Should we have Moneyback Guarantees in Healthcare?

I know I run the risk of being shot by friends and colleagues for even suggesting something like a ‘moneyback guarantee’ in medicine. I am aware of all the usual arguments about why it cannot be done and why my understanding of issues in medicine is so limited.  Let me begin by capturing some of these arguements.

Medicine is a profession, which involves huge risks. Our understanding of how the body works and heals is limited. All the advances in medicine that we have witnessed in the past decades, while incredible do not still allow us to say with certainty that what works for John will also work for Joe assuming they have similar problems and are being treated by the same doctor. Each individual is different, and he responds to medicine in a different way. Moreover, medicine is an inexact science, the outcomes are dependent on too many factors beyond the control of the doctor and that it is next to impossible to predict a successful outcome.     Continue reading