Doctor: Creating More Competitive Markets Will Drive Down American Healthcare Costs
Competitive marketplaces are the key to lower healthcare costs in the United States, says Ezekiel J. Emanuel, the chair of the Department of Medical Ethics and Health Policy at the University of Pennsylvania
Ezekiel J. Emanuel, chair of the Department of Medical Ethics and Health Policy at the University of Pennsylvania writes at Fortune that the key to finally bringing down healthcare costs in the United States is in further promoting competitive markets for things like health insurance exchanges:
"After decades of false starts and frustration, free market champions should be cheering— competitive marketplaces work in health care. And no matter what your opinion of Obamacare, you have got to admit, that’s a good thing."
Emanuel reminds readers that Obamacare wasn't the first piece of policy to arrange a successful marriage between competitive markets and healthcare plans. George W. Bush's Medicare Part D, enacted about a decade ago, did the same thing for drug benefit plans. And according to Emanuel, it's been a huge win-win for everyone.
"Medicare Part D has cost below all government projections since its inception. In 2013, it was 50% below what the Congressional Budget Office originally estimated. Cumulatively, over its nine years, Medicare Part D has cost $197 billion less than projected."
Emanuel's piece highlights several ancillary points that he argues would help promote the free market conditions that would lead to lower costs. These include better price transparency and improvements to the Medicare competitive bidding process. Take a look at the piece (linked below) and let us know if you agree with his ideas.
Read more at Fortune
Photo credit: Andy Dean Photography / Shutterstock
Lumina Foundation is partnering with Big Think to unearth the next large-scale, rapid innovation in post-high school education. Enter the competition here!
Butter supply and life satisfaction are linked – but by causation or correlation?
- Haiti and other countries with low butter supply report low life satisfaction.
- The reverse is true for countries like Germany, which score high in both categories.
- As the graph below shows, a curious pattern emerges across the globe. But is it causation or correlation?
Sometimes the basics really matter.
- Jordan Peterson believes that only by taking care of your immediate environment can you then move onto bigger challenges.
- The idea stems from millennials who want to change capitalist economic structures though can be applied broadly.
- In a distracted age, our inability to pay attention to our environment is leading to increased rates of anxiety and depression.
The catacombs of Paris. Secret graffiti beneath NYC. The hidden cities of Cappadocia. Writer and explorer Will Hunt is your philosophical tour guide to what lies beneath.
- "The surface of the earth is where we're rational . . . Part of us dreads the chaos, and part of us is always attracted to it."
- "There were these things hanging from the ceiling…long strands of bacteria called "snotsicles"… But at our feet was a natural stream that had been running through Brooklyn forever."
- "It's…about death. Undergoing a death. We're going into the other world and then retreating to the surface… changed in some way."
SMARTER FASTER trademarks owned by The Big Think, Inc. All rights reserved.