We could possibly try instituting a profit cap to keep expenses down first.
You can't be serious... before we even get into how immoral and impractical the idea of profit caps are in general, the only thing this would do consolidate healthcare providers since they are the ones who are really making money, and greatly reduce healthcare product development. The healthcare capital market would collapse, and one failed blockbuster would take down most innovative drug manufacturers.
The best way to lower prices in a market is to put more power into the hands of consumers. Insurance companies are currently acting as a shield for healthcare providers against consumers - that needs to end, whether we are talking about private insurance or public universal insurance.
