{"id":7862,"date":"2013-06-03T19:19:21","date_gmt":"2013-06-03T23:19:21","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=7862"},"modified":"2013-06-03T19:19:21","modified_gmt":"2013-06-03T23:19:21","slug":"the-u-s-health-care-system-doesnt-need-price-controls-it-needs-price-signals-reason-com","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2013\/06\/03\/the-u-s-health-care-system-doesnt-need-price-controls-it-needs-price-signals-reason-com\/","title":{"rendered":"The U.S. Health Care System Doesn\u2019t Need Price Controls. It Needs Price Signals | Reason.com"},"content":{"rendered":"<p>Peter Suderman discusses two articles which attack the high cost of health care in the USA:<\/p>\n<blockquote><p>Both pieces offer essentially the same thesis: The U.S. spends too much on health care because the prices Americans pay for health care services are too high. And both implicitly nod toward more aggressive regulation of medical prices as a solution.<\/p>\n<p>&#8230;..most Americans don\u2019t actually know much of anything at all about the prices they pay for health services. That\u2019s because Americans don\u2019t pay those prices themselves. Instead, they pay subsidized premiums for insurance provided through their employers, or they pay taxes and get Medicare or Medicaid&#8230;&#8230;<\/p>\n<p>What that means is that, in an important sense, the \u201cprices\u201d for health care services in America are not really prices at all. A better way to label them might be reimbursements\u2014planned by Medicare bureaucrats and powerful physician advisory groups, negotiated by insurers who keep a watchful eye on the prices that Medicare charges, and only very occasionally paid by individuals, few of whom are shopping based on price and service quality&#8230;..<\/p>\n<p>This is the real problem with health care pricing in the U.S.: not the lack of sufficiently aggressive price controls, but the lack of meaningful price signals.<\/p><\/blockquote>\n<p>The US spends about two-and-a-half times the OECD average for healthcare, while life expectancy at 79.7 years is lower than the OECD average of 79.8 years, according to <a href=\"http:\/\/goldstocksforex.com\/2012\/11\/22\/health-costs-how-the-u-s-compares-with-other-countries-pbs-newshour\/\" title=\"PBS News Hour\" target=\"_blank\">PBS News Hour<\/a>. <\/p>\n<p>The Lombardy region of Italy offers the best health care solution I have come across, using price signals to control cost and quality of service in both state and private medical facilities. <\/p>\n<p>Margherita Stancati at <a href=\"http:\/\/online.wsj.com\/article\/SB10001424052748704131404575118030576580248.html\" title=\"WSJ: Competitive Care \" target=\"_blank\">WSJ online<\/a> writes:<\/p>\n<blockquote><p>Like other European countries, Italy offers universal health-care coverage backed by the state. Italians can go to a public hospital, for example, without involving an insurance company. The patients are charged a small co-pay, but most of the bill is paid by the government. As a result, the great majority of Italians don&#8217;t bother to buy private health insurance unless they want to seek treatment from private doctors or hospitals, which are relatively few.<\/p>\n<p>Offering guaranteed reimbursements to public hospitals, though, took away the hospitals&#8217; incentive to improve service or rein in costs. Inefficiencies were rampant as a result, and the quality of Italy&#8217;s public health care suffered for years. Months-long waiting lists became the norm for nonemergency procedures\u2014even heart surgery\u2014in most of the country.<\/p>\n<p>Big changes came in 1997, when Italy&#8217;s national government decentralized the country&#8217;s health-care system, giving the regions control over the public money that goes to hospitals within their own borders&#8230;..<\/p>\n<p>In much of the country, regions have continued to use the standards of care and reimbursement rates recommended by Rome. Some also give preferential treatment to public hospitals, making it more difficult for private hospitals to qualify for public funds.<\/p>\n<p>Lombardy, by contrast, has increased its quality standards, set its own reimbursement rates and, most important, put public and private hospitals on an equal footing by making each equally eligible for public funds. If a hospital meets the quality standards and charges the accepted reimbursement rate, it qualifies. Patients are free to choose between state-run and publicly funded private hospitals at no extra cost. Their co-pay is the same in either case. As a result, public and many private hospitals in Lombardy compete directly for patients and funds. <\/p>\n<p>&#8230;..Around 30% of hospital care in Lombardy is private now\u2014more than anywhere else in Italy. And service in both the private and public sector has improved.<\/p><\/blockquote>\n<p>Read more at <a href=\"http:\/\/reason.com\/blog\/2013\/06\/03\/the-us-health-care-system-doesnt-need-pr\">The U.S. Health Care System Doesn\u2019t Need Price Controls. It Needs Price Signals. &#8211; Hit &amp; Run : Reason.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Peter Suderman discusses two articles which attack the high cost of health care in the USA: Both pieces offer essentially the same thesis: The U.S. spends too much on health care because the prices Americans pay for health care services are too high. And both implicitly nod toward more aggressive regulation of medical prices as &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/06\/03\/the-u-s-health-care-system-doesnt-need-price-controls-it-needs-price-signals-reason-com\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The U.S. Health Care System Doesn\u2019t Need Price Controls. It Needs Price Signals | Reason.com&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33,34],"tags":[1661,1919,2137,2275,2276,2278,2310,2748],"class_list":["post-7862","post","type-post","status-publish","format-standard","hentry","category-uk-europe-countries-regions","category-us-canada-countries-regions","tag-health-care","tag-italy","tag-lombardy-region","tag-medicaid","tag-medical-insurance","tag-medicare","tag-milan","tag-price-signals"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The U.S. Health Care System Doesn\u2019t Need Price Controls. 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It Needs Price Signals | Reason.com&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/06\/03\/the-u-s-health-care-system-doesnt-need-price-controls-it-needs-price-signals-reason-com\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2013-06-03T23:19:21+00:00\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/06\\\/03\\\/the-u-s-health-care-system-doesnt-need-price-controls-it-needs-price-signals-reason-com\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/06\\\/03\\\/the-u-s-health-care-system-doesnt-need-price-controls-it-needs-price-signals-reason-com\\\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"The U.S. Health Care System Doesn\u2019t Need Price Controls. 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By contrast, Medicare returns 94 cents in the dollar,\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15657,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/07\/30\/a-new-health-insurance-system-in-the-united-states-catallaxy-files\/","url_meta":{"origin":7862,"position":2},"title":"A new health insurance system in the United States | Catallaxy Files","author":"ColinTwiggs","date":"July 30, 2017","format":false,"excerpt":"By Lucius Quinctius Cincinnatus: Donald Trump may be finding it difficult to repeal the Patient Protection and Affordable Care Act (aka Obamacare). But what is he trying to replace it with? It seems nothing that will contain costs and provide a reasonable level of health care to all Americans. Capitalist\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19419,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/13\/centene-corporation-cnc-3\/","url_meta":{"origin":7862,"position":3},"title":"Centene Corporation (CNC)","author":"Colin Twiggs","date":"November 13, 2019","format":false,"excerpt":"Stock: Centene Corporation Exchange: NYSE Symbol: CNC Date: November 12, 2019 Latest price: $55.20 Market Cap: $22.8 bn Fair Value: $58.30 Forward P\/E: 11.5 FV Payback: 10 years Financial Y\/E: December 31 Rating: Accumulate Sector: Healthcare Industry: Healthcare Plans Investment Theme: Long-term Growth Structural Trends: Ageing Population Summary We consider\u2026","rel":"","context":"In &quot;International Growth&quot;","block_context":{"text":"International Growth","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/international-growth\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5550,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/22\/more-than-67-million-americans-dependent-on-government\/","url_meta":{"origin":7862,"position":4},"title":"More than 67 million Americans dependent on government","author":"Colin Twiggs","date":"September 22, 2012","format":false,"excerpt":"Interesting charts from The Heritage Foundation: The 2012 Index of Dependence on Government By William Beach and Patrick Tyrrell - February 8, 2012 The percentage of US citizens who do not pay federal income taxes, and who are not claimed as dependents by someone who does pay them, has climbed\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18202,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/05\/14\/centene-corporation-cnc\/","url_meta":{"origin":7862,"position":5},"title":"Centene Corporation (CNC)","author":"Colin Twiggs","date":"May 14, 2019","format":false,"excerpt":"Stock: Centene Corporation Exchange: NYSE Symbol: CNC Date: May 13, 2019 Latest price: $54.90 Market Cap: $22.7 bn Fair Value: $67.25 Forward P\/E: 12.6 FV Payback: 11 years Financial Y\/E: December 31 Rating: Hold Sector: Healthcare Industry: Healthcare Plans Investment Theme: Long-term Growth Structural Trends: Ageing Population Segments Managed Care\u2026","rel":"","context":"In &quot;International Growth&quot;","block_context":{"text":"International Growth","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/international-growth\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/7862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=7862"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/7862\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=7862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=7862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=7862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}