Healthcare Marketplace

About this course: In this course in the Healthcare Marketplace specialization you will identify, define, and describe potential business and public policy solutions to the challenges facing society’s growing demand for health services. Students will master a body of knowledge on the health care sectors major components through reading and reflection. Healthcare has many different cultural components that will be discussed as historic trends as well as future demographic challenges. You will understand diverse philosophies and cultures within and across societies as they relate to healthcare. This outcome is particularly critical because of the tradeoffs needed to be assessed as medical technology advances faster than budgets and perhaps cultures are sometimes willing to tolerate. At the end of the day, you will gain an appreciation for the role of creativity, innovation, discovery, and expression across disciplines in the development of new medical care solutions through and examination of the physician, medical technology and financing sub-sectors of the health economy.

Created by:  University of Minnesota

• Taught by:  Stephen T Parente, Professor

  Carlson School of Management, Department of Finance

Basic Info Course 1 of 5 in the Healthcare Marketplace Specialization Level Beginner Commitment 5 weeks of study, 2 - 4 hours/week Language English How To Pass Pass all graded assignments to complete the course. User Ratings 4.4 stars Average User Rating 4.4See what learners said Coursework

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University of Minnesota The University of Minnesota is among the largest public research universities in the country, offering undergraduate, graduate, and professional students a multitude of opportunities for study and research. Located at the heart of one of the nation’s most vibrant, diverse metropolitan communities, students on the campuses in Minneapolis and St. Paul benefit from extensive partnerships with world-renowned health centers, international corporations, government agencies, and arts, nonprofit, and public service organizations.

Syllabus


WEEK 1


EVOLUTION OF THE HEALTHCARE MARKETPLACE



In this module you will learn about the economic history of one of the largest segments of the world’s economy. You will become acquainted with world trends in health and the stakeholders that comprise the healthcare marketplace ranging from physicians to hospitals to insurers and pharmaceutical firms. The take-away messages from this module are that there are many competing voices in the health economy. Furthermore, many of these voices have growing and evolving economic interests that spill over into all aspects of society. The skills gained from this module to enable a successful capstone is an appreciation of the role of government and regulation in the making and destruction of markets. One person’s new law may be a huge hindrance but also a giant opportunity for profit from another party. You will be better prepared to distinguish the difference and succeed.


13 videos, 3 practice quizzes expand

1. Video: Healthcare Marketplace Specialization
2. Video: Welcome to the Healthcare Marketplace Overview Course
3. Video: About Stephen T. Parente or 'My Five Hats'
4. Video: Ahoy There and Welcome Aboard!
5. Video: Module 1 Overview
6. Video: 1.1.1 Marketplace Overview
7. Video: 1.1.2 Healthcare Spending Drivers
8. Video: 1.1.3 Healthcare Quality Trends
9. Practice Quiz: Introduction to the Healthcare Marketplace
10. Video: 1.2.1 Market Evolution: Pre-World War II
11. Video: 1.2.2 Market Evolution: Post-World War II
12. Discussion Prompt: Discuss Post World War II Marketplace Evolution
13. Video: 1.2.3 Market Evolution: Health Cost Growth
14. Practice Quiz: Pre-War Sector Evolution
15. Video: 1.3.1 Key Issues for the 21st Century
16. Discussion Prompt: Key Issues for the 21st Century
17. Video: 1.3.2 Effects of Health Behaviors
18. Practice Quiz: Post-War to Multi Trillion Global Economy

Graded: Healthcare Marketplace

WEEK 2


PHYSICIAN AND HOSPITAL SERVICES MARKET



In this module you will learn about the provider market in the health economy. The provider market mainly consists of the physician and hospital sectors. Combined they are largest source of expenditure in the health economy. The take-away messages from this module are the provider market has demonstrated significant monopoly and the ability to set prices as well as price discriminate. The market is also one of the most technology advanced, regulated and human capital intensive markets on the planet – all of which contribute to significant barriers to entry that reinforce market power. The skills gained from this module are an understanding of the physician and hospital’s voice of customer for a market research plan. In addition, the learner will gain an understanding of the range of sites of care as well provider reimbursement mechanism that are so critical for revenue generation within the hospital setting.


14 videos, 4 practice quizzes expand

1. Video: Module 2 Overview
2. Video: 2.1.1 Provider Market Overview
3. Video: 2.1.2 Price Discrimination in Practice
4. Video: 2.1.3 Physician Market Evolution
5. Video: 2.1.4 Physician Sites of Care
6. Practice Quiz: Healthcare Delivery Evolution
7. Video: 2.2.1 Physicians in the 21st Century
8. Discussion Prompt: How Does History Shape the Physician Market?
9. Video: 2.2.2 What is a Physician?
10. Practice Quiz: Physician Market
11. Video: 2.3.1 Hospital Market Evolution
12. Video: 2.3.2 Hospital Features Today
13. Video: 2.3.3 Hospital Scale and Scope
14. Video: 2.3.4 Hospital Issues Today
15. Video: 2.3.5 Quality and Safety
16. Practice Quiz: Hospital and Institution Market
17. Video: 2.4.1 Hospital Future Trends
18. Video: 2.4.2 Policy Impact on Hospitals
19. Discussion Prompt: When is Competition a Good Thing or Not?
20. Practice Quiz: Hospital Market Trajectory

Graded: Physician and Hospital Services Market

WEEK 3


INSURANCE MARKET



In this module you will learn about the health insurance market. Since the mid-20th century government and private health insurance has been the primary funding vehicle of health care in the industrialized world. The long story of US and other nations health reform will be examined as well. The take-away messages from this module are the health insurance market is a unique form of insurance. Furthermore, its design has been greatly impacted by government intervention over a 100-year arc.The skills gained from this module are an understanding risk and insurance as well as the technology platforms used by the insurance industry to measure cost and quality. Key knowledge for use in the capstone is an understanding health insurance reimbursement and the issues faced by insurers when they consider funding a new medical technology for patient use.


