Question

Do you think competition in healthcare is creating a stronger system? Why or why not? Remember to use sources to support your opinion.

Answer 1

When we consider an economic point of view, we can address the fact that competition, in any form, be it quality of product or services or its quantity can represent the aspect of composition. While we consider the healthcare industry, we can say that since the cost of services for the healthcare industry is centrally set, the healthcare industry has only the quality front where they can compete with the others. Improving its efficiency to reduce wastage of resources and providing quality services to its customers can be considered as an aftereffect of implementing technology and efficient processes at a large scale. The aspect of the competition is the highest of any industry we follow and therefore, more and more organizations have started implementing effective structure and functional understanding of operations and supply with conjunction to the effectiveness of their staff to create an all-round system based on efficiency and performance. The result is the customer getting benefitted from the competition, specifically with improved flow rate and the ease of getting quality services. No organization has a monopoly over the market, and the game has brought forward revolutions in fields beyond the traditional lens with which we view healthcare. In all regards, I believe that it has benefited the industry as a result.

For reference, I have taken the help of the article, “When and How Provider Competition can Improve Healthcare Delivery” by Penelope Dash and David Meredith at McKinsey.

Answer 2

When we consider an economic point of view, we can address the fact that competition, in any form, be it quality of product or services or its quantity can represent the aspect of composition. While we consider the healthcare industry, we can say that since the cost of services for the healthcare industry is centrally set, the healthcare industry has only the quality front where they can compete with the others. Improving its efficiency to reduce wastage of resources and providing quality services to its customers can be considered as an aftereffect of implementing technology and efficient processes at a large scale. The aspect of the competition is the highest of any industry we follow and therefore, more and more organizations have started implementing effective structure and functional understanding of operations and supply with conjunction to the effectiveness of their staff to create an all-round system based on efficiency and performance. The result is the customer getting benefitted from the competition, specifically with improved flow rate and the ease of getting quality services. No organization has a monopoly over the market, and the game has brought forward revolutions in fields beyond the traditional lens with which we view healthcare. In all regards, I believe that it has benefited the industry as a result.

For reference, I have taken the help of the article, “When and How Provider Competition can Improve Healthcare Delivery” by Penelope Dash and David Meredith at McKinsey.