

As the CMS continues to limit reimbursement rates for healthcare plans in Medicare programs. This will allow the government to reward programs that provide high quality and lower costs.

Implementing the Affordable Care Act and establishing Accountable Care Organizations have shifted the payment paradigm for health insurance. A pay-for-value system has gradually replaced Medicare Advantage. 

Despite the changes in the payment paradigm, health care companies can still be profitable if they increase the volume of services they provide. 

  1. Making Technology for Lower Cost

Enrolling in a silver or bronze health insurance plan through the public exchanges can be very expensive.

Besides the cost, many people also want a more convenient and personalized health care experience. This is because they often travel to various parts of the country. In the future, health care innovators will use existing technology to create new ways to deliver effective and efficient services.

Use existing technology to develop safe and reliable applications that patients and healthcare providers can use. Some companies are already developing apps that allow people to access their digital health records.

New technological innovations will be the easy part of developing new and better solutions for the healthcare industry. However, it will be the most challenging part to ensure that these new approaches can lower the cost of care.