I suspect that is not the only reason but it definitely contributes. Insurance companies are like the bacteria growing on a festering wound making it worse. Otherwise medicine and biotech research/operation is not cheap, personalized medicine even more expensive. The R&D is many times carried out by private companies which mostly care for profit. So fixing healthcare requires more than just getting rid of insurance companies (though they should definitely be gone). Alot of goverment support and correct use of taxes is required too.