Tuesday, April 6, 2010

How to slash medical costs in 8 steps

I've been carefully listening to the debates concerning American medical care, and I’ve noticed that few politicians (republican or democrat) actually discuss the methods to cut medical costs. As an electrical engineer and as a student of Hayek-Sowell school of economics, I’ve decided to summarize a list of steps that would most certainly affect the cost of medical care. Note that unlike all other proposals, my list is solely based on free market principles, and does not require any increase in government power.


How to slash medical costs in 8 steps

1. Allow the sale of all medical drugs and medical equipment, which are legal in EU, Canada, Australia, New Zealand, Israel and Japan. Make their FDA approval optional.

2. Everyone who has a doctor’s license in those countries should be allowed to practice medicine in US. Moreover, US policy must encourage and aid immigration of doctors from those countries to America. Immediate permanent residency to all practicing doctors from developed countries who want to come to the US.

3. Abolish state limitations on minimum medical insurance coverage.

4. Give private doctors and hospitals same protection from lawsuits as the government entities currently enjoy.

5. Strengthen control of US borders in order to prevent the entrance of illegal immigrants.

6. Permit hospitals and emergency rooms to refuse service to illegal immigrants.

7. Provide equal tax deductions to group and individual buyers of medical insurance as well as for any purchase of medical care.

8. Start privatization of Medicare and initiate gradual cuts to Medicaid.

3 comments:

Christopher said...

Not bad, but on steps 1 & 2 I would add that they first must produce a VALID license to practice medicine from their current country and 2nd, they PASS a current American Medical Practioneers Exam.

graf10a said...

I have problems with #4. Yes, I understand that doctors and hospitals very often pay a shitload of money just to settle totally unreasonable lawsuits against them. And it is not good and something has to be done with it. On the other hand, I don't want to end up in the situation when I am legally totally unprotected from any kind of medical malpractice which would be the case if doctors and hospitals enjoy the same level of protection from lawsuits as governmental entities.

Silverfiddle said...

Salma Hayek is an economist? I'd love to study at that school!!!

Seriously, you provide a common sense solution. The high prices we pay for drugs subsidizes the rest of the world.

You are a crystal clear thinker. You must have flunked reeducation camp.