I work in the healthcare industry- specifically in the acute care setting. Regardless if the hospital is public or private, the government is highly influential in the decision-making processes and regulations within healthcare facilities. I would describe the healthcare industry as more of an oligopoly. An oligopoly involve firms that cannot help but be influenced by others within their respective industry (The Investopedia Team, 2023). Hospitals are always competing with one another whether that be with the wages they provide to staff, technology, innovation, or provided services. Competitors in an oligopoly are constantly trying to stay ahead through increased innovation and improvements (Miller, 2023). Facilities are constantly looking at one another to maintain healthy competition. The acute healthcare industry is difficult to enter into to because if its astronomical initial investment, which is why healthcare networks are so popular. For example, Providence is a firm that has hospitals in three states. Many healthcare organizations have a similar structure. It is rare to see stand-alone healthcare facilities with no expansion via more acute healthcare facilities or satellite urgent cares.

I would say that government involvement can provide both benefits and challenges. The government tries to influence U.S. healthcare in positive way through CMS guidelines. These guidelines are typically great for patients, but force the hospital to increase costs (to the institution) to meet those standards. These strict standards make additional department a necessity. Hospitals need departments such as infection control, risk management, and compliance to continuously evaluate certain matrices to ensure certain protocols are being followed. This costs the hospital money due to the need for more jobs and resources to keep the hospital open. The government also provides reimbursement opportunities to the hospital for meeting certain standards, so it is not without rewards in the long-run. Every facility has to uphold the same standards, so every firm has to deal with the same set of challenges.

References:

Froeb, L., McCann, B.T., Shor, M., & Ward. M.R. (2018).MindTap for Managerial economics: A problem solving approach(5th ed.). Cengage Learning. ISBN-13: 9781337106580

The Investopedia Team. (2023, March 28).Oligopoly defined: Meaning and characteristics in a market. Investopedia.https://www.investopedia.com/terms/o/oligopoly.asp#toc-what-is-an-oligopoly

Miller,S.P. (2023). Market structures.Salem Press Encyclopedia.

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