The Role of Nurses in Accountable Care Organizations: https://www.nursingworld.org/~4aa894/globalassets/naqc/role_of_nurses_acos.pdf
Hospital and Health Insurance Markets Concentration and Inpatient Hospital Transaction Prices in the U.S. Health Care Market:
https://go.gale.com/ps/i.do?p=AONE&u=lincclin_vcc&id=GALE%7CA535996293&v=2.1&it=r
The healthcare landscape operates within a distinct framework influenced by various factors that set it apart from conventional markets. This essay explores the unique dynamics of the healthcare market, delves into economic principles driving the demand for nursing, and examines the pivotal role nurses can assume in value-driven care delivery models like Primary Care Medical Homes (PCMH) and Accountable Care Organizations (ACOs).
Three fundamental issues differentiate the healthcare market from other markets:
Information Asymmetry: Healthcare consumers often lack the medical knowledge possessed by providers, leading to information asymmetry. Patients rely heavily on healthcare professionals to make informed decisions, causing demand and pricing dynamics to deviate from traditional market norms.
Inelastic Demand: The necessity and urgency of healthcare services render the demand inelastic. Patients require medical attention regardless of price changes, allowing providers to exert more control over pricing, unlike conventional markets where demand may decline with price hikes.
Third-Party Payment: The prevalence of third-party payers, such as insurance companies and government programs, obscures the direct relationship between service utilization and payment. This separation blurs pricing signals, affecting market efficiency and consumer decision-making.
Economic principles indicate that as the demand for nursing rises, several forces come into play:
Labor Market Dynamics: With an increasing demand for nursing services, the equilibrium wage rate for nurses rises, attracting more individuals to pursue nursing careers. This supply response helps balance the demand-supply equation.
Technology and Specialization: Technological advancements create new healthcare services and specialties, augmenting the demand for nursing professionals with specialized skills to deliver these services effectively.
In value-driven care delivery models like PCMHs and ACOs, nurses have a multifaceted role that extends their influence:
Primary Care Medical Homes:Nurses take on expanded roles as care coordinators, patient educators, and health advocates. Their proactive involvement in chronic disease management, preventive care, and health promotion contributes to improved patient outcomes and cost-effectiveness.
Accountable Care Organizations: Nurses within ACOs play a pivotal role in care coordination, facilitating seamless transitions between care settings, and ensuring patient compliance. Their expertise in patient education and self-management empowers patients to actively engage in their healthcare journey, enhancing overall value.
The healthcare market’s unique characteristics, propelled by information asymmetry, inelastic demand, and third-party payment systems, set it apart from conventional markets. As the demand for nursing services rises, economic principles predict an increase in the nursing workforce. In value-driven care delivery models like PCMHs and ACOs, nurses play integral roles as care coordinators, educators, and advocates, amplifying their impact on patient outcomes and healthcare value. As the healthcare landscape evolves, nurses continue to expand their horizons, embracing new roles that contribute significantly to the transformation of healthcare delivery and the enhancement of patient-centered, value-driven care.
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