It has been long since I have been comtemplating doing a blog. I've pondered long enogh over a topic, varying from GMAT prep, selection process for MBA and entrepreneurship ideas - which my Dad (my key investor) never finds interesting. So I'll post here, what tosses in my head. At the least, I will have a let out to ideas. I did a stint as research assistant in Marketing department at Carlson School which raked my interest in pricing - healthcare is another area and I've decided to merge the two.
Since I am taking healthcare courses at school - my thoughts are in better shape. So I'll give this a shot.
US Healthcare is best in the world, uses the most money but is not the most efficient. The technology and reosurces available are definitely the best. What makes it so? The first few items that causes this impact are difference in quality of life for people belonging to various social classes or circumstances. Other influencing factors are interest of stakeholders, design of insurance execution and government regulation.
While the health expenditure in US is ~2 trillion which means $7000 per person, we do not lead in either terms of life expectancy or infant mortality rate. The life expectancy continues to be low because of the fact that while we value looking good and feeling good a lot, we don't care much about changing our lifestyles - like not abusing food, alcohol and tobacco.
Other main stake holders are physicians who make the most money in the current healthcare system. Do they have enough motivation to reduce the cost burden on the system? While physician suggests and company pays, neither the care giver or taker have the motivation to look for leaner means to obtain care.
Despite the fact that physicians rake in the most moolah(~22%) from the 2 trillion healthcare spending, the care provided is not always the best. While the physician may tell a cancer patient, she has barely two months to live, another physician migth be able to help her live 8 years of happy life. Yet another friend of mine was cured of a critical condition with homeopathic medicines when allopathy refused him any treatments. Is there a way we can have the care taker be more involved in the process and look up information which can be trusted? Is there a way that we can reduce the importance of physicians and reduce the burden of cost of paying for our visits to the physicians. Is there a way I can ensure that medicine cocktail prescribed is the right quantity and the minimum price that I could have paid. There is information available on the internet but it is not reliable at all times. While homeopathy and ayurveda are an alternate means of medicine and trusted in certain parts of the globe, we don't want people selling snake oil to cure cancer.
On a serious note, other than the government thinking of national Insurance system, if there could be a website regulated by a body like FDA to inform patients of all probable ways of treatment.
Most often the mistakes happen , not for unique cases, but common causes. It might be of benefit to have such cases listed out on out Med website certified by a body. My opinion is this better not be a blog, since the message delivered and thus the purpose of creating such a website will be diluted.
More recently, I have been brainstorming ( could not I have better thoughts?) what makes the gauze here so expensive while similar wounds can be cured in India using a guaze that's wayy cheaper. What makes the surgical scissors so expensive. Would the American consumer like to choose an operation package like you can choose your spa package?
I have also been thinking of ways to balance the demand and supply for nurses. Could we make the nurses and physicians a consulting engagement? Can we offer better salaries and reduce dependence on individuals while managing the overall cost on the system. Can we create new businesses and job opportunities out of such consulting engagements? Can there be rotation programs within hospitals for nurses? Can the nurse training time be cut short specific to their specialization?
May be this is already done somewhere. May be my midway-MBA brain is overdrive.
More to come. I will look forward to your encouragement, ideas and angry rants.
Since I am taking healthcare courses at school - my thoughts are in better shape. So I'll give this a shot.
US Healthcare is best in the world, uses the most money but is not the most efficient. The technology and reosurces available are definitely the best. What makes it so? The first few items that causes this impact are difference in quality of life for people belonging to various social classes or circumstances. Other influencing factors are interest of stakeholders, design of insurance execution and government regulation.
While the health expenditure in US is ~2 trillion which means $7000 per person, we do not lead in either terms of life expectancy or infant mortality rate. The life expectancy continues to be low because of the fact that while we value looking good and feeling good a lot, we don't care much about changing our lifestyles - like not abusing food, alcohol and tobacco.
Other main stake holders are physicians who make the most money in the current healthcare system. Do they have enough motivation to reduce the cost burden on the system? While physician suggests and company pays, neither the care giver or taker have the motivation to look for leaner means to obtain care.
Despite the fact that physicians rake in the most moolah(~22%) from the 2 trillion healthcare spending, the care provided is not always the best. While the physician may tell a cancer patient, she has barely two months to live, another physician migth be able to help her live 8 years of happy life. Yet another friend of mine was cured of a critical condition with homeopathic medicines when allopathy refused him any treatments. Is there a way we can have the care taker be more involved in the process and look up information which can be trusted? Is there a way that we can reduce the importance of physicians and reduce the burden of cost of paying for our visits to the physicians. Is there a way I can ensure that medicine cocktail prescribed is the right quantity and the minimum price that I could have paid. There is information available on the internet but it is not reliable at all times. While homeopathy and ayurveda are an alternate means of medicine and trusted in certain parts of the globe, we don't want people selling snake oil to cure cancer.
On a serious note, other than the government thinking of national Insurance system, if there could be a website regulated by a body like FDA to inform patients of all probable ways of treatment.
Most often the mistakes happen , not for unique cases, but common causes. It might be of benefit to have such cases listed out on out Med website certified by a body. My opinion is this better not be a blog, since the message delivered and thus the purpose of creating such a website will be diluted.
More recently, I have been brainstorming ( could not I have better thoughts?) what makes the gauze here so expensive while similar wounds can be cured in India using a guaze that's wayy cheaper. What makes the surgical scissors so expensive. Would the American consumer like to choose an operation package like you can choose your spa package?
I have also been thinking of ways to balance the demand and supply for nurses. Could we make the nurses and physicians a consulting engagement? Can we offer better salaries and reduce dependence on individuals while managing the overall cost on the system. Can we create new businesses and job opportunities out of such consulting engagements? Can there be rotation programs within hospitals for nurses? Can the nurse training time be cut short specific to their specialization?
May be this is already done somewhere. May be my midway-MBA brain is overdrive.
More to come. I will look forward to your encouragement, ideas and angry rants.
Labels: Pricing in Healthcare
posted by Ruch Aggarwal | 12:41 PM
0 Comments:
Post a Comment
<< Home