Billionaire investor Mark Cuban has a bone to pick with the giants of American healthcare, and on Sunday he picked it publicly. In a post on X, Cuban said the conglomerates that dominate the industry hide care costs and should be broken up, and he called for bipartisan legislation to make every contract public.

The "Too Big to Care" Problem

Cuban's argument starts with a simple observation: Medicare Advantage is offered entirely by what he called "Too Big to Care" conglomerates, and most workers with self-insured employers get coverage from them too. The result? People have "zero idea" what they actually pay.

He was responding to Florida orthopedic and spine surgeon John Asghar, who estimated that funding Medicare for All through a payroll tax would require an additional combined employer and employee tax of about 21.4%. Asghar based that estimate on the Congressional Budget Office's broadest illustrative coverage scenario, which he said would require approximately $3 trillion in additional annual federal funding by 2030.

Cuban's rebuttal: the conglomerates hide the real cost of everything covered and paid for in healthcare, and that is precisely why they should be broken up. He also pointed a finger at pharmacy benefit managers owned by these conglomerates, saying they have distorted the cost of brand and specialty drugs in a way the Justice Department should investigate.

Sunlight, Not Redactions

Cuban, who runs Mark Cuban Cost Plus Drug Company, wants bipartisan legislation requiring all healthcare contracts to be public, with no redactions other than personal information. The bill would also make de-identified claims available exclusively to state and federal researchers, so they can determine what care and medications could cost.

His reasoning is blunt. If the country wants universal care and the federal government negotiates prices, "the information asymmetry is so insane, they will be negotiating blind," Cuban added.

The Break Up Big Medicine Push

Cuban is not alone in wanting to reshape the industry. Sen. Elizabeth Warren (D-Mass.) and Sen. Josh Hawley (R-Mo.) introduced the Break Up Big Medicine Act in February, which would bar a parent company from owning both a medical provider and a pharmacy benefit manager or health insurer.

Last week, CVS Health Inc. (CVS) announced plans to separate its healthcare solutions business from its retail pharmacy business, with CEO David Joyner telling CNBC that the company is making the move "out of a position of strength."

Warren was not impressed. She said the split lets CVS stay a massive conglomerate and rip people off, while Cuban said it changes nothing for patients or anyone who pays for insurance or care.

Price Action: On Friday, CVS' shares closed 3.10% higher at $83.85, and in early premarket trading on Monday, the stock was up 0.99% at $84.68.

Market data rankings indicate CVS' stock has a Momentum score in the 35th percentile with a Value score in the 42nd percentile.