Pricing in healthcare
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Why is pricing as it relates to healthcare so difficult? What factors should be considered before pricing a product? Please back up your response don't just state your opinion.
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The solution discusses the pricing in healthcare.
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Pricing healthcare has so many elements involved from the people to the equipment to the office space needed. With costs soaring for education and everyone in healthcare has to have at least some type of specialized education, the overall costs of wages alone makes the cost of healthcare enormous. No one likes to pay for it, but it is preferable to pay for someone who actually knows the healthcare issues.
The cost of medical school alone is between $40K and $65K per year. This is a 2008-2009 figure. (http://journals.lww.com/academicmedicine/Fulltext/2010/05000/Commentary__The_Unsustainable_Cost_of.13.aspx) For the full six years required this can be over $300K. According to Yale, the costs top $250K for an education in medicine. (http://yalemedicine.yale.edu/spring2011/features/feature/109072) For the medical assistant in the office, the education could cost between $2,500 and $10,000 depending on the type of certification or degree. Nursing degrees are expensive as well. They can be a low as $20K for an in state public university and as high as $100K for out of state attendees (http://education.costhelper.com/nursing-school.html). This is at the bachelor degree level. Associate degree nursing is lower in tuition, however the graduate level is much higher.
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