Question: Cost of Hospitalization
Most markets compete on the basis of perceived value and price. Increased production volumes and technology lead to lower prices. This has not been the case with hospitals which are the largest component of total health care costs. Recent studies indicate the rising costs of hospitalization contributes as much as 40% to the overall rise in health care costs.
In this assignment address the following questions:
• Past: How have hospitals competed with each other over the past decade for patients?
• Future: How do you see hospitals competing for patients ten years from now?
• Change: What is a change that could lower hospital costs?
Make sure to support your claims for each question by referencing reputable examples and resources.