When Patients Pay Their Own Medical Bills, Competitive Forces Keep Price Increases In Check

Posted by Milton Recht:

From John Goodman's Health policy Blog, "Why Can’t The Market for Medical Care Work Like Cosmetic Surgery?" by Devon Herrick

However, when patients pay their own medical bills, they act like normal consumers ― comparing prices and looking for value. And when patients act like prudent consumers, doctors who want their patronage must respond by competing on prices, convenience and other amenities.

Consider cosmetic surgery, one of the few areas of medicine where consumers pay out of pocket. The inflation-adjusted price of cosmetic medicine actually fell over the past two decades — despite a huge increase in demand and considerable innovation [See Figure]. Since 1992:

• The price of medical care has increased an average of 118 percent.
• The price of physician services rose by 92 percent.
• The inflation rate, for all goods and services, as measured increased by 64 percent.
• Yet cosmetic surgery prices only rose only about 30 percent.

Source: John Goodman's Health Policy Blog

Rise Of Germany's Economic Power: Fifth Of EU's Output And Quarter of Exports

Posted by Milton Recht:

From The Economist, "Europe’s reluctant hegemon: Germany, now the dominant country in Europe, needs to rethink the way it sees itself and the world, says Zanny Minton Beddoes"

Germany now appears to have the continent’s strongest as well as its biggest economy. It accounts for a fifth of the European Union’s output and a quarter of its exports. From Volkswagen to SAP, Germany’s big companies are world-renowned. Many smaller German firms are global champions in niche markets such as tunnel-boring machines and industrial cleaners.

Germany’s jobless rate, at 5.4% (using standardised OECD statistics), is less than half Europe’s average. Youth unemployment, a scourge throughout much of the rest of the continent, is at a 20-year low in Germany. The country’s budget is balanced, government debt is falling and long-term bond yields are the lowest in Europe. It is the largest creditor country in the euro zone, and as chief paymaster it has the biggest clout in determining the single currency’s future.

NIH Creates Searchable Dietary Supplement Label Database

Posted by Milton Recht:

From the National Institutes of Health, "NIH launches Dietary Supplement Label Database:"

Researchers, as well as health care providers and consumers, can now see the ingredients listed on the labels of about 17,000 dietary supplements by looking them up on a website. The Dietary Supplement Label Database, free of charge and hosted by the National Institutes of Health, is available at www.dsld.nlm.nih.gov.

The Dietary Supplement Label Database provides product information in one place that can be searched and organized as desired.

The dietary supplement website is www.dsld.nlm.nih.gov.