However, the healthcare market does not present conditions appropriate for open competition. Therefore, there needs to be a degree of competition and degree of regulation (government) to produce the best outcome. This is not completely unlike the current healthcare environment, but more emphasis needs to be placed on informing consumers. According to McLaughlin and McLaughlin (2017) the “way to control healthcare cost would be to motivate consumers to take more responsibility for their own buying decisions” (p.74).
References
Goddard, M. (2015). Competition in Healthcare: Good, Bad or Ugly? International Journal of Health Policy and Management,4(9), 567-569. doi:10.15171/ijhpm.2015.144
McLaughlin, C.P. & McLaughlin, C.D, (2015). Health Policy Analysis: An Interdisciplinary Approach (2nd ed.). Sudbury, MA: Jones and Bartlett.
Paterick, Z. R., Paterick, T. E., & Waterhouse, B. E. (2009). The healthcare crisis: Competition is the problem and the solution. The Journal of Medical Practice Management: MPM, 25(1), 11-5. Retrieved from