The difficulty of putting a price on quality care

In our market economy, we can buy what we want, as long as it’s available, and we have the money. And we normally expect the more expensive the product, the better the quality.

However, this is not the case in healthcare, simply because we just don’t know if a better-skilled doctor or surgeon, or hospital amenities, always means better care.

As a recent Grattan Institute report on private health insurance states, in this context it would be