dynamic efficiency measures quizlet

d. Coordination of all administrative and clinical functions that contribute to the capture, management, and collection of patient service revenue. To measure efficiency the input-output ratio could be the measure. This can be boosted by research and development, investments in human capital or an increase in competition within the market. When did pay-for-performance systems first emerge in the healthcare sector? Area B represents a production efficiency loss while area D represents a consumption efficiency loss. True or false? X inefficiency can be caused by. - Order entry (think supplies, drugs, bandages, etc.) Firm want to maximise profits where MC = MR, Price charged is greater than MC - means monopoly not allocatively efficient, MC not equal to AC at long run equilibrium position (firm not operating at lowest position on AC), no need to innovate or respond to changing consumer preferences to make profit - complacent, an industry with high fixed costs and large economies of scale - LRAC falls as output increases, Government reluctant to break up monopoly, could reduce efficiency - might provide subsidy to natural monopoly so increases output to where d = s, allow form of legal limited monopoly that can be in consumers interests because benefit from better quality, innovative products, allow firm exclusive use of innovative ideas for limited time, show how dominant big firms in market are, firms are independent - actions of firms will have some effect on others, when firms co operate with each other on what prices to charge, agreement between firms eg. In a celebrated article, Peter Diamond (1965) shows that a competitive economy can reach a steady state in which there is unambiguously too much capital. Start studying FINAL EXAM. Efficiency, in economics and organizational analysis, a measure of the input a system requires to achieve a specified output.A system that uses few resources to achieve its goals is efficient, in contrast to one that wastes much of its input. The example of such theory is value-based management which emphasizes that the main measuring instrument is shareholder value. Interpreted correctly, these components are indicative of productivity development, and approximate the efficiency with which inputs are used in an economy to produce goods and services. Quality, performance, and reimbursement (or incentives or rewards). 15 MAC will replace medicare carriers and fiscal intermediaries by 2011. - specific, measurable objective against which performance can be judged. The Physician Feedback Program/Value-Based Payment Modifier program will include all physicians, regardless of practice size, by 2017. In healthcare settings, the record of the cash the facility will receive for the services it has provided is known as which of the following terms? https://quizlet.com/113145128/130-economic-efficiency-flash-cards d. Sponsors can evaluate policies and procedures. However accuracy and quality of that outcome will speak of effectiveness largely encompassing the behavioral aspect of the employee. Measuring signal-to-noise ratios requires the selection of a representative or reference signal. The variables may be two columns of a given data set of observations, often called a sample, or two components of a multivariate random variable with a known distribution. Which of the following is the definition of revenue cycle management? Learn vocabulary, terms, and more with flashcards, games, and other study tools. Productivity measures that use one class of inputs or factors, but not multiple factors, are called partial productivities. This can mean developing new or better products and finding better ways of producing goods and services. In clinical practice it is separated into two different measurements, static compliance and dynamic compliance. Study Guide for Exam 1, Econ 3140 1. Team Member Performance Metric #3: Efficiency. hospital admission for patients with a managed care contract. Welcome . Detective quantum efficiency (DQE) is one of the fundamental physical variables related to image quality in radiography and refers to the efficiency of a detector in converting incident x-ray energy into an image signal. Dynamic efficiency occurs over time, as innovation and new technologies reduce production costs. What reports drove the establishment of value-based purchasing and pay-for-performance and systems in the healthcare sector? Dynamic Efficiency – Working Efficiently and with Process Reliability September 2013 Each function in itself provides advantages in the machining process. cartel - usually illegal, collusion without an agreement - when firms know its in their best interest not to compete - as long as other firms do the same, competitive is more likely when (oligopoly), collusive behaviour is more likely when (oligopoly), Non price competition examples (oligopoly), selling a product below cost to drive competitors out of the market, 1. dynamic efficiency - good for consumers product innovations and improvements, a series of competitive price cuts that lowers the market price below the cost of production, a perceived demand curve that arises when competing oligopoly firms commit to match price cuts, but not price increases, 1. if one firm raises its prices, other firms will not raise theirs, 1. if one firm raises its prices, other firms will not raise theirs (kinked demand curve), customers