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Indicate whether the statement is true or false, and justify your answer.
Physicians have no say in what prices to charge their patients.
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- Demand studies in health care have provided estimates of both income and price elasticity. Estimates of income elasticity are usually above +1.0. Estimates of price elasticity typically range between -0.1 and -.75 (with hospital services at the lower end and elective services at the upper end). What information do these estimates convey? What does the price elasticity of demand estimates imply for government policymakers, insurance companies, and medical providers' decisions? What does the income elasticity of demand estimates imply for government policymakers, insurance companies, and medical providers' decisions?What factors cause Physician Induced Demand, and how do you diagnose it?In some countries, such as Canada and UK, direct-to-consumer (DTC) advertising for pharmaceutical products is illegal or tightly controlled. Which of the following is NOT a reason why DTC is tightly controlled? DTC have the potential to drive up spending on drugs and exacerbate moral hazard. DTC makes patients aware of new remedies. DTC can put a strain on doctor-patient relationship when patients demand some drugs that are not necessary or not the best options. Asymmetric information: consumers are not in a good position to determine if a drug is what they need.
- What effects would joining a MCO have on your clinic regarding staffing, patient volume, and financial stability?What policies and procedures should be used by the MCOs to reduce costs for their clientele?What would be the effects on price and quantity if physicians can induce demand?How do fee-for-service and capitation payment systems affect the amount of medical care the patient receives relative to the optimum amount that would be provided by the “perfect” agent? Under which system we expect to see more supplier-induced demand?
- There have been shifts in policy regarding the regulation of managed care organizations intended to protect the consumer from rationed care. Are current regulations working or are they adding to already too much regulation and associated cost of providing healthcare in the U.S.?Which method(s) of payment to physicians will most likely result in higher total charges due to volume of services provided? Capitation. Salary. Fee-for-service (FFS). RBRVs. Methods based on patient outcomes.One of the significant problems in medical care markets may be the information problem. Asymmetric information has led to two important defects in the medical marketplace. What are they? How do these defects affect medical markets?
- Considering Healthcare price elasticity, would it be a good idea to implement a price increase on medical products?Discuss the kind of pressure the Health Maintenance Organizations (HMO) exerted on the price of drugs.What is the significance when it comes to cream skimming to show it's efficient function of a medical market?