Canada is a good mix if you ask me. 40 hour weeks are the norm, small business is encouraged, but the understanding that people have lives and are not beholden to their employer has an overall positive impact on society as a whole.
Granted, I've never tried to operate a business in the US, so maybe I just don't know what I'm missing, but I'm certainly greatful that my son spent the first year of his life exclusively with mom.
But from what I know, the canadian system seems more likely to be what the US could transition to than, say the UK system.
FWIW, my understanding is that Canada's system is that the government acts like an insurance company, so rather than all medical facilities being government facilities, they are private and they simply bill the government. In the UK, all facilities are government run, so there is no billing at all [well I'm sure there is behind the scenes].
The reason for this is though mainly lies in the weather, and really has nothing to do with anything else. Hell, not many people live in North Dakota either!
Basically, you're correct in your interpretation of how our Health Insurance works. There are caveats (no deductibles, bans on what a private clinic can do, caps on doctor earnings) but generally the system is a good compromise.