Ever wonder how Medicare pricing works? It affects us all more than you might think. Prices for procedures set by Medicare often trickle over to the private sector, so Medicare effectively sets the cost of procedures for the health-care market as a whole. David Chan and Jay Bhattacharya explain how an independent committee gives recommendations on how much each procedure will cost. Because the committee is largely made up of specialists, many wondered whether their pricing might be biased against primary care doctors. The answer? Not much.

David Chan and Jay Bhattacharya are core faculty members at Stanford Health Policy, an FSI center. This episode originally aired live through the Stanford Institute for Economic Policy Research.

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