Question

1 Markets and government regulations are both needed to provide healthcare goods and services effciently and effectively. Do you agree. Justify your answer.

2 Give an example of a healthcare circumstance in which both public and private regulation are present. Which serves the consumers better and why?

3 Assuming you are the manager of a company, how could you use behavioral economics to increase the number of insured employees in your firm?

Answer 1

Healthcare- Market & Government
Health care sector is an important sector on which determines the welfare of the society. The sector can be consisted of both private and public sectors. Analyzing the characteristics, helping to selects which market out of the both. Private and public sectors have their own advantages and disadvantages. Private sector ensures the quality of services on the given competition, where public sector functions with the aim of free healthcare facilities to everyone thus ensuring welfare. Private sector may charge high price on the service they provide which create inequality in the welfare enjoyed by people. Also, government facilities to provide health services may face lack of quality and proper service at time.
It is better to adopt a Public Private Participation in the health care. Government and private entities with regulations and contract can avoid the problems of functioning alone. The participation may help sharing the facilities available with both providing better service to people. The ability of private sector with advanced technology in producing medicines and medical equipments along with healthcare specialists from government can easily manage the sector with efficient functioning. Government provided health services in different countries show high efficient they are. Lack of resources and facilities are common in most of the places. Few come with better facilities and options. Also, private entities are competent trying providing best qualities but charging higher price.
As a manager, providing incentives through insured employees in the aspect of behavioral economics increase the workforce wellness. That can influence the attitude and behavioral approach of employees to the work. A cost effective method of insuring employees will be adopted so as to benefit both the company and the working ability of the staffs.