Unfortunately this is not the case — the problem with health care costs are not the lack of competition driving up the cost of medicine, it is the regulatory burden. In. system where 18 cents on the dollar translate to patient care (and that includes professional component such was physician fees) the issue is not tubers of physicians. Tort reform would be the thing that puts the biggest dent into medical costs. Passing meaningful tort reform with loser pays and caps on awards would probably drive down the cost of medicine 60% overnight.
You think the solution is tort reform? Malpractice insurance wouldn’t be so high if there wasn’t so much malpractice.
But to your point, a free market where a person makes an informed choice about their doctor is the best approach. And that informed choice would include how much insurance they carry and how far along the scale on qualifications the doctor is.
A new doctor with few quals and low insurance is gonna be cheaper. Market forces start contributing to the balance.