WEBVTT - Trust in Health Care Under Pressure

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Messer and

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<v Speaker 1>Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Here we

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<v Speaker 1>are a third year of the global pandemic, and with

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<v Speaker 1>that in mind, the Global Communications from Edelman surveyed some

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<v Speaker 1>ten thousand individuals in ten countries that includes China, Germany

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<v Speaker 1>in the US for a special report looking into trust

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<v Speaker 1>in healthcare. Richard Edelman is chief executive officer of Edelman.

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<v Speaker 1>He joins us once again on the phone from New

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<v Speaker 1>York City. Richard, great to have you back with us.

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<v Speaker 1>How are you? Thanks? Really great? And you know, for me,

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<v Speaker 1>for the two of you, the most important thing is

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<v Speaker 1>the pandemic really reduced people's confidence in the healthcare system

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<v Speaker 1>and they really find it difficult to get medical advice

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<v Speaker 1>that's not politicized, and that has a huge consequence on

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<v Speaker 1>their behavior because low trust individuals actually have much less

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<v Speaker 1>likelihood of getting vaccinated or even going for checkups regularly. Well,

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<v Speaker 1>what can you tell us about where this mistrust comes from?

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<v Speaker 1>And you know, I'm a little worried about where it

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<v Speaker 1>comes from. I mean, I imagine a lot of it

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<v Speaker 1>comes from the messaging. Some part of it comes from politics,

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<v Speaker 1>meaning Republicans are less than Democrats trusting. Um. Some part

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<v Speaker 1>of it comes from from race. Blacks and Hispanics are

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<v Speaker 1>less trusting than white some part of it. You'll be surprised.

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<v Speaker 1>Actually urban people are you know, more more trusting than

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<v Speaker 1>than rural Uh. And the problem is Internet um searches

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<v Speaker 1>is the number one source of information for the unvaccinated,

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<v Speaker 1>not experts, and it just means that you get urban

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<v Speaker 1>myths passed around. Yeah, it's interesting. I have members of

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<v Speaker 1>my family in the medical community, and it's like, you've

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<v Speaker 1>got to be careful about dr google um because you know,

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<v Speaker 1>you all of a sudden think you have something and

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<v Speaker 1>then you walk into a doctor's office and this is

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<v Speaker 1>what you say you have, and you know you've got

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<v Speaker 1>to really rely on the experts in the science, you know,

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<v Speaker 1>whether it's the pandemic or anything else that's out there. Um,

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<v Speaker 1>it isn't. On that point. Two thirds of people say

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<v Speaker 1>that there's a gap between how well they take care

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<v Speaker 1>of their health and how well it should be taken

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<v Speaker 1>care of. So they're self aware. But information is equal

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<v Speaker 1>to cost in driving that gap. In other words, you know,

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<v Speaker 1>in America, under half the people say they consume health

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<v Speaker 1>information once a week, which is crazy. Um, and how

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<v Speaker 1>do they feel it? Well? As you say, they go

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<v Speaker 1>online and or they just rely on themselves, which is spooky,

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<v Speaker 1>which is interesting. You know. I was thinking about having

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<v Speaker 1>done a couple of virtual doctor visits and was pretty

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<v Speaker 1>skeptical running into it. Are going into it? I realized

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<v Speaker 1>actually how great it can be if you're busy or

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<v Speaker 1>you know the access it can give you. It's not

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<v Speaker 1>perfect and it won't work for everything. Um, there's nothing

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<v Speaker 1>like face to face. But I do wonder, you know.

