HSC 3350 Lecture Notes - Lecture 1: Dentures, Bachelor Of Business Administration, Free Market
18 Feb 2015
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What is a free market: patients and providers act independently; patients can choose to see any provider, no price fixing forces of demand and supply determine this, unrestrained competition between providers, patients have information on appropriateness of services (imperfect information exchange in health care, patients have information on price and quality for each provider, patient bears the cost of services rendered (insurance is a 3rd party that pays for our services; so we don"t pay for everything) U. s. has a quasi market where health care is partially managed by free markets: patients (buyers and providers (sellers) act independently, prices set by interaction of supply and demand, unrestrained competition on basis of price and quality, patients must have info of availability of different services (technology too complicated, skills too advanced, patients have info on price and quality on each provider, patients must bear cost of services received, patients make decisions about the purchase of health care services.
