By private sector standards... Yes! The public sector is an abysmal failure. Granted, in the public sector, there is no incentive for efficiency, ingenuity or even supplying what is needed or wanted according to demand. The only concept of demand in the public sector is the internal demand to grow a bureaucracy that meets or exceeds a given budget--to "prove" that a larger budget will be needed in for the next fiscal period.
With the advent of the HMO (Under Nixon) we have seen the costs of the medical system increase exponentially. Right now, the privatization factor increases the cost approximately $407 Billion dollars. This is the cost of profits from private insurance companies, etc. The only thing that privatization does, is make the middleman richer at the expense of the consumer.
The Public sector may have it's bureaucratic nightmares, but compared to the profit taking, it's a far better proposition for consumers.