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Market-based control mechanisms for patient safety
1Centre for Health Informatics, Institute of Health Innovation, University of New South Wales, Australia. e.coiera@unsw.edu.au
Quality & Safety in Health Care
|April 4, 2009
Summary
A novel market-based control (MBC) model proposes using emissions trading principles to enhance patient safety. This approach could incentivize healthcare organizations to reduce adverse events by creating a safety market.
Area of Science:
- Healthcare Management
- Health Economics
- Public Health Policy
Background:
- Patient safety is a critical concern in healthcare systems.
- Current methods for improving patient safety require enhancement.
- Environmental governance models offer potential for healthcare innovation.
Purpose of the Study:
- To propose a new model for enhancing patient safety.
- To explore the application of market-based control (MBC) principles in healthcare.
- To investigate the feasibility of a "cap and trade" system for patient safety.
Main Methods:
- Adapting market-based control (MBC) mechanisms, inspired by environmental "cap and trade" systems.
- Establishing system-wide and organization-specific patient safety targets.
- Creating a safety market for trading "safety credits" based on the cost of adverse events.
- Policing the market to ensure accountability.
Main Results:
- The proposed model provides a clear policy signal for organizations to reduce adverse events.
- Organizations are empowered to find localized, cost-effective safety improvement strategies.
- A market-based approach could foster novel methods for generating safety credits.
- Explicit measurement and financial accounting of adverse events enhance organizational accountability.
Conclusions:
- Market-based control (MBC) offers a promising framework for improving patient safety.
- This innovative approach could lead to more efficient and effective reduction of adverse clinical events.
- The model encourages organizational autonomy in safety improvement while ensuring accountability.
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