The article was written by Mark Cuban, owner of the Dallas Mavericks and I have included part of what he had to say here, as we have health insurers right in this game too. In addition to their own stocks, they invest in others and how do they make their money if not all from internal dollars? I think after reading this many would agree, yeah, what is going on up there – it’s those algorithms. I started on my algorithm rants as relates to healthcare and we kind of somewhat have the same type of issue going there too. Insurance was created to bring about a large enough pool to spread the expense over a large group of people so everyone could get care and claims would be paid. Where are we now in healthcare too? Recently in the news, Blue Cross ran the “Breast Cancer” algorithm.
I also like to call the formulas what they are, mathematical formulas or algorithms and when I hear members of Congress talking about “the robots taking over” it sounds like a Sci-Fi movie and gets away from what we really have going on here. I listened to Face the Nation today for a bit and it sounded very non-intellectual in trying to talk about what is happening with the reporter and this is not the Invasion of the Body Snatchers, it is highly complicated technology that runs and gives some “machine gun” artillery to run around with while the rest of us have swords and daggers, a big spread there. I try to offer information on claim denials that are algorithmically created, they have machine gun data and you have a sword and maybe a dagger’s worth of data and technology to battle back with.
We have the same ethics issues in healthcare with data being presented that has been accumulated through years of data input that they assume is the gospel and is 100% correct when it comes to our individuals healthcare, but it’s not 100% correct when you bring in claim information that is years old, so we have a very similar situation here with mathematical formulas being run against a consumer getting the care they need. So back to Wall Street a bit here’s a perfect example with bond issues made from people who have illnesses and sell of their life insurance and cash out, but the policies go on, with investor money, hedging about how long a particular “disease” group of people will live, and if they live too long they lose money, so yes where are some of the ethics here.
We have a tired old Congress of non-participants that let’s this happen as they “don’t get it” as they don’t participate at any or very few levels of technology, but yet today’s laws need to include this.
Do you think the Senate last week could have used some digital technology instead of this mound of paper? It doesn’t work that way anymore. You would have to be “living under a rock” today to not know that digital content is everywhere and this includes saving trees and using devices such as IPads, Tablet PCs, IPhones, Kindles, and so on to read digital material. They use Tablet computers on Wall Street and have for years, but are we anywhere near that in Congress?
I think Mark Cuban has a good point here we are dealing with “hackers”, playing the game and if we don’t have anyone worthy enough with some technology on the other side, who wins all the time.
Earlier this year the House said it was going to take them 3 years to go wireless? See the sense of urgency and non participation. We need full on audit trails and the SEC needs a big kick in that area, people, technology and other items to keep them from sitting around reading porn while at work. We saw that one a couple weeks ago in the news, embarrassing isn’t it.
One more item here too is that everyone is focused on the market trading dollars so if you want to see a potential different view I did a “perfect storm” tech nightmare opinion and who knows it could be right on when they deal out all the cards. Servers go down all the time and they mirror each other, so the average person just thinks of one server up all the time to take care of their needs – not so – let’s not forget the new Intel Xeons that some trading houses put in, with a lot of new power. Increases didn’t use to make a huge difference in design, but today they do as speeds and amounts of data handled has increased tremendously. Everyone lives off of back up to keep a fluent stream of data moving.
As I have said on this blog for the last two years, all the decision making processes come back to the algorithms, it’s all around us everywhere we look as everyone uses them, and their are dirty algorithms too, i.e. Madoff had a bunch of them to help fool everyone with his “desired” numbers shown via algorithmically created reports, look good, but is that the truth printed out there? We know the answer to that one.
We have a bunch of those “hackers” in the healthcare side of business that want your money but won’t stand behind you all the time and will run algorithms to remove you from the insured lists if your health problems stand in the way of profits, they are betting against you in other words.
I’ll close with a post I made a year ago, a Department of Algorithms may be needed soon. BD