Well, I can certainly speak to the billing side of privatized medical care at the moment.
I usually don't pull out my credentials, but I've been working in medical billing and collections for over 7 years. I worked at resolving claims, collecting patient bills and have basically seen all this stuff in real time. Hospitals are mandated to not turn away anyone considered "emergent" upon admission. We did not, in fact, turn ANY patients away from either our emergency or clinical areas (though, as I understand it, that was in the process of changing for chronic non-payers seeking non-emergency services).
That's why I'm of 2 minds on this.
As a citizen myself, I would love to be able to walk into a hospital and get treated regardless of my insurance status and not have to worry about bills. I have a direct personal stake in this as about 10 years ago I had to file bankruptcy on a medical bill because I was in between jobs and had my gall bladder removed and ended up owing 18k for the surgery. I had no insurance, I made too much money for any relief from the hospital, but not nearly enough to pay off the debt until I was in my 60s. So, I FULLY understand what it means to be kind of screwed by the medical system.
Now, let me turn to the business aspect of the hospital.
Quite frankly, the above quote about Medicare underpaying doctors and hospitals is 100% true. I beleive the return for medicare claims was 33 cents on the dollar. Though, as also stated above, Medicare is not a good example of how a federally run insurance should work.
Fun Fact: Medicare doesn't believe that seeing and hearing are "medically necessary" so will not cover any eye care (unless you're diabetic) or hearing aides. What they pay hospitals IS attrocious.
A hospital needs money to function. Without it, no new advances are made, people are seen with outdated equipment and mistakes are made because of it.
I do know that hospitals are suffering because they aren't recouping money from either insurance companies, or from patients.
I do know that as a national trend, people with medical debt is increasing while their ability to pay is decreasing. with health care the way it is now, there is no way that this can continue without hitting some sort of critical mass.
The long and the short of it is that people ARE avioding getting needed medical care because they'd literally die than sink their families into debt.
In the end, it's the insurance companies that are the biggest threat. The denial rate of claims is skyrocketing as premiums and deductibles increase. If there's any regulation needed, that's where it needs to start.