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Healthcare Management/Physicians' services market - Essay Example

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The structure is monopolized by the presence of licensed physicians. We know that no physician can practice without having a license either in America or anywhere in the world. As a…
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Healthcare Management/Physicians services market
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Healthcare Management/ Physician’s Service Market The Difference in Structure of Physicians’ Service Market from Perfectly Competitive Model:
The structure of physicians’ service market differs greatly from perfectly competitive model. The structure is monopolized by the presence of licensed physicians. We know that no physician can practice without having a license either in America or anywhere in the world. As a result, license can be the biggest hurdle for physicians to enter in the market and to compete with other physicians. This has resulted in increased market power of licensed physicians. It also depends on the services provided by each physician as different physicians offer uniquely different services (Gaynor and Vogt, 1999). The structure of this market can be termed as monopolistic competition; each physician stands as a monopolist for his uniquely different services, but the collection of these services is only suitable to a certain extent. Secondly, behavior of patients plays an important role in determining the power of certain physicians within their service market (Gaynor and Vogt, 1999).
Recommendations:
It is important to control the increased physician prices to maintain balance in the economical structure of the society which would result in the improvement of the structure of physicians’ service market.
The physicians should be pushed to focus more on providing on-time quality services to the patients at a reduced cost.
Physicians should be compelled to practice and provide their services out of competition and it is highly important to monitor and control the manipulating licensure regulations in use by the physicians as a tool to enhance competition.
List of References:
Gaynor M. and Vogt W.B. (1999). Antitrust and competition in health care markets. NBER Working Paper 7112, National Bureau of Economic Research: Cambridge, MA. Read More
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