A new law requiring hospitals to post their prices online is a step in the right direction towards transparency in the healthcare industry on why it costs so much.
We finally agree. Our healthcare system has been designed to remove the consumer dynamic from the price equation. Most of the time, we have no idea what we are spending on healthcare.
Nothing controls price better than competition and competition in price does not occur until the decision maker (consumer) knows the price.
In much of rural America we've had small community hospitals squeezed and taken over by predatory large hospital corp's who then jack up prices as they know can. So what are we to do in an emergency? Do we suddenly shop around to see who's got the cheapest ambulance service and urgent critical care?
Most employed people who have health, dental, and vision etc. insurance benefits as part of their compensation have no clue about what self employed people must pay for health insurance with ultra high deductibles. The day of reckoning on healthcare costs is long overdue and the entire system needs to be audited from top to bottom.
Fortunately for most people, the vast majority of people do not have to make many healthcare decisions from the back of a speeding ambulance.
And one more time, the entire healthcare system in the US spends billions each year complying with assorted audit requirements. I have sincere doubts as to the effectiveness.
Hospital mergers have resulted in lower operating costs that are not passed on to consumers that are being charged more instead of less.
Our healthcare dollars are being used to subsidize foreign investment by US based hospitals and also to subsidize investor owned hospitals. Two examples shown. More reasons why the healthcare industry desperately needs to be audited from top to bottom.