Blog Post: The Price vs. the Cost of Health Care

Increasingly, the problem of health care “prices” is replacing the problem of health care “costs.”  That may sound like a meaningless distinction, but consider the opening sentence of the “Cost of Treatment May Influence Doctors,” an article in todays New York Times:

“Saying they can no longer ignore the rising prices of health care, some of the most influential medical groups in the nation are recommending that doctors weigh the costs, not just the effectiveness of treatments, as they make decisions about patient care.”

The focus, in other words, is not only society-wide health care costs as a percentage of GDP, but the price of particular interventions for particular patients.  The very premise of this lead, however, is both entirely unremarkable and extraordinarily concerning.

Continue reading