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Cultural Value: Dedication to Market Economy

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Cultural Value: Dedication to Market Economy

Key to understanding the healthcare delivery system is understanding the values our nation holds as they relate to the dynamics of that system (Althaus, 2013). Notably, our dedication to the “market economy”, in which prices and investment are driven by supply and demand and goods and services are distributed through the free market (Merriam-Webster Online Dictionary, n.d.).

I have watched hospital medicine become a viable field over the course of the past 15 years, partially as a result of this commitment to market economy. The pioneers of the field saw an opportunity to reduce expenses for hospitals while improving quality. Initially, there was neither supply of nor demand for these physicians. Now we find the field experiencing the same shortage of physicians that is echoed across most other specialties.
“One does not experience shortages of anything in a market economy for very long before the market price of the scarce item rises” (Goldsmith, 2012). This steady rise in demand for physicians practicing in hospital medicine has meant that 1) their compensation has increased and 2) they are harder to find and retain. Additionally, the shortage of available physicians to fill these slots has started to have a ripple effect, meaning that some hospitals are now looking for help from the nurse practitioner ranks, which is also driving up their salaries.
Apart from the increased spend on physician compensation and increased difficulty recruiting, this has also affected the organization in underlying ways. We have had to evaluate our competitiveness in the market and have had to increase operational and business associate depth in order to make sure that we have a “product” that is attractive not only to our hospital clients, but to our employed and prospective physician partners, as well.

Our organization employs departments dedicated to the constant evaluation of and improvement to our performance and quality. This keeps us at the leading edge but also, in turn, creates more demand in the market for our services as a result of our successes. We’re contributing to our own “problem”. The more we grow, the more physicians we will need – we’re actively creating our own shortage, then.

The transformation of this industry has been an exciting one to see and be part of.

Althaus, R. (2013). Cultural Foundations: U.S. Health Care System [Presentation Slides]. Retrieved from http://lmscontent.embanet.com/OU/HLTH6010/w01-m01/index.htm
Goldsmith, J. (2012). The Future of Medical Practice: Creating Options for Practicing Physicians to Control Their Professional Destiny. Retrieved from http://www.physiciansfoundation.org/uploads/default/Physicians_Foundation_Future_of_Medical_Practices.pdf

Market economy. (n.d.). Retrieved August 27, 2014, from http://www.merriam-webster.com/dictionary/market economy

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