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Author: Wendy Netter Epstein
Publisher:
ISBN:
Category :
Languages : en
Pages : 59
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Book Description
Incentive-based pay is rational, intuitive, and popular. Agency theory tells us that a principal seeking to align its incentives with an agent's should be able to simply pay the agent to achieve the principal's desired results. Indeed, this strategy has long been used across diverse industries--from executive compensation to education, professional sports to public service--but with mixed results. Now a new convert to incentive compensation has appeared on the scene: the United States' behemoth health care industry. In many ways, the incentive mismatch story is the same. Insurance companies and employers are concerned about constraining the cost of care, and patients are concerned about quality of care. Physicians lack an adequate financial incentive to pay attention to either. Health care's recent move away from the traditional fee-for-service compensation model to incentive pay is perhaps unsurprising.But there is a problem: mixed preliminary evidence and potential mal-effects on vulnerable third-party patients. This Article employs a new lens--the legal and behavioral literature on optimal contract specificity--to suggest why incentive pay is problematic and why the health care experience will be no different than other industries. The use of incentive pay is a change in contract drafting strategy, a decision to write a more detailed, control-based contract rather than one that relies on discretion. The contracts literature suggests that this strategy will only work well where simple compliance is the goal rather than creativity or innovation. The health industry will not succeed in implementing incentive pay better than other industries have. What it needs is to recognize the limits of incentive pay and implement it sparingly. The new Trump administration may be particularly primed to heed this call.
Author: Wendy Netter Epstein
Publisher:
ISBN:
Category :
Languages : en
Pages : 59
Get Book Here
Book Description
Incentive-based pay is rational, intuitive, and popular. Agency theory tells us that a principal seeking to align its incentives with an agent's should be able to simply pay the agent to achieve the principal's desired results. Indeed, this strategy has long been used across diverse industries--from executive compensation to education, professional sports to public service--but with mixed results. Now a new convert to incentive compensation has appeared on the scene: the United States' behemoth health care industry. In many ways, the incentive mismatch story is the same. Insurance companies and employers are concerned about constraining the cost of care, and patients are concerned about quality of care. Physicians lack an adequate financial incentive to pay attention to either. Health care's recent move away from the traditional fee-for-service compensation model to incentive pay is perhaps unsurprising.But there is a problem: mixed preliminary evidence and potential mal-effects on vulnerable third-party patients. This Article employs a new lens--the legal and behavioral literature on optimal contract specificity--to suggest why incentive pay is problematic and why the health care experience will be no different than other industries. The use of incentive pay is a change in contract drafting strategy, a decision to write a more detailed, control-based contract rather than one that relies on discretion. The contracts literature suggests that this strategy will only work well where simple compliance is the goal rather than creativity or innovation. The health industry will not succeed in implementing incentive pay better than other industries have. What it needs is to recognize the limits of incentive pay and implement it sparingly. The new Trump administration may be particularly primed to heed this call.
Author:
Publisher: Fundacion BBVA
ISBN:
Category :
Languages : en
Pages : 51
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Book Description
Author: Mark A. Hall
Publisher: Aspen Publishing
ISBN:
Category : Medical care
Languages : en
Pages : 496
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Book Description
"Casebook for use in upper-level law school courses in health care law"--
Author: Gregory Sanders
Publisher: Rowman & Littlefield
ISBN: 1442280662
Category : Political Science
Languages : en
Pages : 74
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Book Description
Traditional contracting is primarily transactional, rewarding contractors when deliveries are made or certain process milestones are met. Performance-Based Logistic (PBL) contracting seeks to base contractor incentives on ongoing performance measures to achieve reliability and cost savings. Key to the success of these arrangements are the incentives that align the interests of the customer and the vendor. This report describes the incentives used in PBL contracts, identifies best practices, and provides recommendations for effective incentives going forward. The study team interviewed PBL practitioners including defense-unique contractors, defense-commercial contractors, and experts who are knowledgeable in the government perspective in the United States and abroad. The team supplemented these interviews by analyzing a PBL dataset of U.S. Department of Defense contracts. Of the four identified categories of incentives—time-based, financial, scope, and other—interviews found that time-based incentives stood out for their reliable appeal and relative underuse in the United States.
