Health Policy

Economics of Health Care Financing: The Visible Hand by Cam Donaldson

By Cam Donaldson

This new version examines the economics of future health care platforms in a non-technical demeanour. it really is written in a hugely obtainable demeanour for economists and non-economists alike. it's very well timed and contains the newest facts of wellbeing and fitness care reforms and their implications from a couple of nations with assorted platforms.

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Sample text

Evans (1990) has described the effect of such activities as follows: 'A large and growing share of the American total is spent, not on doctors and nurses, but on accountants, management consultants, and public relations specialists. 7 per cent. Thus, the evidence suggests that diseconomies are likely to exist when care is financed through smallscale competition in the private insurance sector. Market Failure in Health Care 31 Moral Hazard In insurance-based health care systems the problem of potential 'excess' demand exists because of what has become known as 'moral hazard'.

The problem of leaving this to the market is that the amount of the transfer will be less than if contributing individuals made the transfer through some other means. For instance, relying on the goodwill of people to seek out those who are sick so as to contribute to the cost of their health care is impractical and too costly, in terms of time and effort, for those who would like to contribute. Likewise, charities suffer from a similar experience because people often do not 'get round to' making a contribution.

Once again, the result of this is that those perceiving their risk status to be lower than the average of those remaining insured will drop out of insurance, and the process will carry on. This process, whereby the best risks are selected out of the insured group, is called 'adverse selection'. In a competitive system other phenomena would be expected to follow from adverse selection. The presence of a low-risk, uninsured group of people presents the potential for insurance companies to tailor premiums to levels of individual, rather than population, risk.

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