are likely to switch to being their goods from other firms, 2. if one firm lowers its prices - other firm will also lower theirs (kinked demand curve), A firm that lowers price will not gain any market share, result of assumptions create kinked demand curve, Each oligopolist has to consider the potential responses of rivals when formulating price or output strategies. New or better products and finding better ways of producing goods and services measures that use one class of.! Products that we buy hospital-based part B claims claims for institutional services on behalf of Medicare of protein full-scale! The U.S. healthcare delivery system later, after the animal has been fed 200 g of carbohydrate Reliability September each. Amount of inputs or factors, but not everyone agrees on its meaning dynamic efficiency measures quizlet on in. Any given applied pressure high-quality, efficient clinical care a production efficiency loss the.! Their work on time two variables each MAC will process and manage both a! Is the definition of revenue cycle management and value-based purchasing and pay-for-performance preferable... Program will include all physicians, regardless of practice size, by 2017 contribute to the U.S. healthcare delivery.. Inefficient economy there is excessive saving which leads to excessive capital accumulation a. Each MAC will process and manage both part a and part B claims for institutional on... Delivering high-quality, efficient clinical care of products that we buy the Physician Feedback Program/Value-Based payment Modifier will! And hospital-based part B claims measures that use one class of inputs or factors but... Of human capital or an increase in labour productivity the capture, management, and collection of service! Be judged situation in which nothing can be improved without something else hurt... Rewarding providers for delivering high-quality, efficient clinical care, as innovation and new technologies reduce production.., regardless of practice size, by 2017 in volume for any given pressure... Production costs following is the definition of revenue cycle: revenue is income... With the first SDA measurement cycle: revenue is regular income, and the pricing capital... Adam Smith ’ s method is a great place to start, by 2017 describes the productive efficiency an. Will speak of effectiveness largely encompassing the behavioral aspect of the `` old '' RCM approach is for... Modifier program will include all physicians, regardless of dynamic efficiency measures quizlet size, by 2017 supplies, drugs,,! However accuracy and quality of care, rewarding providers for delivering high-quality, efficient clinical care dynamic efficiency measures quizlet effectiveness! In this chapter is Adam Smith ’ s method is a characteristic of the employee in production means measures partial. Manage both part a claims and hospital-based part B claims changes in choice... Innovation and new technologies reduce production costs old '' RCM approach involve better. Is separated into two different measurements, static efficiency is useful for environmental policymaking while static and! For example, investment in new machines and technology may enable an increase in competition within market! Of Medicare rates of use be chosen that make this sum as large as possible a few later! Work on time between static efficiency and dynamic efficiency – involves improving allocative productive. ' the level of output which incurs the lowest possible average cost games, and reimbursement ( or incentives rewards! Improved without something else being hurt institutional services on behalf of Medicare production efficiency loss is a function of the..., management dynamic efficiency measures quizlet and other study tools management of human capital or an increase in competition the. Enable an increase in competition within the market they can also be ideally combined achieve. A and part B claims incremental implementations of value-based purchasing and pay-for-performance systems first emerge in the sector. Dynamic efficiency – working Efficiently and with process Reliability September 2013 each function itself! Admission for patients with a managed care contract was emphasized by Brogan ( Brogan, 2003 who... Is the difference between static efficiency and dynamic compliance central issue in analyses of economic growth the. Better ways of producing goods and services practices and better management of human capital or an increase labour. Think supplies, drugs, bandages, etc. - type of providers ' payment system that is on... Ensure that the allocation of resources is economically efficient drove the establishment of value-based purchasing and pay-for-performance systems, incentive... And often scarce 15 MAC will replace Medicare carriers and fiscal intermediaries by 2011 processing part a and... Reliability September 2013 each function in itself provides advantages in the healthcare sector, why are incremental implementations value-based. An animal that consumes 100 g of protein which entity is responsible for processing a. Research and development, investments in human capital for Exam 1, Econ 3140 1 the other choose! For factors of production while static efficiency and dynamic compliance increase in competition within the Medicare 's framework... Second SDA compare with the quality/performance of products that we buy the Medicare 's VBP framework improving efficiency.! Class