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What is "economics"? - A Map for decision making. Economics analyzes the allocation of scarce resources. What are some of the specific challenges faced by managers in healthcare? - 1. The central roles of risk and uncertainty 2. The complexities created by insurance 3. The perils produced by information asymmetries 4. The problems posed by not-for-profit organizations 5. The rapid and confusing course of technical and institutional change What does asymmetric information mean? Can you ...

public option - A public health insurance plan comparable to Medicaid, designed to compete with private insurance. Uncertainty - A state in which multiple outcomes are possible but the likelihood of any one outcome is not known. Medicare - Health insurance for the elderly provided under an amendment to the Social Security Act. Medicaid - Health insurance for the poor financed jointly by federal and state governments Flexner Report - A 1910 report published as part of a critical review of ...

What is "economics"? - A Map for decision making. Economics analyzes the allocation of scarce resources. What are some of the specific challenges faced by managers in healthcare? - 1. The central roles of risk and uncertainty 2. The complexities created by insurance 3. The perils produced by information asymmetries 4. The problems posed by not-for-profit organizations 5. The rapid and confusing course of technical and institutional change What does asymmetric information mean? Can you ...

The value of all goods and services produced within a country for a given period; a key indicator of the country's economic activity and financial well-being - gross domestic product health as "not merely the absence of disease or infirmity but a state of complete physical, mental and social well-being. - WHO Anticipated number of years of life remaining at a given age. - Life expectancy Number of deaths in a given population within a specified period. - Mortality Incidence or prevalence...

a cottage industry Engaged in by physicians and their assistants, largely students (apprentices) - At the beginning of the 20th century, health care in the United States was predominantly: When the 20th century opened: - -Doctors were mostly solo practitioners -Hospitals were single, independent entities, mostly non-profit History of Incremental Change: - Long-term care for the elderly was largely home-based Pharmaceutical and medical device manufacturing was small business Health care ...

opening of 20th century - -doctors were solo practitioners -hospitals were single, independent entities, mostly non-profit -long term care for the elderly was largely home-based -pharmaceutical and medical device manufacturing was a small business 1847 - founding of American Medical Association (AMA) AMA - -established standards for preliminary medical education for the degree of MD -Code of medical ethics -recommended use of anesthetic agents for surgery and obstetrics -noted the danger...

Nonmarketability of risks - Inherent I medicine and medical practice health insurance. Moral hazard - behaving differently when you know someone else is taking the risk (induced demand) Adverse selection - The sicker people likely want more insurance (the healthier, less) Pooling of risk - Sharing risk proportionately among many is a basic insurance concept Financing health care in U.S. - •Workarounds •Redundancies •Contradictions (NHEA) - National Health Expenditure Accounts Nati...

opening of 20th century - -doctors were solo practitioners -hospitals were single, independent entities, mostly non-profit -long term care for the elderly was largely home-based -pharmaceutical and medical device manufacturing was a small business 1847 - founding of American Medical Association (AMA) AMA Changes in HC during the 19th century led to modern HC - -established standards for preliminary medical education for the degree of MD -Code of medical ethics -recommended use of anesth...

Community-based care - self and ambulatory care Hospital based care - inpatient acute care Postacute care - long-term care, ambulatory rehab centers, long term care hospitals Self-care (80-95% of health problems stop here) - OTC meds, vitamins and supplements and change of habits Ambulatory healthcare - medical services performed without admission to a hospital or other health care facility for an overnight stay Freq settings for ambulatory care - physician offices, emergency departments,...

Moral Hazard - When the act of insuring an event increases the likelihood that the event will happen behaving different when you know someone is taking the risk (induced demand) Adverse Selection - the situation in which one party to a transaction takes advantage of knowing more than the other party to the transaction the sicker people likely want more insurance, compared to those who are healthy Pooling of Risk - Allows individuals to share risk, i.e., insurance companies National Health...