When Healthcare is a “Lemon”: Asymmetric Information and Market Failure
posted by David W. Johnson on March 27, 2015
Found in US, categorized in Healthcare
Information asymmetry remains a fundamental challenge for most health companies; yet, there is nothing more important than engaging customers in their medical decision-making. It’s not only the right strategy for patients. It’s smart business strategy.
In this article, David explains how asymmetric information exchange between providers and patients contributes to medical errors, customer frustration, over and under-treatment in U.S. healthcare industry.