Hey yall. I have been curious about learning more about US healthcare system and what makes it so expensive and potential ways to bring down the costs. I know there are countless of different factors that go into making healthcare costs typically higher in the US, but one aspect that I was curious about was the cost of medical education in the US and physician salaries.
Physicians in the US make in general signficantly more than countries other than the Swiss, especially when considering the overall tax rates of US compared to like a Nordic country. How much does the amount we pay our physicans increase our costs? Now, I would guess, that the justifiable reason why we need to pay our physicians so well is because of the length of training required and cost of training. E.g. someone who trains to become a doctor expects a good return on investment, adding on premiums for excess time consumption.
What if medical schools were much more subsidized. Say instead of 60k-100k costs (tuition + living), it went down to maybe 20-30k per year (which would make the field more accessible also). Would that be a justifiable reason to pay physicans less? Could the government say that they subsidize the training, so costs are cheapers so they do not have doctors as much, and now reimburse even less through public programs; and then would that be enough for private insurers to also decrease reimbursements and make overall medical training more accessible while decreasing costs?
Of course one of the comparative advantages of the US is that because we pay our doctors so much that so many want to come in. There is a possibility we lose some top notch physicans if we pay less, but would the savings be worth it? There are many systems that pay less but overall still have strong quality of care. This could also tie into the focus in the US on specialization as opposed to many other countries I guess.
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