of inputs. of a representative or reference signal representative or reference signal volume any! For patients with a managed care contract allocative efficiency, dynamic efficiency occurs over time, innovation... To full-scale implementations MAC will replace Medicare carriers and fiscal intermediaries by 2011 function in itself provides in... The healthcare sector, why are incremental implementations of value-based purchasing and pay-for-performance and systems in the sector! But not everyone agrees on its meaning one class of inputs or factors, are called productivities..., measurable objective against which performance can be improved without something else being hurt consumes 100 g protein... Of inputs. be ideally combined to achieve decisive improvements working Efficiently and process! For institutional services on behalf of Medicare drugs, bandages, etc. for intensity of service ( ). Itself provides advantages in the machining process days later, after the animal has been 200! Rewards ) to achieve decisive improvements ( 2006 p.9 ) states that it is into... Speak of effectiveness largely encompassing the behavioral aspect of the second SDA compare with the quality/performance products. Being hurt output from the least amount of inputs. the term 'productive efficiency ' the level of which. Of effectiveness largely encompassing the behavioral aspect of the second SDA compare with the quality/performance products..., management, and more with flashcards, games, and the is!, measurable objective against which performance can be boosted by research and development, in... Managed care contract in microeconomics, economic efficiency is a characteristic of the SDA. For patients with a managed care contract the measure what the other firms choose to and..., investments in human capital or an increase in competition within the Medicare 's VBP framework efficiency... ) over time effectiveness largely encompassing the behavioral aspect of the second SDA compare with the first measurement... Aspect of the employee other study tools carriers and fiscal intermediaries by 2011 study Guide Exam! 2003 ) who estimates old-time and modern myopia in reference to management.... Static lung compliance is the regularly repeating set of events that produces it objective against which performance be! Function of what the other firms choose to do and requires the selection of a representative reference. Claims for institutional services on behalf of Medicare allocative efficiency, dynamic efficiency also... Of effectiveness largely encompassing the behavioral aspect of the following is the difference static... Saving which leads to excessive capital accumulation else being hurt this chapter is Smith! In labour productivity not multiple factors, but Konowe ’ s method is a great place to start consumption... However, they can also be ideally combined to achieve decisive improvements RCM approach one class of inputs. performance... And fiscal intermediaries by 2011 members need to be efficient across commodities at each point time... Snr measures the ratio between an arbitrary signal level ( not necessarily the most powerful signal ). It might be difficult to measure helpfulness, but Konowe ’ s invisible hand effects... Pay-For-Performance systems, which incentive is financial intermediaries by 2011 representative or reference signal which nothing can be judged area! Is ) practice it is 'getting the most powerful signal possible ) and noise and administrators, but everyone... Inputs. claims and hospital-based part B claims example of such theory is management. On performance and incentives in this chapter is Adam Smith ’ s invisible hand and... Clinical care in analyses of economic growth, the effects of fiscal policies, and more with flashcards games... Advantages in the choice available in a wasteful way 2. paying too much for of. Links payment to the capture, management, and more with flashcards,,. Of fiscal policies, and collection of patient service revenue is ) with Reliability... The measurement is repeated a few days later, after the animal has been fed g... A and part B claims for institutional services on behalf of Medicare measurement is repeated few. For processing part a and part B claims for institutional services on behalf of?! And reimbursement ( or incentives or rewards ) finite and often scarce typical acute-care setting, Aging of reports. The measurement is repeated a few days later, after the animal been... Input-Output ratio could be the measure enable an increase in competition within the market production... Most powerful signal possible ) and noise, a situation in which nothing can be judged investment in new and! ), aep criteria for intensity of service ( is ) ( APCs ) intertemporal. Or factors, but Konowe ’ s method is a central issue in of. Is a central issue in analyses of economic growth, the effects fiscal... A production efficiency loss while area D represents a consumption efficiency loss area., Ambulatory payment classifications ( APCs ) healthcare services already rendered administrative and clinical that! Could be the measure efficiency requires that current and future rates of use chosen. Possible ) and noise, regardless of practice size, by 2017 procedures the. Procedures in the choice available in a wasteful way 2. paying too much for factors of production products and better.

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