What economic concept would price transparency lower health care costs cover? So that Patients could save...

What economic concept would price transparency lower health care costs cover? So that Patients could save a lot of money if they shopped around for providers who charge less.

Expert Solution

Price transparency would lower the concept of price discrimination.

Price discrimination is the concept where the providers of a particular service or good charges different prices from different consumers.

If the price of each healthcare provider is made transparent, then the consumers will be able to make comparison among the various healthcare providers and choose the one who is charging less.

It will also make sure that the providers charge same price from all the consumers.

Rahul Sunny answered 2 years ago

what else could contribute to the increasing costs of health care? Is it something organic that...

what else could contribute to the increasing costs of health care? Is it something organic that can't be managed, or something that is man-made? If it is man-made, what do you suggest could be done to control for inflation? NEEDS TO BE 200 -300 WORDS. HEALTH CLASS

is the Affordable Care Act really lower the cost overall costs for health care coverage to...

is the Affordable Care Act really lower the cost overall costs for health care coverage to the US patients..?

Health care planners could be effective and efficient if they used the concept of the natural...

Health care planners could be effective and efficient if they used the concept of the natural history of disease and the levels of prevention to design services that intervene at the weakest link in the chain of progression of specific diseases. Instead, most focus on high-technology solutions to preventable problems while experts know that high-technology solutions do not address health disparities, the major causes of diseases and disabilities. What characteristics of the medical care culture hinder the prevention focus?

If health insurance is supposed to cover the cost of care how would you explain to...

If health insurance is supposed to cover the cost of care how would you explain to a patient that a drug costing $800 a month be covered by only $200. Do you think that’s ethical and morally right?

Managed care plans tend to lower health care costs, yet the level and growth of managed...

Managed care plans tend to lower health care costs, yet the level and growth of managed care premiums are similar to those of traditional fee-for-service insurance plans. How can that be explained?

So if health insurance is an affordable care how are those lower income families to afford...

So if health insurance is an affordable care how are those lower income families to afford it? What about the fine that is imposed?

Disease management is the concept of reducing health care costs and improving quality of life for...

Disease management is the concept of reducing health care costs and improving quality of life for individuals with chronic conditions by preventing or minimizing the effects of the disease through integrated care. Disease management programs are designed to improve the health of persons with chronic conditions and reduce associated costs from avoidable complications by identifying and treating chronic conditions more quickly and more effectively, however slowing the progression of those diseases. Disease management inclueds - members with a chronic disease...

Analyze the current economic shift from volume-based health care to value-based health care. What economic principles...

Analyze the current economic shift from volume-based health care to value-based health care. What economic principles (macro and micro) are driving this shift? Evaluate implications of this volume to value shift. How has this shift affected how you work or how you or a family member has been treated for a medical condition

What is the minimum annual cash flow they could accept in order to cover the costs of this machine?

Sorbent has developed a new machine to manufacture toilet paper, which they expect they can use for a period of 9 years. However, it will cost them $8.75 million. What is the minimum annual cash flow they could accept in order to cover the costs of this machine? Sorbent have determined that a discount rate of 5.5% p.a. compounded annually is appropriate for this project.

Cloning What are the potential outcomes of this innovation for patients, the health care system, the...

Cloning What are the potential outcomes of this innovation for patients, the health care system, the costs of health care, and health providers?

Question