Summary
Most people agree that the healthcare system in the United States is in need of a complete overhaul. Unfortunately, the many competing interests in the current system make such overhaul extremely challenging. This contest certainly provides much incentive for the best and brightest to put forth their ideas on how to improve the system. Overcoming the obstacles to implenting such ideas will potentially be the biggest challenge of all. Therefore, I believe the answer to the question "Will it work?" will only come when the healthcare system reaches the same critical threshold that our financial markets recently met.
Analysis
Providing a $10 million prize creates quite an incentive to devise feasbile solutions that will help improve the healthcare system in the United States. Will such a prize work? I believe there are any superb ideas that have already been put forth for consideration and many more that have not. Overcoming the obstacles to implenting these ideas will potentially be the biggest challenge of all. Much cost savings can be derived from consolidating the administrative infrastructure. However, how could such an idea be implemented without it begin forced upon the marketplace by the government? Large health insurance carriers are not going to willingly consolidate, reduce their profit margins, increase coverage of services, and pay fair fees to healthcare providers all in the name of improving the healthcare system. Therefore, I believe the answer to the question "Will it work?" will only come when the healthcare system reaches the same critical threshold that our financial markets recently met.
