Single-payer advocates have long said the key to addressing healthcare costs is to put the government in charge, pointing to the lower administrative of Medicare and Medicaid when compared to private insurance. Free market advocates point to the fact Medicare and Medicaid pay below-market prices, the remainder of which is made up by charging those with private insurance more. Opening up the healthcare space through greater competition and creating an environment where patients see the cost of care, they argue, is the best way to address rising costs.
What if neither side is correct?
In this episode, Michael Chernew of Harvard Medical School explains the problems with taking a purist stance on free-market and single-payer solutions and how free-market reforms that contain costs could strike a balance between the two.
You can listen to this episode via the player below or via the following links: