Our current healthcare system is exactly what our predecessors designed it to be.
"Regulated firms whose explicit financial profit rate is restricted have every incentive to allow costs to rise, taking various benefits in nonpecuniary forms, such as fringe benefits (especially for management), more relaxed (inefficient) management, less innovative activity and the headaches it brings, less unpleasantness such as firing people or hiring associates who are offensive in manner, race, or sex. In addition, the more costs the regulated firm can accumulate--and get the regulatory agency to accept as valid--the higher its total profits at a given rate of profit."
If anyone ever needs a Sowell passage that can be applied to health insurance and the MLR, here you go. Knowledge and Decisions, p198.