Healthcare Industry a Business? The Term Paper

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Often, there isn't publicly available data on the best-rated physicians or hospitals for treating specific conditions. Prices aren't readily available and vastly differ according to the patient's health plan affiliation. and, unnecessarily complex billing contributes to cost shifting, drives up administrative costs, and makes price and value comparisons very difficult.

Consumer-driven health plans with higher deductibles and a savings account for health expense are emerging in an attempt to make consumers more cost conscious in their healthcare decisions just as they are in other buying decisions. In a recent Kaiser Family Foundation study (Andrews, 2006), more than 70% of people in these new plans said they consider price when deciding to see a doctor or fill a prescription, compared with just under half in traditional plans.

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However, there are negative implications of consumer-driven health plans in preventative care. A fourth of people in these plans said they skipped a recommended test or treatment, compared with 15% in traditional plans (Andrews, 2006). Clearly, more improvement is needed to determine what is and what isn't part of the deductible for the consumer-driven plans, but they do appear to addressing demand-side problems of the healthcare industry.

The healthcare industry is not designed to deliver customer value and customers don't have access to the information they need to assess services. Further, customers' price sensitivity is artificially altered because they don't directly foot the bill. For all these reasons, the healthcare industry is in no way a properly functioning business......

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