Yes, the American hospital system is insanely expensive. Although I don't think the source of the income for that system is the reason it is so expensive. Rather, US regulation is.
It's also worth noting many of those countries (eg: Canada) refuse to permit a patient access to non-government-approved medicine. No, I'm not saying the hospital won't let you have cocaine to ease the pain, I'm saying expensive cancer drugs are banned because they would increase healthcare costs to US levels:
http://www.fraserinstitute.org/research-news/news/display.aspx?id=18745
Australia has a socialised health care system where everyone earning above $19,404 per annum pays into it. That system provides better outcomes for the whole of the population (not just the rich who can afford adequate cover) at under half the cost of the US per capita.