Unbiased Analysis of Today's Healthcare Issues
Economists typically believe that there is too much regulation in the medical field. Due to problems of asymetric information in determining doctor quality, economists believe there is a role for certification and licensure, but these requirements are currently too strict. For instance, many routine procedures could be preformed by a Nonphysician Clinician (NPC) such as…
The use nonphysician clinicians (NPCs) in the provision of medical care has grown over the years. Although physicians still dominate the medical field, there were over 66,000 Physician Assistants in the United States in 2005. Before Physician Assistants (PAs) and Nurse Practitioners (NPs) were licensed, physicians were the only individuals permitted by law to perform…
The popular press has been decrying the existence of large numbers of Americans without medical insurance. From Indiana to Wisconsin to California, politicians are looking for a means–such as government provided health insurance–to give more residents medical insurance. Economists, however, generally speak out against the provision of private goods by the government. An interesting solution…
In an attempt to reduce costs, Medicare enacted a Prospective Payment System (PPS) in 1983. Medicare aimed to pay hospitals a fixed rate based on the Diagnosis Related Group (DRG) plus/minus an adjustment for location and local wage. Although this system gives hospitals the incentive to misclassify patients into high profit DRG, I will assume…
The problems with the Medical Malpractice system in the US have been well-documented. President Bush has presented proposals to cap punitive damages in malpractice litigation. Other others have decried the fact that despite a large number of negligence cases each year, very few patients bring suit to court. Below are two studies which should give…
In England, all residents receive free medical care from the National Health Service (NHS), which is run by the Department of Health. Many critics of nationalized health care would say that publicly provided medical care is often of inferior quality to that of medical care provided in the private market. A recent Times (UK) article…
Iqbal Quadir is not your typical investment banker. Inspired by the non-profit Grameen Bank‘s success in his native country of Bangladesh, Quadir has created a variety of initiatives which allow the private sector to be the driving force for development in the Third World. CNN and The Economist (“Power to the People“) both report of…
According to U.S. Department of Health and Human Services, over 1% of all children below the age of 12 were victims of maltreatment in 2004. Child abuse cases appear frequently on the news and it is truly a sad situation. Most people’s first reaction is that we need more stringent supervision of parents and the…
“On ‘Meet the Press’ in October 2004, when Tim Russert, the host, asked Jim DeMint, a South Carolina Republican representative then in the middle of what turned out to be a successful campaign for the U.S. Senate, to explain his position in favor of a total ban on all abortion procedures. DeMint was reluctant to…
It is common knowledge that healthcare institutions such as the government (through Medicare and Medicaid) and HMOs are able to negotiate with hospitals for low prices due to their market power. Most individuals who pay out of pocket for medical services can expect face prices which are 30%-50% higher than those of Medicare patients. A…