Price Setting And Price Regulation in Health Care Essay Paper

Competitive Advantage

In today’s ever-changing nursing environment, the pursuit and maintenance of competitive advantage by healthcare providers and organizations is considered an integral means of providing sustained value to patients, communities and other stakeholders. Improvements in the delivery of health services can contribute to enhanced competitive advantage through the establishment of pre-service, point-of-service and after-service value chains (OECD, 2018). A better understanding the differences and similarities between these three value chains can assist healthcare organizations to focus on the provision of top-quality, safe, accessible, affordable, evidence-based and patient-centered services to the various patient populations. Price Setting And Price Regulation in Health Care Essay Paper

The pre-service area encompasses a range of value-adding activities provided prior to the delivery of the actual service by the healthcare entity. Ginter et al. (2018) identified some of the core elements of pre-service strategy and the including selection of the services to be provided, conducting market research, branding, developing promotional campaigns/activities, logistics, pricing, and distribution. On the other hand, point-of-service activities are streamlined to ensure direct contact with the service user/client during the service delivery process (OECD, 2018). Arasaratnam (2019) explained that point-of-service activities focused on creating customer value as the fundamental basis for responding to their distinct needs, demands and expectation. Some of the fundamental elements associated with the point-of-service strategy include: core clinical operations aimed at providing patient-centered care through innovations in service differentiation, product development, market penetration, market development as well as service enhancement. In addition, after-service delivery strategy comprises a number of key elements including billing, follow-up and follow-on service (OECD, 2018). Despite the notable differences in pre-service, point-of-service and after service delivery areas, some of the common elements key to all the mentioned strategies include: the opportunity to add value, consumer engagement, strong emphasis on customer satisfaction and the distinct factors shaping competitive advantage in each area (Ginter et al., 2018). Price Setting And Price Regulation in Health Care Essay Paper

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A healthcare organization can create a competitive advantage in each of these areas through a number of ways. With regards to pre-service, the organization can invest in healthcare technology that enables the automation of pre-service registration. Arasaratnam (2019) noted that the adoption of state-of-the-art automation systems and process can not only fast-track patient admission and billing by individuals before the inpatient visits. The collection of pre-service online registration data and information may contribute to improvements in the verification and authorization of insurance, and hence enabling the organization to provide efficient, quick and patient-focused care. In relation to point-of-service, a healthcare organization can focus on attracting and retaining an adequate and highly-qualified workforce capable of dealing with different patient populations and focused on providing high-quality, safe, equitable and evidence-based care and support to each patient (Ginter et al., 2018). Ensuring efficient and reliable clinical operations through proper mobilization of organizational resources and capabilities may guarantee both quality and clinical process innovations, thereby enabling the healthcare organization to retain strong market competitiveness in the long-run. Last but not least, after-service services such as the implementation of a flawless billing system in consumer language may prove highly useful in providing an efficient and positive means for patients to settle their bills, both pre-service and at the point-of-service (Barber et al., 2019). Equally, the use of relevant advanced technology in delivery of follow-up and follow-on services can also enhance the ability of healthcare facilities to provide health-related information and data aimed at supporting patient and health outcomes (OECD, 2018). Price Setting And Price Regulation in Health Care Essay Paper

References

Arasaratnam, P. (2019). Pns16 improving access time in nuclear cardiology towards quality delivery of healthcare services. Value in Health, 22, S765. https://doi.org/10.1016/j.jval.2019.09.191

Barber, S.L., Lorenzoni, L., & Ong. P. (2019).Price setting and price regulation in health care : lessons for advancing universal health coverage. Paris: OECD Publishing.

Ginter, P.M., Duncan, W.J., & Swayne, L.E. (2018).Strategic management of health care organizations. Hoboken, New Jersey: Wiley.

OECD, (2018).Delivering Quality Health Services: a Global Imperative. Washington DC: OECD Publishing. Price Setting And Price Regulation in Health Care Essay Paper