It is with great pleasure to write this inaugural blog post on behalf of Capital Group Holdings. My hope is that The Chairman’s Blog will be an invaluable tool allowing us to highlight the changes that are occurring in healthcare and to communicate the opportunities that our Company is embracing.
The Patient Protection and Affordable Care Act (PPACA) is the most significant change to the U.S. healthcare system since the passage of Medicare and Medicaid in 1965. Primarily intended to increase health insurance coverage and reduce costs, the Act requires insurance companies to cover all applicants at the same rates without regard to pre-existing conditions or gender. The Congressional Budget Office estimates that there will be over 30 million newly-insured citizens by the end of this decade.
The old ways of doing things aren’t good enough for the future, and the future is happening now. The Association of American Medical Colleges Center for Workforce Studies estimates we will need 45,000 more primary care physicians in the next decade. Crowded emergency rooms and a lack of primary care doctors has contributed to the growth of urgent care centers throughout the country. Our OneHealth Urgent Care subsidiary has seen steady growth since its inception in 2007, and growth is expected to continue as long as there is a shortage of access to primary care. At Capital Group, we recognize that we must move beyond primary and urgent care and into the realm of Telemedicine.
Internet, telephone, and video chats between doctors and patients have been used for several years, but have yet to be adopted by the payors. Improved broadband access has allowed telemedicine to augment in-person care, which could help address concerns about the projected shortage of primary care doctors. Telemedicine is extremely efficient, where physician consultations can be arranged in minutes, and common problems such as a cold or flu can be addressed quickly, right at the onset of illness.
As development continues on OneHealth Pass™, our wholly owned subsidiary, we are integrating the convenience of telemedicine with the broad range of services provided by urgent care. Our vision of healthcare is personal and efficient. You should have the right to obtain healthcare when you need it, and not when your health plan tells you if and when you can have it. Our services are designed to meet the needs of the individual, and empower them to take charge of their health and become proactive in addressing their healthcare needs.
In the coming months we will be using this blog to highlight the developments of OneHealthPass™ and OneHealth Urgent Care, and to keep you informed of the extraordinary changes that are occurring within the US healthcare system. Our hope is that this blog will serve as a window on Capital Group Holdings by sharing our vision for the Company as we introduce new services to market.
Thank you joining us on this journey!
Erik J. Cooper
Chairman and CEO
Capital Group Holdings, Inc.