It's just as doomed as the democrats plan. Both are looking for ways to pay for health care costs eight time higher than what other developed nations pay. Until we address the issue of cost rather then how to pay for helath care, no real progress will be made/ When costs come down, someone will be making less money, and that's what no politician will mention.
The way to bring costs down, and let the market decide who will make less, is to deregulate medicine, which now operates as a government sponsored cartel. Then bring in competition, lots of it!