Bridge Gaps
Remembering Victor Robert Fuchs
Posted on: 10-07-2023 by Floor Covering Media



Sadly, Victor Fuchs recently past away. He will likely be remembered for any number of his lifetime accomplishments; including a compelling suggestion that he made decades ago back in the early 1970's about a proposed fix for America's healthcare system. These comments were indeed controversial, though necessary to alert Americans about the quality of their healthcare.



The Stanford University economist was among the first to apply a cost benefit analysis to the U.S. healthcare system, which was a radical approach. His findings were viewed as provocative. According to his estimates, Americans were paying up to twice as much for their healthcare, as people residing in other advanced countries; in order to achieve comparable health outcomes.



The excessive costs were attributed to administrative fees, rising drug prices, the growing popularity of specialist care and the fee-for-service system within hospitals that incentivized billings for tests and procedures. The findings presented in his book: Who Shall Live? Health, Economics and Social Choice, read by many policy makers and most doctors, still remains painfully relevant.



He was expressing his valid concerns about the U.S. healthcare system. Where is it heading? Is it reaching a crisis point? What else is likely to resolve these insufficiecies within this system other than significant systemic change?


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