Health Economics and Financing / Edition 5

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Overview

What is the value of life? What does it mean to trust a surgeon who profits in crises? Why does health care cost so much? Is insurance the solution to the high cost of health care, or is it part of the problem? Questions like these make health care economics one of the most fascinating fields to study. You don't need a background in economics or a degree in mathematics to explore issues associated with allocating resources to medical care. With Thomas Getzen's clearly written, down-to-earth approach to health economics, you can develop a thorough and practical understanding of the principles and concepts of how funds flow through the health care system. Getzen, a leader in the field of health economics and current director of the International Health Economics Association, traces the economic rationale and development of medical care organizations, as well as the economic and political factors that have influenced them.
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Editorial Reviews

Booknews
An introduction to the economic analysis of medical markets and the production of health, primarily for students of medicine, public health, or administration who have little or no background in economics, but also for beginning economics students. Describes the incentives and organizational structure of the health care industry with a Flow of Funds approach, outlines the ongoing evolution of managed care in the US, and macroeconomic perspectives the dynamics of change and determinants of national health spending. Annotation c. by Book News, Inc., Portland, Or.
Doody's Review Service
Reviewer: Kevin J Carr, BA (University of Maryland)
Description: This book outlines medical markets in a way that presupposes no prior knowledge of economic technicalities. This update of the 2007 edition reflects some of the recent changes in government healthcare policy.
Purpose: The purpose is to describe the economics of healthcare to students and professionals who are not familiar with either subject. This topic has been dominant in American politics, and the complex technicalities of medical markets are certainly worthy of such a thorough introduction.
Audience: The author hopes to reach two groups: medical researchers, students, and administrators who have little prior understanding of economics, and economics students who want to study the application of economic principles to a real-world field. I could see a class in either field being built around this book.
Features: The book clearly describes the basic principles of markets and then applies them to of medical markets. Specifically, it details the role of patients, providers, insurance companies, and governments. It also discusses the topic from an international standpoint, comparing healthcare spending and benefits in a diverse sampling of nations. The book is most helpful in breaking up the enormous topic of medical markets into its component parts and discussing each individually. For example, hospitals and nursing homes are each discussed separately. The only drawback is that it does not specifically address the healthcare reforms recently enacted by Congress. These may change the game substantially, necessitating a fifth edition very soon.
Assessment: As someone with an economics background with no prior knowledge of medical markets or medical finance, I found I learned quite a bit from this book. It follows the typical format of an economics textbook. Technical jargon is highlighted and then fully defined. Mathematical concepts are described first in words, then in graphs. References point to further reading. This update is justified, but without a discussion of the concrete provisions of the recently passed healthcare reform law, it is conceivable this edition will be obsolete before very long.
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Product Details

  • ISBN-13: 9781118184905
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 11/27/2012
  • Edition description: New Edition
  • Edition number: 5
  • Pages: 468
  • Sales rank: 198,197
  • Product dimensions: 7.10 (w) x 10.10 (h) x 0.80 (d)

Meet the Author

Thomas E. Getzen is Professor of Risk, Insurance and Health Management at Temple University and the founder and Executive Director of iHEA, the International Health Economics Association. After receiving an undergraduate degree in literature from Yale University, he worked for the U.S.P.H.S. Centers for Disease Control Venereal Disease program in New York and Los Angeles, and then obtained an MHA degree in Medical Care Organization and Ph.D. in Economics from the University of Washington. Dr. Getzen's main research contributions have been in the areas of contracting, price indexes and forecasting of health care spending. His consulting work has included employee benefit negotiations, projections of health care cost trends and premiums, laboratory diagnostics, risk assessment, and capital financing for managed care. Dr. Getzen has been a visiting professor at the University of Toronto, the Center for Health and Wellbeing of the Woodrow Wilson School at Princeton University, the Wharton School at the University of Pennsylvania, and the University of York (UK). He has served on the boards of Covenant House, a local community health center in northwest Philadelphia, MSI, a venture-capital financed managed behavioral health care corporation, and CHE, a multi-institutional health provider system with over 60 hospitals and nursing homes. Dr. Getzen has written more than 80 papers in the field and serves on the editorial board of the journal Health Economics.

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Table of Contents

Preface
Acknowledgements
About the Author
Foreword
1 Terms of Trade: The Flow of Funds Through the Health Care System 1
2 Demand 21
3 Cost-Benefit and Cost-Effectiveness Analysis 39
4 Insurance 67
5 Insurance Contracts and Managed Care 86
6 Physicians 106
7 Medical Education, Organization, and Business Practices 127
8 Hospitals 154
9 Management and Regulation of Hospital Costs 175
10 Managed Care 197
11 Long-Term Care 227
12 Pharmaceuticals 251
13 Introduction to the Macroeconomics of Health 277
14 The Role of Government 284
15 Public Goods and Public Health 305
16 Economic History, Population Growth, and Medical Care 324
17 International Comparisons of Health and Health Expenditures 349
18 Dynamics of National Health Spending 376
19 Value for Money in the Future of Health Care 401
Glossary 411
Index 421
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