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The Economics of US Healthcare: Competition, Innovation, Regulation, and Organizations

The Economics of US Healthcare: Competition, Innovation, Regulation, and Organizations
Author:
Publisher: Stigler Center
Total Pages: 244
Release: 2023-05-01
Genre: Business & Economics
ISBN:

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This eBook was born out of a general diagnosis that the US healthcare sector is not only one of the most studied industries in economics but also one of the areas where the field can make the most progress. Indeed, the American healthcare industry has many features that are particularly attractive to economists. It is one of (if not the) largest sectors of the US economy, accounting for almost 20% of the national Gross Domestic Product and employing tens of millions of workers. Firms range from large conglomerates to small providers, and there is strong government-private sector interaction, with federal, state, and local governments shaping policy. The industry also has many failures, is undergoing tremendous change, and produces a wealth of data (even if not always perfectly formatted). The field, however, is far from saturated. Healthcare is such a complex and intricate sector, one where details matter so much that it is almost its own subfield of economics. These high barriers to entry prevent scholars from researching healthcare topics and weaken the cross-pollination of ideas, an increasing hallmark of many other areas. This is problematic, not the least, because any major advances in healthcare economics literally save lives (and billions of dollars). This project aimed to help lower these barriers and kick-start broader collaborations.


The Corporate Practice of Medicine

The Corporate Practice of Medicine
Author: James C. Robinson
Publisher: Univ of California Press
Total Pages: 280
Release: 1999-11-01
Genre: Medical
ISBN: 9780520923768

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One of the country's leading health economists presents a provocative analysis of the transformation of American medicine from a system of professional dominance to an industry under corporate control. James Robinson examines the economic and political forces that have eroded the traditional medical system of solo practice and fee-for-service insurance, hindered governmental regulation, and invited the market competition and organizational innovations that now are under way. The trend toward health care corporatization is irreversible, he says, and it parallels analogous trends toward privatization in the world economy. The physician is the key figure in health care, and how physicians are organized is central to the health care system, says Robinson. He focuses on four forms of physician organization to illustrate how external pressures have led to health care innovations: multispecialty medical groups, Independent Practice Associations (IPAs), physician practice management firms, and physician-hospital organizations. These physician organizations have evolved in the past two decades by adopting from the larger corporate sector similar forms of ownership, governance, finance, compensation, and marketing. In applying economic principles to the maelstrom of health care, Robinson highlights the similarities between competition and consolidation in medicine and in other sectors of the economy. He points to hidden costs in fee-for-service medicine—overtreatment, rampant inflation, uncritical professional dominance regarding treatment decisions—factors often overlooked when newer organizational models are criticized. Not everyone will share Robinson's appreciation for market competition and corporate organization in American health care, but he challenges those who would return to the inefficient and inequitable era of medicine from which we've just emerged. Forcefully written and thoroughly documented, The Corporate Practice of Medicine presents a thoughtful—and optimistic—view of a future health care system, one in which physician entrepreneurship is a dynamic component.


Competition, Regulation, and Rationing in Health Care

Competition, Regulation, and Rationing in Health Care
Author: Warren Greenberg
Publisher: Beard Books
Total Pages: 190
Release: 2002
Genre: Business & Economics
ISBN: 1587981416

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This is a reprint. The attributes and conduct of the physician, hospital, insurance, and long-term care industries are examined.


Improving Healthcare

Improving Healthcare
Author: David Hyman
Publisher: Springer Science & Business Media
Total Pages: 436
Release: 2007-04-21
Genre: Political Science
ISBN: 0387257527

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Improving Healthcare: A Dose of Competition systematically examines the American health care system from a competition-oriented perspective. The volume surveys the performance of each major sector of the health care system, and identifies impediments to more effective competition. Improving Healthcare examines such issues as competition v. regulation, public and private sector approaches to health care financing, cross-subsidies, licensure, provider market concentration, financial and clinical integration, payment for performance, quality, pharmacy benefit managers, direct-to-consumer advertising of pharmaceuticals, certificates of need, mandates, unionization, the significance of organizational status (nonprofit v. for-profit), and the role of antitrust and consumer protection in health care. It offers concrete recommendations to improve the quality and cost-effectiveness of the American health care marketplace.


Cost and Competition in American Medicine

Cost and Competition in American Medicine
Author: Les Seplaki
Publisher: University Press of America
Total Pages: 508
Release: 1994
Genre: Business & Economics
ISBN: 9780819196408

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Winner of the 1990 Booker Prize. A witty meditation of the democratic responsibilites of the ordinary man, his duty to employer and family, and a poignant tale of thwarted idealism, this is perhaps Ishiguro's finest novel. The Remains of the Day is a charming, amusing and moving story which captures the reader's imagination from the first sentence.


Competition in the Health Care Sector

Competition in the Health Care Sector
Author: Warren Greenberg
Publisher: Beard Books
Total Pages: 428
Release: 2002
Genre: Business & Economics
ISBN: 9781587981302

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Source of the debate on how much competition and regulation are necessary in the health care industry. This is a reprint of proceedings from a 1977 conference.


Why Not Better and Cheaper?

Why Not Better and Cheaper?
Author: James B. Rebitzer
Publisher: Oxford University Press
Total Pages: 268
Release: 2023-06-20
Genre: Health & Fitness
ISBN: 0197603122

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An engaging account of innovation in healthcare and why the results fall short for patients and society. The evolution of the cell phones we carry in our pockets demonstrates that quality can increase while prices fall. Why doesn't healthcare also get better and cheaper? In Why Not Better and Cheaper?, James B. Rebitzer and Robert S. Rebitzer offer an answer to this question. Bringing together research on incentives, social norms, and market competition, they argue that the healthcare system generates the wrong kinds of innovation. It is too easy to profit from low-value innovations and too hard to profit from innovations that reduce the costs of care. The result is a healthcare system that is profusely innovative yet remarkably ineffective in discovering ways to deliver increased value at lower cost. Why Not Better and Cheaper? sheds new light on the trajectory of innovation in healthcare, and how to point innovation in a better direction.


The Business of Healthcare Innovation

The Business of Healthcare Innovation
Author: Lawton Robert Burns
Publisher: Cambridge University Press
Total Pages: 607
Release: 2012-07-26
Genre: Business & Economics
ISBN: 1139536958

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The Business of Healthcare Innovation is a wide-ranging analysis of business trends in the manufacturing segment of the healthcare industry. It provides a thorough overview and introduction to the innovative sectors fueling improvements in healthcare: pharmaceuticals, biotechnology, platform technology, medical devices and information technology. For each sector, the book examines the basis and trends in scientific innovation, the business and revenue models pursued to commercialize that innovation, the regulatory constraints within which each sector must operate and the growing issues posed by more activist payers and consumers. Specific topics include market structure and competition, the economics and rationale of product development, pricing, sales and marketing, contract negotiations with buyers, alliances versus mergers, business strategies and prospects for growth. Written by professors of the Wharton School and industry executives, the book shows why healthcare sectors are such an important source of growth in any nation's economy.