Whats Wrong With America's Healthcare System?

The US Healthcare industry sits at number 2 just below the Defense in the worldwide industry rankings. It also belongs to a select group of three or four industries that are considered recession proof, again defense being one of them. The cost of healthcare for a common person has escalated exponentially over the last decade and any number of reasons may be quoted for this increase, and primarily depends on who is asked the question. The provider will almost always point to the liability factor, which results in not only them ask for higher reimbursements, but also them practicing what may be termed as defensive treatments. If insurance companies are asked the same question, they would blame it on the providers who charge too much and who also do not manage  their patients properly thereby incurring extra costs in the long run. Patients simply make it look like the physicians bilking them out of their skins to maintain their luxurious lifestyles. Outsiders would blame lobbyists and pharmaceutical companies. Hence, there is no clear cut explanation and as a result no definite solution can be generated. Lets try and gather as many views fro as many diverse audience as possible and try to narrow down the issue at hand. Having spent almost a decade in this field and with significant experience on all fronts, i.e. provider, health plan, and patient, I have my own unique perspective, but will hold back for a while so as not to start a debate in support or against what I perceive as the problems in this industry. Lets try to be very objective in our analysis, and avoid negating or supporting views of others and instead present our own independent views.