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Some politicians and pundits stress that the Affordable Care Act will increase access to health care and make it more affordable, while others argue that patients are better served by diversification in the health care marketplace. David Hyman of the University of Illinois began Thursday's Culture of Competition event at AEI by identifying the unique aspects of health care that contribute to market failure, such as skewed incentives and higher stakes and consequences. Hyman suggested that a health care solution might lie somewhere between completely open markets and government centralization.
Elizabeth Teisberg of the Dartmouth Center for Health Care Delivery Service pointed to systemic issues that create a market in which providers are not motivated by the value they create for their customers. She clarified that the fundamental problems are the inadequate structures for health care delivery and long-term support rather than flawed payment systems.
AEI's Tom Miller explained that consumers often have good reasons for wanting to acquire specific types of coverage, yet the centralization of health care markets removes the "corridor of decision making" from the hands of those who are most likely to make the best choices for themselves. Miller highlighted the need to distinguish between providers who compete for customer satisfaction or use political tools to compete for their own survival and those who find solutions for customers with diverse priorities and preferences.
Does America need more competition in health care? Are patients better served by diversification, or does consolidation more effectively meet the needs of consumers? Will the Affordable Care Act encourage political competition in which businesses try to win bureaucrats instead of customers?
Many politicians and pundits claim that the act will make good on its promise to increase access and affordability. But others argue that consolidation caused by federally mandated health care will impair the medical marketplace and hurt consumers in the long run. Join us for lunch as three experts wade through these matters.
If you are unable to attend, we welcome you to watch the event live on this page. Full video will be posted within 24 hours.
David A. Hyman, University of Illinois
Thomas P. Miller, AEI
Elizabeth Teisberg, Dartmouth Center for Health Care Delivery Science
Timothy P. Carney, AEI
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Timothy P. Carney is a visiting fellow at AEI, where he helps direct the Culture of Competition Project, examining barriers to competition in all areas of American life, from the economy to the world of ideas. Carney has more than a decade of experience as a journalist covering the intersection of politics and economics. His work at AEI focuses on how to reinvigorate a competitive culture in America in which all can reap the benefits of a fair economy. Carney is the author of two books: “The Big Ripoff: How Big Business and Big Government Steal Your Money” (John Wiley & Sons, 2006) and “Obamanomics: How Barack Obama Is Bankrupting You and Enriching His Wall Street Friends, Corporate Lobbyists, and Union Bosses” (Regnery Publishing, 2009).
David A. Hyman is the H. Ross and Helen Workman Chair in Law and professor of medicine at the University of Illinois, where he directs the Epstein Program in Health Law and Policy. He focuses his research and writing on the regulation and financing of health care. He teaches or has taught health care regulation, civil procedure, insurance, medical malpractice, law and economics, professional responsibility, and tax policy. While serving as special counsel to the Federal Trade Commission, Hyman was principal author and project leader for the first joint report ever issued by the Federal Trade Commission and US Department of Justice, “Improving Health Care: A Dose of Competition” (2004). He is also the author of “Medicare Meets Mephistopheles” (Cato Institute, 2006), which was selected by the US Chamber of Commerce’s National Chamber Foundation as one of the top 10 books of 2007. He has published widely in student-edited law reviews and in peer-reviewed medical, health policy, and law journals.
Thomas P. Miller is a resident fellow at AEI, where he focuses on health policy, with particular emphasis on information transparency, health insurance regulation, health care entitlement reform, and market-based alternatives to the policies of the Patient Protection and Affordable Care Act. He is the coauthor of “Why ObamaCare Is Wrong for America” (HarperCollins, 2011) and author of “When ObamaCare Fails: The Playbook for Market-Based Reform” (AEI, 2012). He also directs AEI's Beyond Repeal and Replace project. Miller was a member of the National Advisory Council for the Agency for Healthcare Research and Quality from 2007 to 2009. He was a senior health policy adviser for the John McCain presidential campaign in 2008. Before joining AEI in 2006, Miller served for three years as senior health economist for the Joint Economic Committee of the US Congress. He has also been director of health policy studies at the Cato Institute and director of economic policy studies at the Competitive Enterprise Institute. He is a member of the National Academy of Social Insurance and the State Bar of Georgia. Miller’s writing has appeared in publications such as Health Affairs, The Wall Street Journal, The New York Times, The Washington Post, Los Angeles Times, USA Today, and National Review. He makes frequent broadcast media appearances on Fox, PBS, CBS, CNN, MSNBC, CNBC, C-SPAN, and National Public Radio, among other networks.
Elizabeth Teisberg is a professor at Dartmouth College’s Geisel School of Medicine and Center for Health Care Delivery Science. She is also a senior institute associate at Harvard University's Institute for Strategy and Competitiveness. Her expertise is in strategy and innovation, particularly in health care delivery. She wrote “Redefining Health Care: Creating Value-Based Competition on Results” (Harvard Business Review Press, 2006) with Michael E. Porter. Since its publication, there has been strong international interest in implementing the principles of high-value health care delivery in practice. Teisberg speaks, works, and teaches executives internationally on innovation for dramatic improvement in health care value. She develops frameworks and executive courses to enable health care delivery transformation. Her most recent publications include “The Imperative, and Opportunity, of Chronic Disease” in Harvard Health Policy Review and “Four Ways to Reinvent Service Delivery” in Harvard Business Review.