The lack of a profit motive allows the [health] system I work in to focus on providing quality care while cutting costs.
As Donald Berwick, a former administrator for the Centers for Medicare and Medicaid notes the “glorification of profit… is what drives up medical costs.”
Ricardo Nuila, an internal medicine doctor in an op-ed in The New York Times.
Even for The New York Times, this may be one of the dumbest statements we’ve read in a long time. In reality, the lack of a profit motive in government healthcare programs has caused healthcare costs to explode.
All innovation, cost reduction, and economic growth across all industries derive from the “glorification of profits.”