Too bad health insurance companies are exempt from anti-trust laws.
We are pretty much screwed. Hardly any competition. I honestly think Obama and his people want to kill the industry off and go to a single payer (gov) system. This health care bill is a job killer. Businesses aren't gonna want to hire people with all these added costs. The women who should be getting birth control wont (the poor) since they get more aid for having more children.
Competition isn't necessarily beneficial in health insurance, at least to health care consumers. Health insurers barter down prices by using their market share, a great example being medicare/medicaid. Increased competition might result in decreased bargaining power in any one insurance company and higher health care costs for consumers.
On the other hand, absent competition, there is little incentive for health insurers to minimize administrative costs. A single-payer system, while having the strongest possible power to bargain for lower costs for consumers, is also mostly likely to have wasteful administrative costs.
In addition to the intrinsic complexities of the health insurance market, the government has mandated that all patients receive emergency treatment regardless of their ability to pay. This is a further perversity that allows people to not buy insurance at all and be assured a treatment. They can just get their routine care from an emergency room.
This is the essential dilemma that health reform was trying to solve, if we want to mandate universal emergency room treatment, we have to mandate universal coverage. But if we don't mandate universal emergency room treatment, then we are essentially allowing poor people to simply die on the street.
I'm not advocating any particular view on how health care should be regulated, but it's clear that health insurance is a pathological market and normal free-market platitudes will not work. I think that Obama's health care law addresses the basic flaws in the system and is an improvement in its broad structure (i.e. EMTALA requires an insurance mandate). There may be better ways to regulate how businesses provide coverage or details like that, but those details can be evaluated as problems arise and hopefully ironed out in the normal legislative process (if our system is ever capable of passing laws again).
As for the effect of the new law on physician reimbursement, to be honest its not clear to me. Is it supposed to decrease? I imagine that some specialties may do better because their patients will now have insurance.