Time Magazine’s Barbara Kiviat is right on in her Curious Capitalist April 19 column on pinpointing one of the critical reasons for high medical costs.
Her thesis is that no one really knows the cost of most medical procedures and that is why its so hard to control them.
For instance, she notes that the price of an MRI could be a few hundred dollars or a few thousand, but the patient doesn’t know until she or he gets a bill. And even then the patient only knows what their portion of the bill is, not what everyone else was charged for the same procedure.
Compare that to LASIK surgeries, she writes, were there has been so much competition and a wealth of knowledge on cost, that its price has dropped by 30 percent over the past decade.
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