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High Medical Costs: We All Pay the Price, Because No One Knows the Price

Home/Healthcare News/High Medical Costs: We All Pay the Price, Because No One Knows the Price

High Medical Costs: We All Pay the Price, Because No One Knows the Price

by Robert Nelson, MD | THE SOVEREIGN PATIENT | October 10, 2015

High Medical Costs: We All Pay the Price, Because No One Knows the Price

Sovereign Solutions Editor’s Note:

Enough good cannot be said about this linked article.

If high medical costs concern you then you absolutely MUST read this! It is the Rosetta Stone to understanding HOW high medical costs plague us.

Especially important:

Medical care professionals in the practice/field must recognize and advocate the truth relating to the WHY and HOW to high medical costs.

You can help.

Share the information, have a chat with your physician about this!

It is likely that this information is buried underneath a pile of bureaucratic and regulatory burden! It is time to be part of the solution to high medical costs!

It is our belief at Sovereign Liberty Solutions that those most directly responsible for health care services are generally those most likely to truly have the patient/customer’s best interests in mind.

High medical costs hurt everybody! Get the information out there.

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(…) But enough about higher education, is anyone else starting to see the parallels with healthcare?  And the result?  Rising costs are likely due to over-utilization on the demand side driven by third-party financing, not as a result of costs or technology on the supply side.  A study at MIT by Amy Finkelstein suggests that third-party payers (the way they are utilized in healthcare) are responsible for more than half the growth of healthcare spending!

The steady erosion of direct-spend patient dollars, replaced by someone else’s money, has blunted the important price signals that would have occurred in a normally functioning market.  This results in healthcare price “insulation”, as opposed to situation where true insurance would work in tandem with a healthy non-insurance market for routine care.

And the cost spiral caused by inflated billed prices (and the extreme variation we see in similar markets) and the ability to cost shift, are two sides of the same coin.  They can only exist within a closed loop billing protocol (mandatory CPT billing via contracts with payers) driven by and designed for massive amounts of third-party money; and where simple direct cash transactions between providers and patients are purposefully not part of the rules of engagement of the payment system.

The healthcare sector does indeed operate in the economic stratosphere above the rest of the economy.  No other industry comes close to healthcare with the kind of excessive mark-up of routine items that are so ridiculous only a complex payment system that can be manipulated like a shell game would support such nonsense.

So what is it that keeps prices so high and so difficult to pin down?

Read More

WHAT DO YOU THINK?

Do you have any objections, thoughts, concerns, or contributions? I REALLY WANT TO KNOW. Help me to make this a conversation!

Together we can map out better solutions and truly navigate clearer paths towards quality services, low prices, and better lives.

Oh! And as always, if you find this post useful, do me and so many others a huge favor. When it comes to this kind of information: share and share alike! Information is meant to be disseminated wide and far.

Sovereign Liberty Solutions

Your Home for Liberty Bias in News, Opinion, & Solutions
By | 2017-03-28T15:16:18-04:00 October 28th, 2015|Categories: Healthcare News|Tags: , , , , |0 Comments

About the Author:

My name is Matthew. I am founder of and manage Sovereign Liberty Solutions. I am a proponent of free, voluntary association and expression. I understand that there is no single exception or excuse to violate this with the initiation of force, fraud, and coercion. I welcome a genuine dialogue & seek information, news, analysis, and, of course, solutions, whether it be on the individual level or a more voluntary association [group] or even "national" one.

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