14 videos, 3 practice quizzes expand

1. Video: Module 3 Overview
2. Video: 3.1.1 Risky Business
3. Video: 3.1.2 Utility of Wealth
4. Video: 3.1.3 How Does Insurance Work?
5. Video: 3.1.4 Moral Hazard and Adverse Selection
6. Practice Quiz: What is Health Insurance?
7. Video: 3.2.1 Early Public Health Insurance
8. Video: 3.2.2 Early U.S. Private Insurance
9. Video: 3.2.3 Major Points of Inflection
10. Discussion Prompt: How do Historic Moments Shape the Insurance Market?
11. Video: 3.2.4 Health Insurance Today
12. Practice Quiz: Evolution of Health Insurance
13. Video: 3.3.1 The Uninsured Problem
14. Video: 3.3.2 America's 100 Year Health Reform Opera
15. Video: 3.3.3 Current U.S. Health Reform
16. Video: 3.3.4 Future Health Reform - Part 1
17. Video: 3.3.4 Future Health Reform - Part 2
18. Practice Quiz: Health Reform Now and Eternal

Graded: Insurance Market

WEEK 4


MEDICAL TECHNOLOGY MARKETS



In this module you will learn about the medical technology market. This will provide an excellent overview for the in depth look at this in Course 3 of this specialization. The focus is on the medical device and pharmaceutical market. The take-away messages from this module are medical technology prices are costly because high regulatory and development burden to get to market. In addition, the pathways to payment for medical devices are pharmaceuticals are distinct but share more in common than are dissimilar. The skills gained from this module are an understanding of the regulatory burden of securing intellectual property rights as well as getting the technology clear for use from a safety and effectiveness perspective. Learners will under the key ingredient of technology dossier required for sales and marketing of a product on a global scale.


11 videos, 3 practice quizzes expand

1. Video: Module 4 Overview
2. Video: 4.1.1 What is a Device? What is a Drug?
3. Video: 4.1.2 Medical Device Evolution
4. Video: 4.1.3 Medical Devices Today
5. Video: 4.1.4 Vision 2010 Case
6. Practice Quiz: Medical Technology Evolution
7. Video: 4.2.1 How Does a New Technology Make Money?
8. Video: 4.2.2 Obtaining FDA Approval for Pharmaceuticals
9. Video: 4.2.3 Obtaining FDA Approval for Medical Devices
10. Discussion Prompt: Is Technological Change Worth it?
11. Practice Quiz: Pharmaceuticals & Regulatory Pathways
12. Video: 4.3.1 The Drive Towards Cost-Effectiveness
13. Video: 4.3.2 Preparing a Global Health Technology ‘Dossier’
14. Video: 4.3.3 Pharma & Device Convergence
15. Practice Quiz: Measuring Medical Technology Value

Graded: Medical Technology Market

WEEK 5


GLOBAL MEDICAL INNOVATION



In this module you will learn about the global market trends. You will also learn the key components of medical technology valuation. The take-away messages from this module are that health economy continues to expand and there are many behavior challenges that are problems as well as opportunities. The module concludes showing a promising technology that is novel, needed, cost-effective and will deliver return – rare qualities when all are checked-off. The skills gained from this module are targeting global health market trends ripe for opportunity as well as knowledge of the checklist of key areas to be covered for the capstone project’s assessment of a promising new innovation.


16 videos, 3 practice quizzes expand

1. Video: Module 5 Overview
2. Video: 5.1.1 Globalization of the Medical Industry
3. Video: 5.1.2 Medical Tourism Evolution & Growth
4. Discussion Prompt: Is Medical Tourism a Fad? How Does it Affect Healthcare?
5. Video: 5.1.3 Medical Tourism: The Case of India
6. Video: 5.1.4 Key Issues of the 21st Century
7. Video: 5.1.5 Health 'Bads' and Their Consequences
8. Practice Quiz: Global Medical Evolution
9. Video: 5.2.1 Goals of Health Information Technology
10. Video: 5.2.2 Value of Health Information Technology
11. Video: 5.2.3 Insurer Information Technology
12. Video: 5.2.4 Provider Information Technology
13. Video: 5.2.5 Information Technology for Integrated Health Care Delivery
14. Practice Quiz: Health Information Technology
15. Video: 5.3.1 Key Questions for an Innovation Valuation
16. Video: 5.3.2 What is the Technology?
17. Video: 5.3.3 Who Owns the Technology? Is it Safe?
18. Video: 5.3.4 Will the Technology Return Investment?
19. Video: 5.3.5 Final Summary and Next Steps
20. Practice Quiz: Global Medical Innovation Valuation

Graded: Market Sizing Memo