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The Economics of Health: An Overview of the American Healthcare System
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Author(s): Sean Michael Haas (The University of Texas at Dallas, USA), Sanjana Janumpally (The University of Texas at Dallas, USA)and Brendan Lamar Kouns (The University of Texas at Dallas, USA)
Copyright: 2020
Pages: 25
Source title:
Evaluating Challenges and Opportunities for Healthcare Reform
Source Author(s)/Editor(s): Raj Selladurai (Indiana University Northwest, USA), Charlie Hobson (Indiana University Northwest, USA), Roshini Isabell Selladurai (In His Image Family Medicine Residency, Ascension St. John Medical Center, USA)and Adam Greer (Ascension St. John Medical Center, USA)
DOI: 10.4018/978-1-7998-2949-2.ch005
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Abstract
The American healthcare system is vast and complex. An overview of the United States' healthcare system provides a view into the interrelated dynamics between three categories of factors: consumers, intermediaries, and providers. Consumers demand health inputs in order to produce health status that allows them to live productive lives. Intermediaries, such as insurance companies and government programs, reduce the direct cost of healthcare for consumers. Providers, such as hospitals and physicians, amongst others, have historically exhibited a degree of monopolistic power in the healthcare market. The modern trend towards managed care organizations, firms that vertically integrate multiple aspects of the healthcare market, aims to reduce costs imposed by such providers.
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