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Whither the Dictionary of Health Economics and Finance?

A simple query that demands a cogent answer!

Medical professionals are struggling to maintain adequate income levels. While some specialties are flourishing, others like primary care barely moved forward, not even incrementally keeping up with inflation. In the words of Atul Gawande, MD, a former surgical resident at Brigham and Women’s Hospital in Boston, and one of the best young medical writers in America,

“Doctors quickly learn that how much they make has little to do with how good they are. It largely depends on how they handle the business side of their practice”.

Therefore, the ability to decipher the alphabet soup of medical economics (i.e., OPHCOO, ALOS, DRG, RBRVS, behavioral health, acuity, etc), and understand those financial terms coming from clinical medicine (i.e., call premium, cost benefit ratios, IGARCH, AACPD, IBNR ABCM, internal rate of return, accounts receivable days outstanding, etc.) is vital for survival. Until we have a common language however, medical professionals cannot possess a shared vision, nor can we communicate successfully to create healthcare entities that provide quality care to patients and reasonable profits to medical practitioners.

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Filed under: Book Reviews, Glossary Terms, Health Economics, Healthcare Finance, iMBA, Inc., Sponsors | Tagged: AACPD, ABCM, ALOS, atul gawande MD, Brigham Women's Hospital, david marcinko, definitions, dictionary, dictionary health economics finance, DRG, glossary, health dictionary, hope hetico, IBNR, IGARCH, OPHCOO, RBRVS, terms, www.healthdictionaryseries.com | 3 Comments »