High Prices in American Healthcare, Why?

Why America has High Healthcare Prices Compared to Other Developed Nations

Abstract

The United States has high healthcare prices compared to other developed nations. These increased prices do not reflect advanced Medicare but rather business practices that maximize profits at the expense of helping others. This paper outlines why a lack of competition in the US healthcare market leads to high prices and methods other countries use to spur competition to keep prices low. Corporate hospitals have monopolized the field of medicine and created a market impenetrable by smaller practices, allowing these agglomerates to dictate prices for the largest monetary gain. Other developed countries around the world enact policies that increase competition to incentivize hospitals to provide lower prices. With lower prices, consumers can spend the money saved elsewhere, benefiting their needs and the economy.