Medicare reimbursement

No amount of reform will change things as long as the Medicare reimbursement formula stays put:

Many prices will be too high or too low, and political forces tend to keep inappropriate prices in place — specialists in fields with excessive payments will resist cuts, and there will not be enough specialists in low-paid fields to become an effective counterlobby. New physicians will react to existing prices, and so the misallocation of human resources will be self-perpetuating.

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