I wouldn't call it a 'subjective term', because efficiency can be quantified and objectively measured. But I am quibbling with your language, not with your real point, because I agree that the choice of which efficiency to prioritize is subjective (in the sense of 'subjective' that you're using -- choice of goal).
Still, I would say that in the context of a "how can we fix our health care problems?" conversation, or the closely related, "which solution costs the consumer population more?" one, this is a more useful measure of efficiency than the one the health-profiteers' accountants might choose. After all, the profiteers probably don't see the system as broken, unless they've spotted some way they could be making even more money off of the rest of us.
(no subject)
Still, I would say that in the context of a "how can we fix our health care problems?" conversation, or the closely related, "which solution costs the consumer population more?" one, this is a more useful measure of efficiency than the one the health-profiteers' accountants might choose. After all, the profiteers probably don't see the system as broken, unless they've spotted some way they could be making even more money off of the rest of us.