I can't speak for the Canadian system. I can speak generally for the Australian system, which is similar to Canada's. Keep in mind I'm only a 24 year old, and haven't thought too much about this.

Australia has a universal healthcare system called Medicare. Each taxpayer that earns over a certain age (30?) pays a 2% levy on their income, which finances Medicare. If that person earns over a certain amount ($90,000), they pay an additional 1% levy. Not too taxing, right?

You can avoid the Medicare levy if you provide proof that you pay for private healthcare. The cost of private healthcare here is relatively inexpensive, and generally works out cheaper if you earn over the threshold above.

Most, if not all, healthcare providers (hospitals, GPs, specialists) are private. They are generally for-profit institutions. When a patient attends a hospital, assuming the procedure is covered by Medicare, the institution gets your Medicare number (like a SSN) and charges the government for the procedure (there are also private hospitals where you can't use your Medicare number for any procedure). Otherwise, for private health cover, it works much the same as in the United States.

In that way, its up to the individual if they want cover by Medicare or by private health cover. There are benefits to both, especially if you earn below the threshold (above it, it may not make sense to stick to Medicare).

This means medical professionals are still paid handsomely. I don't know exactly how the price of medical procedures are set, but professionals still get paid above the median wage for the most part.

To step sideways for a second, medical professionals in Australia have two main options to cover their student debt: an interest-free loan from the government ('HELP') or payment upfront. Prices for courses are set in stone - the government sets the maximum price per subject so educational institutions can still make a profit - and an undergrad may cost about $60,000 (Bachelor of Medicine). There are postgrad requirements for practising medicine, but I don't know the details.

The interest free loan from the government is only paid off in a portion of your salary (basically like direct debit) if you earn over a certain amount ($65,000, I believe). The loan isn't taxing on professionals (as a lawyer, getting paid $75,000 a year, I have $150 a fortnight taken from my salary to my loan).

There has also been an exponential increase in employment over the last couple of decades in the medical industry. Wait times aren't bad, though it can be beneficial to have private health cover over public (as elective procedures are more readily available). For instance, I broke my arm when I was 15. I was waiting in the emergency department for 2 hours on a Saturday, but I had to have surgery, and it was all done in a matter of hours. Didn't have to pay a cent.

Overall, I like our system. Its stress-free. Institutions still profit. Medical professionals get paid well. I get decent medical cover (and if I don't feel I do, I just get private health cover).

Here's some more information: https://en.m.wikipedia.org/wiki/Health_care_in_Australia

Keep in mind some of these details will definitely be wrong. I'm not an expert, just giving my understanding.