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1 – 10 of 183Russell Jaffe, Robert A. Nash, Richard Ash, Norm Schwartz, Robert Corish, Tammy Born, James P. Carter and Harold Lazarus
Healthcare is both the largest (17 + percent) and the most rapidly growing (three plus times the consumer product index (measure of inflation) and half a percent of gross domestic…
Abstract
Purpose
Healthcare is both the largest (17 + percent) and the most rapidly growing (three plus times the consumer product index (measure of inflation) and half a percent of gross domestic product each year) segment of the US economy. The purpose of this paper is to focus on outcome successes that illustrate application of a previously reported health equation. The health equation allows an organized and more transparent assessment of healthcare outcomes.
Design/methodology/approach
The approach includes “end use/least cost” techniques that identifies healthful care as a big unmet need (BUN) and equally attractive business opportunity in identifying health promotion that improves outcome at lower net costs.
Findings
Opportunity exists to reduce costs while also reducing adverse events, healthcare morbidity and morality. Transparency is essential to find what works more effectively to yield desired outcomes. Metrics and measures, particularly more precise tools to assess true outcome in promoting health or managing ill health, are given priority as they allow quantified and, often econometric, outcome opportunities in the midst of current uncertainties.
Practical implications
This paper is for consumers and businesses, managers and administrators, professionals and allied health professionals. The successes described herein illustrate fundamental opportunities driving change and innovation within healthcare and in our society.
Originality/value
Attention is called to opportunity areas that can fund out of savings the transition from the authors' current “sickness care” system to a healthful care, proactive prevention approach to delivering care. Novel application of transparency and end use/least cost can help guide choices to achieve healthier outcomes.
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Russell Jaffe, Robert A. Nash, Richard Ash, Norm Schwartz, Robert Corish, Tammy Born and Harold Lazarus
This article aims to present an equation of health to allow measurement and more precise comparison of what is more or less effective in promoting health or managing ill health…
Abstract
Purpose
This article aims to present an equation of health to allow measurement and more precise comparison of what is more or less effective in promoting health or managing ill health. It builds upon and extends a prior report (JMD, Volume 25 Number 10, 2006, pp. 981‐995).
Design/methodology/approach
Applying basic scientific methods and empiric observations, the equation proposed in this article is a state of the current science. Such an equation allows for more systematic and predictive comparison of health initiatives.
Findings
The pace of scientific progress is outstripping our institutional adaptive response mechanisms. An approach to the causes of ill health appears more promising than re‐configuration of current disease reactive, symptom treatment care. This paper starts from first principles and builds a model that results in an equation of health.
Research limitations/implications
Refinement of the model and replication by others are needed to fully determine the predictive value of this approach.
Practical implications
The opportunity to reduce costs while also reducing adverse events, healthcare morbidity and morality.
Originality/value
This article calls attention to areas of opportunity to fund out of savings the transition from our current “sick care” system to a health promotion/proactive prevention approach to caring.
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Russell Jaffe, Robert A. Nash, Richard Ash, Norman Schwartz, Robert Corish, Tammy Born, Harold Lazarus and ASIMP Working Group on Healthcare Transparency
Healthcare is an ever‐growing segment of the American economy. Transparency facilitates better decision‐making and better outcomes measures. The purpose of this paper is to…
Abstract
Purpose
Healthcare is an ever‐growing segment of the American economy. Transparency facilitates better decision‐making and better outcomes measures. The purpose of this paper is to present the human and economic results of increasing transparency.
Design/methodology/approach
The ASIMP Working Group on Healthcare Transparency represents a diverse yet conscilient group of practitioners, researchers, regulators, economists, and academics. Given the need for re‐envisioning healthcare to include more accountability, evidence of efficacy and transparency, this integrative medicine (ASIMP) working group is suitable to address the above purpose.
Findings
Substantial opportunity exists to reduce morbidity and mortality, suffering and excess death, unnecessary costs and risks. Greater transparency facilitates the transition to safer, more effective, more humane healthcare.
Research limitations/implications
This paper starts from a need to improve clinical outcomes and value for resources devoted. Best efforts of a national working group are presented. The implications of the report, when tested, will determine the enduring value of this work.
Practical implications
Consumers and business, administrators and practitioners can improve care at lower cost by increasing transparency. This will accelerate the diffusion of effective approaches that are not yet in widespread use despite replication of efficacy.
Originality/value
This is the first time an integrative approach has been compared with conventional healthcare models, particularly with regard to the role of transparency in healthcare management.
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Tom McManus, Yair Holtzman, Harold Lazarus and Johan Anderberg
This report on the Fifth Annual Conference of the Association of Strategic Planning (ASP), “Strategy in action: lessons from practice,” was held in Long Beach, California. This…
Abstract
This report on the Fifth Annual Conference of the Association of Strategic Planning (ASP), “Strategy in action: lessons from practice,” was held in Long Beach, California. This report covers the two keynote speakers plus highlights from a selection of the presentations (for more information see the ASP website: www.strategyplus.org). Purpose – The article summarizes the highlights of the Association for Strategic Planning's 2006 Annual Conference held on February 28, 2006 in Long Beach, California, one of the premier strategic‐planning conferences in the US. Design/methodology/approach – This is reportage on the annual ASP conference. Findings – The remarks of the two keynote speakers are summarized: W. Chan Kim's on “blue ocean strategy” that makes the competition irrelevant, and Milind Lele's remarks on situational monopolies that also, for a time, gets rid of competition. Both authors' remarks were based on recently published best selling books. In addition, of 40 other presentations offered in concurrent sessions, the article highlights a select few, enough to give a flavor of the conference theme of “Strategy in action – lessons from practice”. Practical implications – The actual conference (and this report) was targeted both to practitioners and strategic consultants eager to learn about the latest methods and pitfalls in doing strategic planning. Originality/value – Both audiences will benefit from reading this article principally by learning about the experiences, experiments, and successes of other companies' and consultants' efforts in actually doing strategic planning.
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David Peon, Anxo Calvo and Manel Antelo
This paper aims to examine the informational efficiency in retail credit markets to test whether behavioral biases (excessive optimism) by some participants in the banking…
Abstract
Purpose
This paper aims to examine the informational efficiency in retail credit markets to test whether behavioral biases (excessive optimism) by some participants in the banking industry might explain how credit booms are fueled by the banking sector.
Design/methodology/approach
This paper analyzes the conditions for the efficient market hypothesis approach to be extended to bank-based systems. A simple model of herding and limits of arbitrage that follows a three-step behavioral approach is presented (Shleifer, 2000). The model is based on duopolistic Cournot competition, where one bank is unbiased and the other is boundedly rational in terms of excessive optimism.
Findings
The paper shows why solely behavioral biases by participants in the banking industry explain how it feeds a credit bubble. According to the presented model, optimistic banks would lead the industry, while it would be rational for unbiased banks to herd under conditions that the authors derive. An important finding is the role of limits of arbitrage in the banking sector: there would be no incentives for rational banks to correct the misallocations of their biased competitors.
Practical implications
It might be a valid contribution to the current debate on macroprudential regulation. Should tests of rationality and correlated behavior provide evidence on the pervasiveness of behavioral biases in the banking industry suggested by our model, then banking regulation should account for it.
Originality/value
This paper introduces an alternative approach to analyze informational efficiency in the banking industry that, to the best of our knowledge, had not been raised so far. The model shows how behavioral biases might guide retail credit markets and why limits of arbitrage would be more pervasive in bank-based financial systems than in market-based ones.
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