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Here is what happens with a lack of price transparency:
A missionary who does his work in Africa walks into a hospital. He has a simple procedure done that requires a two-day stay. When he gets the bill, he is shocked to find that the procedure cost $28,000. He’s even more shocked to find that a local person with health insurance would have paid a mere $3,300.
That’s the joke. Here’s the punch line: That country is the United States and the hospital is in New Jersey.
Read all of Paul Mulshine’s column.