Explain role of pricing and consumer value with respect to health and medical services

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The three basic ways, in which pricing for hospital/clinical/medical services differ from pricing for goods are the issue of customer's knowledge of prices, the role of prices in indicating quality of services and the issue of non-monetary costs.

1. Prices of Hospital Services and Customer Knowledge 

Health services are intangible, and can be offered in a variety of configurations with variation in accompanying services. Hospitals, therefore, are able to create a number of permutations and combination of a given treatment package, resulting in complex pricing structures. If a prospective customer wanted to have comparative assessments of prices for a Ceaserian section, shehe would find that the type of package varies (length of stay, associated services provided), patient particulats may vary and nkssitate price variation (complexities, age, medical condition), the level of services may vary (single vs. double room, patient to nurse ratio etc.) Few hospitals would offer exactly the same' features or package of services. Prices are, therefore, not strictly comparable. The problem becomes compounded on account of the fact that in quite a few cases medical providers may be unable to give an accurate price figure in advance as they may not, at the very outset know what a given treatment would ultimately involve. In case of health services, customer's individuals needs also result in different prices being charged. Previous history, general medical condition, age, related health complications etc. may often determine the course of action that would need to be taken for a given patient, rind prices, therefore, may also be a function of individual ___ _______ _________ ____________ __ ______ ___ ________ ________ _______.
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Degree : PG DIPLOMA PROGRAMMES
Course Name : Post Graduate Diploma in Hospital and Health Management
Course Code : PGDHHM
Subject Name : Introduction to Management
Subject Code : MHH 101
Year : 2022