Michael Moore and socialized medicine

[revots33]

Saw an interview with Michael Moore, and he was talking about the knee-jerk negative reaction many people have to the term "socialized medicine". His argument was that health care should not be a for-profit business. Insurance companies are beholden to their shareholders to maximize their profit. This creates a natural conflict between what's good for the shareholders, and what might be best for the patient (as in, expensive treatments).

He then mentioned that we already have some socialized services in the USA, which people have no problem with. He used the example of fire departments, which provide service to everyone and are not expected to turn a profit. He argued that if fire departments were forced to maximize revenues for shareholders, it would be a terrible idea that might compromise safety in life-or-death situations. Since healthcare is also often a life-or death issue, a socialized approach, where profit concerns are removed from the equation, is the best answer.

This seemed like a reasonable argument to me. Am I wrong for thinking this?