How To Fix Healthcare
Simply stated, our healthcare system is messed up. Not just a little, it’s in a world of hurt. For instance, how can a simple blood test cost $30 at one lab and $300 at another across the street? The answer to this question could save billions, as well as make healthcare more accessible and affordable for everyone.
In another example, researchers recently compared prices amongst 53 hospitals for a standard heart procedure called a coronary artery bypass grafting, or CABG. Not only did they find a 10-fold difference in price for the same procedure across hospitals, ranging from $44,000 dollars to $448,000 dollars, but they also found no correlation between higher prices and better quality of care. Other studies have shown there can be up to a 39-fold variation in price for a simple blood test across medical centers in the same metro area.
So the obvious punchline here is we have no idea how much we’re paying for healthcare services. Will Bruhn, co-founder of Restoring Medicine, says the key to escaping this chaos is price transparency. He explains in this episode of PragerU.
