The healthcare financing that is going on is a nebulous process that lacks rational.
In watching Michael Burry's comments during his UCLA commencement address, I've come to realize that the healthcare financing system itself is tied to the TBTF big banks. The linkages between large for-profit and non-profit healthcare institutions (i.e. insurers and hospitals) with either (a) state funded Medicare budgets or (b) state funded "health facility bonds" is clear. The common factor is the debt financing backed by state tax payers and leveraged via TBTF banks.