AHIMA August 22, 2022
High-value performance is hard to find in the US healthcare system. This is well-known. What is not clear is how to improve our performance. Logic suggests that measurement of current performance may provide clues to future improvement. The tie between rich measurement and optimal performance is, in fact, quite deep.
We know from almost 200 years of classical economics that optimal performance—or, as economists call it, the “efficient frontier”—is when market-set prices balance the marginal utility of “consumers” (in healthcare terms, quality and value) with the marginal cost of “producers” (in healthcare terms, budgets of providers and payers).
One could immediately say we don’t have free-market prices in healthcare so there is little to be learned here. But the...
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