Yep, it certainly does. Single-payer and socialized systems are cheaper for a lot of reasons:
(1) Purchasing power of a large, single negotiating entity to reduce the cost of drugs (that's how Canada does it, and the US' solution was to allow importation of Canadian drugs, which, uh, seems circuitous).
(2) No marketing expenses, no executive compensation, no claims denials, no billing, etc. This amounts to 15-20% of all healthcare spending in the US [1] -- so an instant 20% reduction right there.
(3) National ability to set compensation, so you can reduce the cost of physician services too, as they're now public servants. Canadian doctors still make mid-6-figure salaries, and frankly, I'm okay with that.
(4) Complete pricing transparency. Wanna know how much medical care costs in Ontario? It's all right here in one big PDF [2]. PET scan for Thyroid cancer? J702. $237.50 CAD.
(5) Improved balance sheets and lower operating costs for corporations who now no longer have to deal with the medical care of their employees for no rational reason. Improved competitiveness of small businesses vs larger ones where small businesses need to offer medical care for competitive reasons and it represents a disproportionate burden.
(6) People can take the risk of starting businesses without fear of death due to lack of medical care.
The list of benefits goes on and on. It's time to take action.
(1) Purchasing power of a large, single negotiating entity to reduce the cost of drugs (that's how Canada does it, and the US' solution was to allow importation of Canadian drugs, which, uh, seems circuitous).
(2) No marketing expenses, no executive compensation, no claims denials, no billing, etc. This amounts to 15-20% of all healthcare spending in the US [1] -- so an instant 20% reduction right there.
(3) National ability to set compensation, so you can reduce the cost of physician services too, as they're now public servants. Canadian doctors still make mid-6-figure salaries, and frankly, I'm okay with that.
(4) Complete pricing transparency. Wanna know how much medical care costs in Ontario? It's all right here in one big PDF [2]. PET scan for Thyroid cancer? J702. $237.50 CAD.
(5) Improved balance sheets and lower operating costs for corporations who now no longer have to deal with the medical care of their employees for no rational reason. Improved competitiveness of small businesses vs larger ones where small businesses need to offer medical care for competitive reasons and it represents a disproportionate burden.
(6) People can take the risk of starting businesses without fear of death due to lack of medical care.
The list of benefits goes on and on. It's time to take action.
[1] https://naic-cms.org/cipr_topics/topic_medical_loss_ratio.ht...
[2] http://www.health.gov.on.ca/en/pro/programs/ohip/sob/physser...