Author: Eric Schaling
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
We look at the implications of uncertain monetary policy preferences for the targeting and contracting approach to monetary stability. It turns out that in presence of uncertain preferences a linear incentive contract in the sense of Walsh (1995) performs better in terms of social welfare than an explicit inflation target as proposed by Svensson (1997). The reason is that, although both approaches can get rid of the inflationary bias, the impact of uncertain preferences on the variance of inflation will be considerably higher with an inflation target. We also find that on top of an optimal linear contract or target, a quadratic contract, in the sense of Rogoff's (1985) "weight-conservative" central banker, improves the outcome. In the case of an inflation target, a more conservative banker is needed than with a Walsh contract.
Author: D. Lee Bawden
Publisher: The Urban Insitute
ISBN: 9780877663355
Category : Political Science
Languages : en
Pages : 266
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Book Description
Author: Zenat Mohamed Moharam
Publisher:
ISBN:
Category : Incentives in industry
Languages : en
Pages : 222
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Book Description
Author: Mark a Hall
Publisher: Aspen Publishing
ISBN: 1543838863
Category : Law
Languages : en
Pages : 1068
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Book Description
Buy a new version of this textbook and receive access to the Connected eBook on Casebook Connect, including lifetime access to the online ebook with highlight, annotation, and search capabilities. Access also includes an outline tool and other helpful resources. Connected eBooks provide what you need most to be successful in your law school classes. Health Care Law and Ethics, Tenth Edition offers a relationship-oriented approach to health law--covering the essentials, as well as cutting-edge and controversial subjects. The book provides thoughtful and teachable coverage of all major aspects of health care law, including medical liability. Current and classic cases build logically from the fundamentals of the patient/provider relationship to the role of government and institutions in health care. The book is adaptable to both survey courses and courses covering portions of the field. New to the Tenth Edition: Length: Trimmed by 20% to enhance teachability New author: Nadia N. Sawicki Thoroughly revised coverage of: Medical liability Reproductive rights and justice Public health law Extensive coverage of issues relating to COVID-19 Supreme Court decisions on abortion and the Affordable Care Act Discussion of emerging topics, such as: Gender reassignment Artificial intelligence Revising "brain death" and the "dead donor" rule for organ transplants Work requirements under Medicaid Medical price transparency Vertical integration and cross-market mergers Benefits for instructors and students: The organization vividly presents the entwined roles of patient, provider, and state in understanding and resolving private and public health care dilemmas Scope includes all major areas of health care law and policy Coverage of classic medical liability topics remains substantial Coverage of all major emerging and conventional issues in bioethics, public health, health care finance and reform, and corporate and regulatory law More streamlined editing facilitates coverage of multiple areas or use in survey courses "The strength of the editors and the evolution of the book over a substantial period has allowed the book to become the best from which I have ever taught." Roy Spece, University of Arizona
Author: Christophe Hillion
Publisher: Bloomsbury Publishing
ISBN: 1847315801
Category : Law
Languages : en
Pages : 418
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Book Description
Mixed agreements are one of the most significant and complex areas of EU external relations law. They are concluded by the Member States and the EU (or the European Community in the pre-Lisbon days) with third countries and international organisations. Their negotiation, conclusion and implementation raise important legal and practical questions (about competence, authority, jurisdiction, responsibility) and often puzzle not only experts in countries and organisations with which the EU works but also European experts and students. This book, based on papers presented at a conference organised by the Universities of Leiden and Bristol in May 2008 provides, a comprehensive and up-to-date analysis of the legal and practical problems raised by mixed agreements. In doing so, it brings together the leading international scholars in the area of EU external relations, including two Judges at the European Court of Justice and a Judge at the EFTA Court, along with legal advisors from EU institutions, Member States, and third countries. The book will be of interest to European and international law academics and students, officials in EU institutions, practitioners of EU and international law, political scientists and international relations scholars, and students of European law, politics, and international affairs.
Author: K. A. S. Murshid
Publisher: Cambridge University Press
ISBN: 1009123130
Category : Political Science
Languages : en
Pages : 337
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Book Description
Explains Bangladesh's record of 'outlier' development through a multi-sectoral approach combining economics, politics, and history.
