Why does Healthcare cost so much in the US ?

In 2016, the US spent 17.8% of its GDP on healthcare compared to the 11.5% of 11 other high income countries. The per capita spending was double what the other countries spent. 

The price of care services in the United States is not so much different than the other top countries in the world. Americans actually see the doctor less and spend less time in the hospital as compared to patients in other top countries in the world. One of the reasons that the US spends so much more on its healthcare system as compared to other countries is because the specialist, physicians, and other healthcare professionals all get paid more here than compared with other countries. According to an article, general physicians make around $220,000 in the United states as compared to about $90,000 in Sweden and about $150,000 in Germany. Healthcare Administrator pay makes up 8% of the total Healthcare spending as compared to 1 to 3% of the other top countries in the world. As we recently discussed in class, drugs are very expensive in the United States. The US spends about $1,500 per capita on drugs compared to about an average of $900 for the top 11 countries in the world. Care services are also much more expensive in the United States, the cost of CABG procedure is around $75,000 compared to around $15,000 that it costs in the Netherlands.

There has to be a way to bring down prices of different services that we offer here in the country. A simple MRI costs around $1,100. There is no reason that we should offer services at rates that are double, triple, or even quadruple that of other countries. Administration pay should not be taking up 8% of total healthcare spending and that that money can be consolidated and used for better reasons. In regards to the pay of physicians and specialist, I believe that if graduate school/med school was not so expensive then doctors and healthcare providers would be willing to make less money over the course of their career. However, if a doctor is leaving school with $500,000 in debt, then they have every reason to ask for $220,000 in average salary. 

references: https://www.cnbc.com/2018/03/22/the-real-reason-medical-care-costs-so-much-more-in-the-us.html