I haven't seen anything that just removing the insurance companies would do it.  The actual costs are lower for physicians, tests, hospitals and all of that where I have looked.  

I don't think it pencils out.  

We already have a shortage of health care professionals; not everyone is smart enough to be a brain surgeon or is willing to spend 7-8 years learning how to be one.   And cutting their income in half isn't going to encourage those smart enough to go into the field.  

They'll go make money on Wall Street instead!