Monday, February 10, 2014

Inevitability of Medical Inflation

Jessica Cheam had a good article in the Sunday Times yesterday which reminded me of an excellent speech Vivian Balakrishnan made to doctors at last year Yong Loo Lin School of Medicine commencement ceremony. He told them the greatest cause of medical inflation are doctors.

Ms Cheam point? Medical insurance ultimately inflate the cost of healthcare

My point? People fail to react to how doctors and the industry is taking advantage of the system to enrich themselves at our expense.

At any one time only a small fraction of us are sick and need to cough up big sums for treatment. Those who awaits their turn needing medical attention in some unknown future always do not bother themselves with such issues (I think this attitude will change sometime). So the healthcare industry preying on patients' insecurities and arbitraging the knowledge gap could charge the sky.

From Jessica Cheam's piece. This experience I bet is repeated countless times in the doctors' office every day.

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