Probability of The Patient Incurring Iatrogenic Case Study
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Probability of The Patient Incurring Iatrogenic Case Study
7.1 Suppose a physician receives a fixed payment ( pˆ) for providing health care services to a patient and there is a probability of the patient incurring iatrogenic Θ ˆ injury ( ) that causes monetary loss to the patient (L ). Assume that the patient ’s monetary loss is fixed once the injury has occurred.
However, the probability of injury depends on the physician ’s level of care (e, for effort). That is, Θ = Θ(e). The probability of injury decreases as the level of physician care increases (i.e., Θ(e) < 0). In addition, the effort involved in increasing the level of care is costly to the physician in terms of time, stress, and nonphysician inputs the physician employs in his or her practice. Thus, the physician faces a cost function C, which also depends on the level of care. C = C(e). C′(e) > 0; cost increases with the level of care.
Using this information, answer the following questions. a. Assume that the physician’s sole objective in practicing medicine is to maximize profit, list the physician ’s objective (profit) function under the following liability regimes: (i) no liability, (ii) strict liability, and (iii) negligence liability. b. With the level of care (e) on the horizontal axis and the profit ($) on the vertical axis, show graphically how the physician determines the optimal level of care under each of the three alternative liability regimes. c. Use a graph similar to figure
7.1 to show how to decide what the socially optimal level of care is. ˆ d. If the court has sufficient information to set the compensation (D) equal to the ˆ injury victim ’s monetary loss ( L ), which liability rules can ensure that the physician’s optimal care level and the socially optimal care level coincide? Explain your answer. e. Using a graph, explain the distinction between strict liability and the negligence rule. Under what condition do we expect that these liability rules will achieve the same level of optimal care?
7.2 Suppose a patient who was injured because of a medical error (e.g., an adverse drug reaction) is thinking about whether or not to file a medical malpractice claim against his doctor. Suppose he is a “rational” decision maker in the sense that he decides whether or not to file a claim based on his prediction of returns versus costs if he files. Let Θ represent the probability of eventually receiving compensation if he files, V be the size of payment conditional on receiving any compensation, and C be cost of filing and pursuing a claim. a.
What is the expected value (payoff) of the claim to the injury victim at filing? b. Suppose patient A lives in a country where lawyers are paid on a contingency fee basis and patient B lives in another country where contingency fees are prohibited and lawyers are paid by the hour for their legal work. Suppose both the probability of receiving compensation and the size of payment conditional on receiving some payment are the same for patients A and B. Which person is more likely to file a medical malpractice claim? Explain your answer.
(Hint: Pay attention to incentives faced by both patients and their lawyers.) c. Suppose both patients C and D live in the United States, where lawyers are paid contingency fees, and the cases are comparable in the sense that the probabilities of receiving compensation are the same. However, patient C lives in a state where there is no cap on medical malpractice awards, while patient D lives in a state where there is a cap. Under these circumstances, which patient is more likely to file a medical malpractice claim? Why?
7.3 In recent years, many organizations around the world have published rankings of both universities and hospitals. For example, the U.S. News and World Report has regularly published “The Top 10 Best Universities in the US” and “the Top 10 Best Hospitals in the US” for many years. a. What are likely to be differences between the hospital ranking and the university ranking in terms of their information content? Which one is likely to provide more valid and reliable information for potential users? Why is this so? b. Would you expect there to be any difference between private and public agencies in performing rankings of hospitals? Suppose both a private firm and a public agency were to publish a “10 Best Hospitals” list for the city where you live. Which organization’s ranking would be more valuable to probable hospital patients? Justify your answer. c. List the pros and cons of hospital rankings from the viewpoint of the consumer.
- How would you expect hospitals to respond to published hospital rankings? Is there any evidence to support your argument?
7.4 Conduct a field survey in the community in which you live (either your own survey or by searching websites) on price variations between low- and high-quality goods for each of the following six products: (1) digital camera, (2) college or university tuition, (3) physician fees for a routine outpatient visit, (4) charge for a hospital day, (5) a midday meal at a full-service restaurant, and (6) monthly rent for a three-bedroom apartment. Among these six products, for which is the correlation between price and quality likely to be the highest? The lowest? Explain why correlations for some products should be strong and for others weak or even nearly zero. 7.5 In table 7.1, we list four incentive mechanisms (professional norms, regulation, market competition, and tort law) for ensuring high levels of health care quality. a. Among these four mechanisms, which one seems to play a relatively more important role in your country? Explain your answer. b. Do the four mechanisms listed in table
7.1 also ensure high quality levels for higher education (university)? Why or why not? c. Medical malpractice claims (i.e., patients suing their physicians and/or hospitals) are fairly common in many countries. Is it common for students to sue their university professors for a suboptimal quality of teaching? Can you conceive of tort law being used as mechanism for ensuring a high quality of higher educa-tion? Why or why not?
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