MHA 710 - Healthcare Economics - Exam 1
3 goals of Iron Triangle - ANSWER-1. Increase access
2. Improve quality
3. Lower cost
3 Goals of Triple Aim - ANSWER-1. Advance population health
2. Lower per capita cost
3. Improve patient experience of care
5 Elements of the ACA - ANSWER-1. Expanded insurance regulations
2. Expanded Insurance Coverage
3. Personal Responsibility Mandate
4. Changes to medicare
5. New Federal Taxes
A 1910 report published as part of a critical review of medical education in the U.S. The
response of the medical establishment led to significant changes in the accreditation
procedures of the medical schools and an improvement in the quality of medical care. -
ANSWER-Flexner Report
A delivery system that originally integrated the financing and provision of medical care
in one organization. Today, the term encompasses different arrangements designed to
coordinate services and control costs. - ANSWER-Managed care
A digital marketplace available in every state where individuals can shop for health
insurance and receive government subsidies making it more affordable. - ANSWER-
Insurance exchange
A feature of an insurance policy that requires the insurer to guarantee renewal of the
policy as long as premiums are paid, regardless of any changes in the health status of
the policy holder. - ANSWER-Guaranteed renewability
A health insurance arrangement where the individual, or agent of the individual, pays a
set premium to a third party (an insurance company, managed care organization, or the
government), which in turn pays for health care services - ANSWER-Third-party payers
A patient classification scheme based on certain demographic, diagnostic, and
therapeutic characteristics developed by Medicare and used to compensate hospitals. -
ANSWER-Diagnosis-related group
A payment method providing a fixed, per capita payment to providers for a specified
medical benefits package. Providers are required to treat a well-defined population for a
fixed sum of money, paid in advance, without regarding the number or nature of the
services provided to each person. - ANSWER-Capitation
, A periodic payment required to purchase an insurance policy - ANSWER-Premium
A public health insurance plan comparable to Medicaid, designed to compete with
private insurance - ANSWER-Public Option
A requirement that insurers must issue a policy to anyone who applies for one with no
consideration of health status. - ANSWER-Guaranteed Issue
A simple association between two variables. The actions are related to one another
without either one causing the other. - ANSWER-Correlation
A situation where different parties in a transaction have access to different information
that may be relevant to the exchange, placing one at a distinct disadvantage in the
trade. - ANSWER-Adverse selection
A society faces many decisions, but a household does not. True or False. - ANSWER-
False
A state in which multiple outcomes are possible but the likelihood of any one outcome is
not known - ANSWER-Uncertainty
According to recent public opinion polls, what percentage of Americans are satisfied
with the quality of the medical care they receive?
A. 15%
B. 40%
C. 65%
D. 70%
E. 90% - ANSWER-D. 70%
According to the economic theory, what is the optimal percentage of GDP to be spent
on medical care?
A. 6%
B. 8%
C. 10%
D. 12%
E. There is no widely accepted way to determine the optimal percentage - ANSWER-E.
There is no widely accepted way to determine the optimal percentage
Adam Smith would have loved Uber, the company providing an app for smartphones
that connects passengers and drivers, because:
A. The rides from Uber cars are less expensive than taxis
B. Uber cars are more popular than taxis
C. The service increases consumer well-being
D. The Uber drive does not respond to incentives - ANSWER-
3 goals of Iron Triangle - ANSWER-1. Increase access
2. Improve quality
3. Lower cost
3 Goals of Triple Aim - ANSWER-1. Advance population health
2. Lower per capita cost
3. Improve patient experience of care
5 Elements of the ACA - ANSWER-1. Expanded insurance regulations
2. Expanded Insurance Coverage
3. Personal Responsibility Mandate
4. Changes to medicare
5. New Federal Taxes
A 1910 report published as part of a critical review of medical education in the U.S. The
response of the medical establishment led to significant changes in the accreditation
procedures of the medical schools and an improvement in the quality of medical care. -
ANSWER-Flexner Report
A delivery system that originally integrated the financing and provision of medical care
in one organization. Today, the term encompasses different arrangements designed to
coordinate services and control costs. - ANSWER-Managed care
A digital marketplace available in every state where individuals can shop for health
insurance and receive government subsidies making it more affordable. - ANSWER-
Insurance exchange
A feature of an insurance policy that requires the insurer to guarantee renewal of the
policy as long as premiums are paid, regardless of any changes in the health status of
the policy holder. - ANSWER-Guaranteed renewability
A health insurance arrangement where the individual, or agent of the individual, pays a
set premium to a third party (an insurance company, managed care organization, or the
government), which in turn pays for health care services - ANSWER-Third-party payers
A patient classification scheme based on certain demographic, diagnostic, and
therapeutic characteristics developed by Medicare and used to compensate hospitals. -
ANSWER-Diagnosis-related group
A payment method providing a fixed, per capita payment to providers for a specified
medical benefits package. Providers are required to treat a well-defined population for a
fixed sum of money, paid in advance, without regarding the number or nature of the
services provided to each person. - ANSWER-Capitation
, A periodic payment required to purchase an insurance policy - ANSWER-Premium
A public health insurance plan comparable to Medicaid, designed to compete with
private insurance - ANSWER-Public Option
A requirement that insurers must issue a policy to anyone who applies for one with no
consideration of health status. - ANSWER-Guaranteed Issue
A simple association between two variables. The actions are related to one another
without either one causing the other. - ANSWER-Correlation
A situation where different parties in a transaction have access to different information
that may be relevant to the exchange, placing one at a distinct disadvantage in the
trade. - ANSWER-Adverse selection
A society faces many decisions, but a household does not. True or False. - ANSWER-
False
A state in which multiple outcomes are possible but the likelihood of any one outcome is
not known - ANSWER-Uncertainty
According to recent public opinion polls, what percentage of Americans are satisfied
with the quality of the medical care they receive?
A. 15%
B. 40%
C. 65%
D. 70%
E. 90% - ANSWER-D. 70%
According to the economic theory, what is the optimal percentage of GDP to be spent
on medical care?
A. 6%
B. 8%
C. 10%
D. 12%
E. There is no widely accepted way to determine the optimal percentage - ANSWER-E.
There is no widely accepted way to determine the optimal percentage
Adam Smith would have loved Uber, the company providing an app for smartphones
that connects passengers and drivers, because:
A. The rides from Uber cars are less expensive than taxis
B. Uber cars are more popular than taxis
C. The service increases consumer well-being
D. The Uber drive does not respond to incentives - ANSWER-
