Paul Volker wrote in the New York Times today of 'the implication that really large, complex and highly interconnected .... institutions can count on public support at critical times'. He refers, of course, to the financial sector.
Are there parallel lessons that apply to the health care sector (and to health system reform)? Certainly the health care sector, as well, is 'too big to fail.'
Dear Blogger,
ReplyDeleteI'm not certain if any "lessons" applying to the financial sector could be applied to the health care sector. The fact is that the banking industry is far more interconnected than the average person can even begin to comprehend. The potential for social unrest should the banking system fail will surely lead governments to intervene, if possible, in the future.
Health care is about as unconnected as an industry can be. The failure of one hospital I don't think has ever caused the failure of another. Independent practitioners and providers, as well as the pharmaceutical industry are still fiercely protective of their fiefs. So far the overwhelming majority of US citizens would not consider a change in government type (i.e.. Democracy vs. Communism vs. socialism) should there be a "failure" in the delivery of health care.
That is not to say that there wouldn't be a hue and cry if there was a catastrophic healthcare failure. But not, I think social unrest.
And therein lies the difference as well as the problem...
My best to your family,
BB