For all the discussion around healthcare reform in the United States, one issue continues to sit at the center of the problem: We still spend far more treating disease than preventing it.

When most people think about the cost of healthcare, they look at billing, drug prices, or insurance premiums. What they don’t see is the hidden cost that providers shoulder to comply with the rules. Every regulation comes with a price, not just in dollars, but also in terms of time, infrastructure, staffing, and attention. And when policymakers underestimate that cost, it distorts everything from reimbursement to patient access...