It is screwed up, both the medical and insurance industry. I definitely favor capitalism and free enterprise. While companies are always going to try to maximize profits, with competition it generally works itself out and gives us a fair system. Unfortunately, with some industries you wind up with more monopolies and collusion and less competition which tends to drive up prices.
But I don't support over-regulation and gov't control. There's already precedence of more gov't control and laws resulting in more consolidation and price increases.
http://khn.org/news/hospital-mergers-costs/
And, Obamacare is already a disaster and the full effect hasn't even been reached yet. Not to mention much of the law was written with input and collaboration with the insurance industry. And many on the left from the beginning just viewed it as phase one towards a move to single payer full govt control which would be an even bigger disaster.
Something needs to be done, but more govt control and takeover doesn't isn't the answer.