Can hospitals adapt to the new market drivers of price, outcomes and experience?
Over the past week there has been a great discussion going on in LinkedIn in the Modern Healthcare discussion group based on a recent blog post in HMM. So for the benefit of everyone here are the questions I was asked, and my response. Why do I think price is important to the healthcare consumer? It really centers on whether or not you believe that healthcare, especially hospitals, are moving into a market that is becoming consumer-centric and dominated. Now dominated in our sense is that the healthcare consumer is becoming more actively involved in the treatment decision making process, and the price/cost side through a variety of mechanisms, whether that is higher co-pays, participating in exchanges, working for an employer that has moved to defend contribution and telling them to figure it out, etc. In the end it results in a greater awareness of the choices they make because it hits them in the pocket. Some people will pay a higher price because they believe that higher price means...