Economics of Healthcare – Healthcare Competition

Economics of Healthcare – Healthcare Competition

Discuss what these organizations do to help compete with their competitors and draw in more patients, increase visits, and ultimately increase growth.

Washington DC is one of the regions with high-quality healthcare services. The State is a national center for medical research and patient care. It currently has 16 hospitals and medical centers. The Washington Hospital Center is the largest not-for-profit hospital and hospital campus in the Washington district.1776 and MedStar Health recently leveraged their partnership for healthcare innovation by starting a challenge to find and support startups redefining consumer-friendly and convenient healthcare (MedStar Health, 2017). The healthcare startup organizations participating in the challenge were required to pitch their innovative ideas. The winning organizations were awarded the opportunity to join an innovation lab cohort. MedStar then worked closely with the winning organizations over six months offering access to the system’s physicians, mentors, and resources. The participating organizations also tested their products in real-time with MedStar stakeholders. The goal of the testing and support program is to develop pilot projects with successful adoptions. Hire our assignment writing services in case your assignment is devastating you.

1776 is a public for-profit company that empowers startup ecosystems globally to solve complex issues. To accomplish this, the company leverages its digital startup network physical campuses, global startup pitch competition, and the expertise of its staff in regulatory issues. The company also accelerates connections and outcomes among corporations, startups, and public institutions. MedStar Health is a non-profit health system that focuses on caring for people in the Washington DC and Maryland region while advancing medical practice through innovation, education, and research. It operates through its associates, physicians, ambulatory care, hospitals, and urban care centers. The MedStar Health Research Institute is recognized nationally and regionally for excellence in medical care. It also trains medical residents yearly (MedStar Health, 2017). Its philosophy combines care, compassion, and clinical expertise while emphasizing customer service. One of the things the organizations do to help compete with their competitors and attract more patients is innovating to improve the quality of healthcare services provided to patients. The organizations also train their healthcare providers to equip them with the knowledge and skills required to treat patients, thus creating a good reputation that in turn increases visits and increased growth. The organizations additionally set favorable prices for high-quality services, thus increasing visits and drawing in more patients.

How this competition benefits the consumer

The competition mainly focuses on improving healthcare services by enhancing flexibility and increasing the quality of the services provided. According to Rivers & Glover (2008), the technical aspects of quality in healthcare consist of the suitability of the services offered and the sill with which suitable care is provided. The suitability of the services offered requires that healthcare providers make high-quality choices about care for every patient. The sill with which suitable care is offered requires judgment, timeliness, and skills. The quality of interaction between a patient and healthcare provider relies on various factors, including the healthcare provider’s ability to maintain trust, quality of communication, honesty, empathy, sensitivity, and tact. The competing organizations focus on innovation to advance the quality of care provided. High technology in the healthcare sector attracts more customers. The more services a healthcare organization provides the more competitive it is for high-class deals with third parties and employers. Rivers & Glover (2008) argue that under this supposition, competition could lead to the propensity to either have additional services or accelerate of the application of technology. Competition could also improve access because it compels healthcare practitioners to deliver more value to patients, while innovation is the main driver of constant quality improvement and reducing costs.

References

MedStar Health. (2017). 1776-medstar-health-announce-startup-pitch-challenge. Healthcare Provider | Maryland, DC, Virginia | MedStar Health. https://www.medstarhealth.org/news-and-publications/news/1776-medstar-health-announce-startup-pitch-challenge

Rivers, P. A., & Glover, S. H. (2008). Health care competition, strategic mission, and patient satisfaction: Research model and propositions. Journal of Health Organization and Management, 22(6), 627-641. https://doi.org/10.1108/14777260810916597

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Primary Response: Within the Discussion Board area, write 400–600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions with your classmates. Be substantive and clear, and use examples to reinforce your ideas.

For this Discussion Board, please complete the following:

Competition is prevalent in every industry, and healthcare is no exception. You see healthcare competition on a daily basis in the field of healthcare as providers and organizations compete to increase patient volumes and revenue. Review this link regarding healthcare competition from the point of view of the Federal Trade Commission (FTC), the government agency charged with regulating and monitoring competition.

Find an example of healthcare competition in your local region. This can include things such as competing provider groups, hospitals, or other services.

Discuss what these organizations do to help compete with their competitors and draw in more patients, increase visits, and ultimately increase growth.
Describe how this competition benefits the consumer.
Responses to Other Students: Respond to at least 2 of your fellow classmates with at least a 100-200 word reply about his or her Primary Task Response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following questions:

What did you learn from your classmate’s posting? What additional questions do you have after reading the posting?
What clarification do you need regarding the posting?
What differences or similarities do you see between your posting and other classmates’ postings?