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Essay 1

In: Business and Management

Submitted By cindyjoy
Words 379
Pages 2
Cindy Allen-LP1 Assign: Essay
September 14,2014
Imperfect US Health Care Market

The health care system is a complex, interrelated system of markets. A market is an encounter controlled by supply and demand. In most markets there is a purchaser, who pays for the specific goods one will receive, and a seller who has the goods providing them to the purchaser. Medicine in the US health care market is considered an imperfect market. In health care the purchaser is usually not the consumer, and the goods provided by the seller are difficult to define often contingent on aspects of care such as test results and treatments. In addition, the medical marketplace does not follow the classic rules of supply and demand. Those imperfections make it difficult to get the services you need and want at a price you can afford. The complexities, plus the patient/consumers' lack of understanding, reinforce the control that suppliers have over the market.
When you see a doctor, go to a hospital, or fill a prescription at a pharmacy you become a buyer in an imperfect market. So what actually makes the health care market imperfect? For starters, the firm is the supplier of the services and a physician firm is no different. Any business wants you, the consumer, to purchase their product so they can cover their cost and make a profit. On another imperfect note is that you don't know the price of the product or service beforehand. Part of what makes the health care market unique is that they don't tell you how much their products cost. Instead they recommend tests, procedures, surgeries and medications, and the patient/consumer is expected to pay whatever the cost. This is like going to the hair salon and ending up with highlights, a perm, a haircut, along with beauty supplies and being expected to pay for all of them without being asked if you wanted them or the cost even. Crazy right?
Bottom line is because health care suppliers have control over their markets they can charge high prices (government agencies also impact prices). These higher prices make it harder for patients to afford the health services they want and need.
References

John Roberts, staff physician (2013)
WashingtonPost.Com (2010)
Imperfecthealthcaremarket.com (2012)

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