US Healthcare Is Not A System: It’s A Market, And It’s Broken

Spend 30 seconds perusing any comment section, and you’re likely to conclude that Americans can disagree on anything. While common ground seems to have nearly disappeared, there is one agreement that crosses gender, politics, race and religion—healthcare costs in the United States are absurd.was spent on healthcare, twice as much per capita as peer nations. Even more frustrating, Americans aren’t getting what they pay for.

When markets function efficiently, they are the best structure for delivering greater quality, lower prices, low transaction friction and innovation to market participants. Yet, no one can seriously argue that our healthcare market is functioning efficiently. Why? Think of Expedia or Uber—companies that created efficient marketplaces to enable consumers to compare prices, detailed product options and quality ratings in real time before committing to a purchase. These marketplaces equally allow the marketplace’s sellers—such as hotels or car drivers—to find, match and efficiently acquire customers.

Imagine if the Uber app on your iPhone couldn’t connect to the driver’s app on an Android phone, and the driver location and pricing data were only updated once a day. Transparency and the marketplace break down quickly.Consumers generally trust the product side of the healthcare marketplace, trusting their doctors and care providers with their lives. However, confidence in the fairness of treatment prices is extremely low. With transparency, trust in pricing increases.

Health Health Latest News, Health Health Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Gov. Kay Ivey establishes Alabama School of Healthcare Sciences to combat healthcare worker shortageHelp is on the way for the nationwide healthcare shortage that is being felt in rural hospitals across Alabama.
Source: WTVYNews4 - 🏆 590. / 51 Read more »

OCR Updates Change Healthcare Cybersecurity Incident FAQsHHS OCR published an update to the FAQs webpage concerning the Change Healthcare cybersecurity incident.
Source: HHSGov - 🏆 147. / 63 Read more »

The Shuttering Of Walmart Health Highlights The Challenges Of Consumer HealthcareI am a physician, healthcare strategy executive, speaker, and writer, focusing on the intersections of healthcare, digital innovation, and policy. I completed an M.D./ J.D. dual-degree with distinguished honors.
Source: ForbesTech - 🏆 318. / 59 Read more »

Private equity in healthcare is here to stayPrivate equity is very likely to remain a significant presence in U.S. healthcare and could become even more ubiquitous as investors look to new technology to aid in patient needs at the same time as boosting their returns.
Source: dcexaminer - 🏆 6. / 94 Read more »

Will Biden move left on healthcare in a bid to stave off defeat?With five months to go before Election Day, it’s questionable whether Biden embraces the Congressional Progressive Caucus agenda
Source: dcexaminer - 🏆 6. / 94 Read more »

Deepfakes In Healthcare: Addressing Dangers And Reducing RisksI am an artificial intelligence expert with close to half a decade of experience working with several Fortune 500 companies, such as AbbVie and IQVIA, among others. My professional experience cuts across different segments in AI, such as natural language processing, deep learning, machine learning, business intelligence, and reinforcement learning.
Source: ForbesTech - 🏆 318. / 59 Read more »