Modern Healthcare September 23, 2017
In 2015, the Nobel Memorial Prize in Economic Sciences was awarded to Angus Deaton for his analysis of consumption, poverty and welfare.
His work, which linked individual behavior to aggregate outcomes, was praised for having helped to “transform the fields of microeconomics, macroeconomics and development economics.” Deaton’s ability to look outside the confines of the field and examine measures of social well-being helped shift the way we study economics.
The American healthcare system is likewise in the midst of a transformation, which could take decades. The rising cost of healthcare galvanized the current transition toward payments that reward outcomes rather than volume in a quest to improve the quality and affordability of healthcare. However, despite progress on a value-based care...
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