The healthcare market includes any organization whose primary mission is the delivery of healthcare services. A healthcare service is any process or treatment that maintains an individual’s physical, mental, or social well being. Public healthcare organizations are governed by the procurement and operational direction of their state, municipal, and educational authorities and their board of directors. Commercial healthcare organizations are governed by the procurement and operational direction received only from their board of directors.
Healthcare in the United States continues to be one of the top issues for the nation. Healthcare costs continue to spiral upward, averaging 6.9% - 7.1% annually. The cost of healthcare significantly outpaces the inflation rate. Today’s healthcare spending has grown by almost 20 times that of levels seen in 1970*. This has occurred in spite of the fact that during the same time period, increases in the Consumer Price Index (CPI) have been only five times as great.
* Source: Modern Healthcare, Dec 22, 2008. Page 14 – Healthcare Economics
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