The fact that Elon Musk is the highest-paid CEO, earning over $6 billion annually, is no longer a surprise. However, Mike Pykosz, the unpopular CEO of Oak Street Health, earns more than $500 million annually, according to Bloomberg.
Mike Pykosz: Who is He?
The CEO and co-founder of Oak Street Health, a chain of primary care facilities serving Medicare-eligible people, is Mike Pykosz. The 38-year-old man has a BS in Biochemistry from the University of Notre Dame and a JD from Harvard Law School.
Mike was a key player in The Boston Consulting Group’s Payers and Providers practice prior to starting Oak Street Health. Mike Pykosz saw that a small number of patients drove expenses through the roof when working on health care client projects at the company in the late 2000s.
Low-income seniors developed a practice of visiting the emergency room rather than their primary care physician. Large hospital expenditures were being billed to Medicare managed-care plans.
Pykosz argued in a study he authored for Boston Consulting that if you use emergency rooms and hospitals less, you can save a lot of money and put it back into primary care, which is where patients should be treated initially. He once questioned his advice to others, “Why am I telling people to do this?” “We ought to just handle things on our own.”
Oak Street Health
In the Portage Park neighborhood of Chicago, Mike Pykosz started Oak Street Health in 2013 with the assistance of two BCG colleagues. They provided free transportation to the doctor’s office, same-day appointments, and a care team centered on each doctor to address chronic conditions including diabetes and lung disease.
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To include its patients, the organization created a community outreach program. To promote better results and lower downstream utilization, they also incorporate population health analytics, social support services, chronic care management, and primary care into their care model.
The organization has aspirations to expand further and presently has 20 clinics that serve 28,000 people across 6 markets and 3 states. As the CEO of Oak Street Health, Mike Pykosz oversees a staff of 750 expanding professionals who provide top-notch healthcare in underprivileged areas.