I don't know if it is better, but it is certainly a different problem, which matters if anyone is interested in understanding or fixing it.
I think it is important to understand the problem specifically there are a lot of patients dying of treatable cancer who would benefit from a health care system that functions better.
As for labor laws, the US does far better than it seems. Easy to fire also means easy to hire too, as the risk taken by the employer is also far lower. And the stronger the protections, the higher the slack, showing in unemployment. Very few European countries have the unemployment rates of the US, and the ones that do get there via a lot of temporary work, which has about as many protections as US work. And even with those protections, you still see Spain and Greece at well over 10% unemployment, while the US is under 4.
The easiest is basing Medicare spending on patient benefit in terms off quality adjusted life years.
I think it is a common misunderstanding that European countries maintain lower costs via price caps. In actuality, most don't limit the sale price, but control how much they are willing to pay for a drug, device, or procedure. This means that a product has to be substantially better to command a substantially higher price. More treatment with slightly worse products means much more benefit overall. Similarly, it puts some downward pressure on the price of new products because they have to compete with cheaper but less effective ones.
Also it has been proven many times by many people that if US were to transition to single payer insurance system, it would actually decrease the spending. No one claims it is easy, but there is absolutely no reason for the US insurance system to exist under single payer, that would be just setting piles of cash on fire.
It's also worth noting that many countries with single pair still have a supplemental insurance market for premium coverage not included.