U.S. Health care spending will approach $5 trillion dollars this year, and managing this staggering cost will be a priority for policymakers and the public. Meanwhile, private equity is increasingly a player in health-care finance, which could bring risks as well as opportunities. This Stanford Health Policy Forum brought together California State Assemblymember Jim Wood and Liran Einav, the Charles R. Schwab Professor of Economics at Stanford, two leaders who have shaped health care financing debates in elected office and in academic research, respectively.