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<v Speaker 1>I think we thought to some extent that this would

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<v Speaker 1>be a great game changer. What's the thought on technology

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<v Speaker 1>and medicine and access. What we found is that the

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<v Speaker 1>most trusted source for people who are basically distrusting is

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<v Speaker 1>my doctor or pharmacists, people close to them, and also

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<v Speaker 1>Carol employers And that's really important for the listeners of

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<v Speaker 1>this show because they are the leading believable source of

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<v Speaker 1>health information. So my employer is is critical. Wow. So

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<v Speaker 1>what's the recommendation when you take all this together, Richard,

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<v Speaker 1>what are the takeaways for as to change this? We

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<v Speaker 1>have to we have to be through this information. But

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<v Speaker 1>should it be employers who are the ones who do

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<v Speaker 1>this because not everybody trust their employer. Here's the thing, Um,

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<v Speaker 1>we have to build trust in the health ecosystem. You know,

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<v Speaker 1>we have low trust in government right now, and therefore

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<v Speaker 1>it's on my employer, and it's on my employer influencing

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<v Speaker 1>good health choices, giving reliable information, giving people incentives to

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<v Speaker 1>their health. Um. And we have also address the disparities

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<v Speaker 1>and health outcomes. You know, people in lower income neighborhoods, etcetera. Um,

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<v Speaker 1>they have a two to one worse outcome for COVID,

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<v Speaker 1>partly because their frontline workers and also partly because they

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<v Speaker 1>don't have equal access to our docks. Well, it's interesting. Well,

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<v Speaker 1>I was thinking about the work shifting summit that we

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<v Speaker 1>did last week for Bloomberg Live. And I've talked with

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<v Speaker 1>Franco Studas, overt Cisco Chief People, Policy and Purpose Officer.

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<v Speaker 1>She's a senior you know, executive VP there, and so

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<v Speaker 1>you know, in the c suite, the mental well being

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<v Speaker 1>has certainly been something that company, certainly at Cisco and elsewhere,

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<v Speaker 1>that they are taking seriously. UM and and understand their

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<v Speaker 1>role in it. Hey, Richard, before we go, just got

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<v Speaker 1>about a minute or so left. We'd be remiss if

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<v Speaker 1>we didn't ask you. You talked to the global corporate

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<v Speaker 1>community on a regular basis. The Russian invasion of Ukraine?

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<v Speaker 1>What does it mean longer term? Our companies going to

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<v Speaker 1>step away from Russia as they need to as required

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<v Speaker 1>by sanctions, but also stay away longer term. I think

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<v Speaker 1>that they're being pushed by their employees and by their

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<v Speaker 1>consumers to say we're out. Um. And three companies have

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<v Speaker 1>made that choice. And the obvious ones were the energy

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<v Speaker 1>companies who were joint ventures with Russian state companies, but

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<v Speaker 1>then it became the tech companies and financial services, and

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<v Speaker 1>then more more recently people in QSR, restaurants and so Um.

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<v Speaker 1>This is a dramatic a move by companies that I

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<v Speaker 1>can remember, Um, since South African sanctions in the seventies

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<v Speaker 1>and eighties during apartheid. Is it permanent? I think it

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<v Speaker 1>is certainly permanent, given the state of affairs in the

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<v Speaker 1>Garden government in Russia. Yeah. I mean I have a

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<v Speaker 1>hard time seeing how some of these companies can say,

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<v Speaker 1>wait a second, okay, putin you know, whatever happens next, Yeah,

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<v Speaker 1>we're gonna go back in. Whatever that looks like and whatever.

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<v Speaker 1>You know how long that takes, well, especially if this

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<v Speaker 1>war goes on for another couple of weeks and you know,

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<v Speaker 1>Kiev gets destroyed and there you know, thousands of casualties

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<v Speaker 1>and five million people who have had to immigrate. It

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<v Speaker 1>has all the aspects of a complete mess. And companies

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<v Speaker 1>don't want to be part of a mess. All right,

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<v Speaker 1>Thank you so much, Richard be well. Richard Edelman, chief

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<v Speaker 1>executive officer at Edelman on the phone in New York City,

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<v Speaker 1>out with their latest trust barometer here in two special

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<v Speaker 1>report Trust in Healthcare, really looking at that issue specifically,