A Market Approach to Better Care at Lower Cost
September 29, 2015
The health care system in the United States is still struggling, despite attempts to expand coverage by the Affordable Care Act. An economically informed restructuring, which works for smarter spending through aligning financial priorities of both patients and providers, is necessary. Reforms should also include:
- Limiting subsidies for healthcare programs such as Medicare and Medicaid.
- Encouraging patient involvement in their health care as an active consumer through access to accurate information on providers, treatment alternatives and health records.
- Increasing states abilities to run their own Medicaid programs.
- Protecting consumers through smarter regulations that remove government price controls on insurance cost
- Encouraging competition between existing healthcare programs.
In 2015, the United States will spend over $3.2 trillion on health care alone. The price is paid through higher taxes, lower wages and increasing health insurance costs. Adapting the current system to streamline benefits, reduce costs and increase accountability is urgent.
Source: Dr. Joseph Antos, "A Market Approach to Better Care at Lower Cost," Journal of the Association of American Medical Colleges, September 11, 2015.
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