3 ms·

I think the issue here is that the system that has been setup is so dysfunctional that there is some validity to the phrase "the cost is unknowable". But prior

I think the issue here is that the system that has been setup is so dysfunctional that there is some validity to the phrase "the cost is unknowable". But prior to this regulation, it was extremely difficult to even ascertain just how dysfunctional it all was. Putting it out in the open means more accountability for providers and insurers. Which in due time means more regulation :) Which is how it goes when an industry misbehaves for so long. Eventually the public will get fed up, and demand that changes be made. This is just one step on that journey.

karmelapple 5y ago
Exactly this, though I’d like to point out that word “misbehaves.” Many people may not see the medical cost world as misbehaving at all. It sounds like healthcare companies, from drug manufacturers to hospitals, are charging what the market will bare. The inelasticity of the products and services for sale are what allows this market to become so out of whack. I don’t need an iPad that badly, but I do need to have these drugs to have a good quality of life. I’m glad we’re taking these steps on the journey of making costs more transparent and understandable. And perhaps putting into law what we the people think is a reasonable approach to charging for life-saving treatments, rather than “whatever the company can get away with.”
- garettmd 5y ago
  I see what you're saying, but much of the factors driving the "misbehavior" is due to companies being in-cahoots with each other on creating convoluted pricing schemes, kickbacks with various parties, and muscling through legislation that favors healthcare providers and insurers, to the detriment of patients. It's true that this can all be explained in economic terms, but it's true in the same sense that the behavior of warlords can be described by economics.

3 ms·

I think the issue here is that the system that has been setup is so dysfunctional that there is some validity to the phrase "the cost is unknowable". But prior

by garettmd 5y ago

karmelapple 5y ago
Exactly this, though I’d like to point out that word “misbehaves.” Many people may not see the medical cost world as misbehaving at all. It sounds like healthcare companies, from drug manufacturers to hospitals, are charging what the market will bare. The inelasticity of the products and services for sale are what allows this market to become so out of whack. I don’t need an iPad that badly, but I do need to have these drugs to have a good quality of life. I’m glad we’re taking these steps on the journey of making costs more transparent and understandable. And perhaps putting into law what we the people think is a reasonable approach to charging for life-saving treatments, rather than “whatever the company can get away with.”
- garettmd 5y ago
  I see what you're saying, but much of the factors driving the "misbehavior" is due to companies being in-cahoots with each other on creating convoluted pricing schemes, kickbacks with various parties, and muscling through legislation that favors healthcare providers and insurers, to the detriment of patients. It's true that this can all be explained in economic terms, but it's true in the same sense that the behavior of warlords can be described by economics.