Health Care Reform FDR's New Term Paper

Pages: 4 (1016 words)  ·  Bibliography Sources: 0  ·  File: .docx  ·  Level: College Senior  ·  Topic: Healthcare


Insurance is one method of draying risk through market mechanisms and the government could potentially insure every American if it had the political support to do so. If every American was insured then this would provide millions access to preventive and basic care that could vastly improve public health on the aggregate. Many treatable diseases and conditions could be treated as soon as they are identified for millions of Americans rather than waiting until these conditions progressed and became more expensive. It is estimated that inefficient and poor quality health care costs the United States somewhere in the neighborhood of fifty to one hundred billion dollars annually in opportunity costs that could be gained by reducing waste.

Furthermore, there are also many administrative costs that could be reduced by centralizing much of the health care industry and providing access for everyone. For example, if everyone had access to health care then there would be less administrative costs associated with bill administration and collection. There would also be savings in the court system because the bankruptcy levels would lessen. Furthermore, there would also be savings that could be gained by allowing the government to negotiate with vendors such as drug companies which would lower the costs of prescription medication for the entire market. The cost per transaction would also lessen if the government took on the role of insurer for all because the transaction cost would benefit from reaching quantities of scale.

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Despite all the potential benefits for the society on the whole, there are many groups that will be disadvantaged economically with the introduction of sweeping health care reforms. The drug companies for example could no longer charge premiums in the market place and would be subjected to more competition from different industry players. They argue that this would work to hamper the technological innovation that is present in the U.S. health care industry because companies would no longer have the same levels of revenue that are necessary to fund research and development. They would be subjected to more competition from the market as well and be virtually forced to lower their prices.

TOPIC: Term Paper on Health Care Reform FDR's New Assignment

Besides just the drug companies, there are many other industry players that would also be effected. By having access to preventive care, many individuals would get there conditions treated earlier in their development and therefore this would likely decrease demand for services that many doctors and specialist currently receive. Therefore, many doctors and medical professionals could also experience a decrease in revenue. There are also many organizations that have created specialty niches in the current health care industry that are incredibly profitable yet feed on many of the current inefficiencies in the system. With common sense healthcare reform many of such organizations would become redundant and no longer be able to operate. This analysis will cover the economic principles that are present in the modern health care system in the United States and attempt to determine which types of reforms would make the most sense economically. [END OF PREVIEW] . . . READ MORE

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How to Cite "Health Care Reform FDR's New" Term Paper in a Bibliography:

APA Style

Health Care Reform FDR's New.  (2013, July 15).  Retrieved September 17, 2021, from

MLA Format

"Health Care Reform FDR's New."  15 July 2013.  Web.  17 September 2021. <>.

Chicago Style

"Health Care Reform FDR's New."  July 15, 2013.  Accessed September 17, 2021.