Economics for Healthcare Managers, Second Edition by Robert H. Lee

By Robert H. Lee

Healthcare managers confront many tricky and complicated questions. Economics for Healthcare Managers presents the industrial instruments managers have to simplify and increase choice making. This publication offers a framework for figuring out pricing, law, charges, marketplace call for, profitability, and danger concerns that each one healthcare managers face. completely revised and up to date, the second one variation positive factors: a brand new bankruptcy on developing and examining forecasts a brand new bankruptcy on govt intervention in healthcare markets Case reports and examples that illustrate tips on how to research administration difficulties and make thoughts Key options, dialogue questions, and a word list for every bankruptcy Written in an easy and functional kind, this ebook is perfect for readers without historical past in economics.

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Extra resources for Economics for Healthcare Managers, Second Edition

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Why might residential care managers not understand what their customers want? • Why would their lack of understanding matter? • What could a manager do to better understand what customers want? • Are there parts of the healthcare sector that will experience slower growth than residential care for the elderly? • How would a career in a slow-growing sector differ from a career in a fast-growing sector? 2 Shrinking Share of Direct Consumer Payments The most consistent force underpinning the evolution of America’s healthcare system has been the shrinking share of services that consumers pay for directly.

First, consumers are using more inexpensive generic drugs. In 2006, generics represented 63 percent of all prescriptions (Generic Pharmaceutical Association 2008). Second, the prices of many generics have been driven down by intense competition C hapter 2: An Overview of th e U. S . 6% 1960 1964 1968 1972 1976 1980 1984 1988 1992 1998 2002 2006 SOURCE: Centers for Medicare & Medicaid Services (2007). , Wal-Mart and Target). Third, pharmaceutical manufacturers have huge start-up costs and low costs per additional dose, so the price per dose is negotiable.

Another, less tractable problem remains. Some consumers, notably older people with chronic illnesses, are much more likely than average to face large bills. Such consumers would be especially eager to buy insurance. On the other hand, some consumers, notably younger people with healthy ancestors and no chronic illnesses, are much less likely than average to face large bills. Such consumers would not be especially eager to buy insurance. This situation illustrates adverse selection: people with high risk are eager to buy insurance, but people with low risk are not.

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