Just imagine what it would be like if Obamacare & the Insurance & Medical Industry were ruled by Bitcoin?
Why the hospital would be running their diesel backups 24/7 mining... but seriously.
What could bitcoin do to solve the insurance exchange fiasco? What would have been different if 1 billion dollars were given for development to the bitcoin programmers, miners, investors?
Couldn't bitcoin own and transfer my medical records? Lose them? No problem, I know right where they are.
Wouldn't bitcoin regulated insurance industry eliminate ALL of the bezzle while rewarding true agents maintaining the system?
http://market-ticker.org/akcs-www?post=225320Some of the information comes in the comments as I responded to people's questions, but most of it is directly in the essay.
Total costs of uncompensated care in 2011: $41 billion. Making everyone insured would only have a $41 billion impact, versus about a $2,700 billion total. "Oh, we're only charging you more to cover someone who couldn't pay" is a lame excuse for the racketeering they're pulling off. (Doctors are completely ignorant about it -- they don't usually know how much they're charging).
Upper bound on health care litigation: ~$20 billion at its peak, and it has been trending down for years. Cost of defensive medicine, ~$200 billion. Some say that tort reform will save us all the defensive medicine, but they forget that doctors and hospitals are profiting off the defensive medicine and it's not going to stop just because they won't get sued anymore. So tort reform will only realistically save a few billion, at the cost of losing whatever small degree of accountability the system has.
Total costs of pharmaceuticals: ~$250 billion. Price differential between here and the rest of the world: ~2:1. The problem isn't to be found exclusively there.
Difference between maximum and minimum charges for an identical common procedure (in this case, appendectomy): ~$180,000.
Difference between maximum and median charge: ~$140,000
Difference between median and minimum charge: ~$35,000.
Minimum charge: ~$3,000.
(numbers extracted from graph).
Common hospital markups for various drugs: ~%4,000.
Conclusion: racketeering.
Bitcoin efficiency, structure enhancements, regulation potential unlimited. "There's a bitcoin for that."