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Making competition in health care work.

E O Teisberg1, M E Porter, G B Brown

  • 1Harvard Business School, Boston, MA.

Harvard Business Review
|June 7, 1994
PubMed
Summary

To achieve sustained healthcare cost reduction, the U.S. must embrace innovation. Competition drives continuous improvement, offering better value and more effective treatments for patients.

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Area of Science:

  • Health Economics
  • Healthcare Management
  • Innovation Studies

Background:

  • Current US healthcare reform proposals often prioritize one-time cost savings through waste reduction.
  • There is a critical need to identify strategies for achieving dramatic and sustained cost reductions in healthcare over the long term.

Purpose of the Study:

  • To explore how competition and innovation can drive sustained cost reductions and quality improvements in the US healthcare system.
  • To challenge the notion that technology inherently increases healthcare costs and to highlight its role in fostering innovation.

Main Methods:

  • Analysis of lessons learned from business competition and innovation dynamics.
  • Examination of the relationship between competition, innovation, and cost reduction in various industries.
  • Critique of current healthcare reform assumptions regarding technology and cost.

Main Results:

  • Competition compels continuous improvement in value, quality, and cost-efficiency.
  • Innovation, driven by competition, is the fundamental driver of sustained cost reduction and quality enhancement.
  • Without sustained innovation incentives, short-term savings in healthcare are vulnerable to increasing demands and an aging population.

Conclusions:

  • Rigorous competition and sustained innovation are essential for successful and transformative healthcare reform.
  • Shifting the focus from short-term savings to fostering an environment that incentivizes innovation is crucial for long-term healthcare economic viability.
  • Technology, when driven by innovation and competition, is a key enabler of cost-effective healthcare solutions, not an impediment.

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