Independent of federal health policy, employers can immediately begin reducing their healthcare costs by using their market clout to pursue price-transparent contracts with providers. Many employers have already begun doing this and their actions serve as a roadmap for others. Addressing pervasive waste through price transparency and competition can save nearly $1 trillion annually that can, instead, benefit employees in the form of higher wages and earnings.
Arthur B. Laffer is an economist, former professor at the University of Chicago and University
of Southern California, and advisor to Presidents Reagan and Trump.
Larry Van Horn is the executive director for Health Affairs, director of the Center for Health Care Market Innovation Research, and associate professor of Management, Law, and Health Policy at Vanderbilt University.