The R[e]volving Healthcare Industrial Complex
[The Changing Health 2.0 Economics and Financial Ecosystem]
By David Edward Marcinko
By Hope Rachel Hetico
Healthcare reform is no longer just a moral imperative, it’s a fiscal imperative – President Barack Obama
In 1972, Nobel Laureate Kenneth J. Arrow, PhD shocked academe’ by identifying health economics as a separate and distinct field. Yet, the seemingly disparate and puzzling insurance, financial and business management principles that he studied are just now becoming transparent to some physician executives and healthcare administrators. Nevertheless, to informed cognoscenti, they served as predecessors to the modern healthcare advisory and practice management era.
In 2004, Arrow was selected as one of eight recipients of the National Medal of Science for his innovative views.
Ultimately, savvy medical professionals are realizing that the healthcare industrial complex is in flux. Physicians are frantically searching for new ways to improve office efficiencies, revenues and grow personal assets because of the economic dislocation that is managed care; not to mention the 2007-09 meltdown of the domestic economy. Increasingly, the artificial boundary between medical practice management, health economics and finance is blurring in 2010-11 and beyond.
Throw modern social media and new-wave health 2.0 collaborative business skills into mix, and a disruptive paradigm shift becomes evident. First elucidated by online blogger Matthew Holt, and later codifed by the Institute of Medical Business Advisors, Inc [www.MedicalBusinessAdvisors.com], this emerging philosophy was introduced to the healthcare industry with dozens of publications in the Library of Medicine, National Institute of Health (NIH), Library of Congress and elsewhere. The $20 billion American Recovery and Reinvestment Act [ARRA], of President Barack H. Obama in 2009, provides further funding for health information technology and management initiatives for physicians, clinics, and hospitals going forward.
The national coordinator for health information technology [NCHIT], David Blumenthal MD, leads the effort today: http://www.hhs.gov/news/press/2009pres/03/20090320b.html
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