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Free Market Economic Impacts On Healthcare

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The Impact of Market Economies on Healthcare: Balancing Benefits and Drawbacks The shift towards market economy has affected nearly every aspect of society, including healthcare. The influence of market factors such as competition, cost control, and modifications in payment and fees have led to changes in both healthcare delivery and financing. In market-driven healthcare systems, the private sector takes on a more significant role in providing healthcare services and financing care. This often results in increased competition, efforts to control costs, and greater options for consumers. In a free market healthcare system, government intervention and regulation is minimal or non-existent (Sahut and Teulon, 2021). The absence of strict government regulations and licensing requirements provides healthcare providers with the flexibility to offer their services without being bound by stringent standards. As a result, they enjoy more autonomy in their practices. (Bernardini & Donovan, 2021). In a free market system for …show more content…

For instance, governments can establish policies to guarantee that access to care isn't restricted based on an individual's financial capability, and to secure sufficient funding for public health initiatives (Mills, 2014) The private sector's involvement in market-driven healthcare systems has been a key factor in shaping the changes in healthcare delivery and financing. The private sector has a significant impact on the financing of care, through the expansion of private insurance and the rise of for-profit healthcare providers, such as hospitals and clinics. Furthermore, the private sector has assumed a greater role in the provision of healthcare services, with for-profit providers and private insurance companies growing in

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