You don't need single payer. There are plenty of examples of working health systems in developed countries that don't rely on single payer. You just need some regulations that ensure that the system works mainly for patients and not for shareholders.

The US has reached an almost comical level of insanity and blatant inefficiencies but somehow there is no political will to address anything. Even the current fight over the ACA subsidies is basically about throwing even more money into the fire without addressing any structural issues.