Health Economics Part II – Insurance

Tom Spencer

In this post, I will go beyond a general interpretation of demand and give you an in-depth overview of a specific and expensive issue: the rising cost of public liability insurance. Ultimately, no one benefits from the high cost of public liability insurance.

New Technologies in the Insurance Landscape (Part 3 – Cloud)

Tom Spencer

For this reason, any reticence the insurance industry showed early on has been replaced with a holistic embrace of trusted cloud platforms. Cloud in the Insurance Sector. Insurance Media / Internet big data Cloud insurance

New Technologies in the Insurance Landscape (Part 2 – Blockchain)

Tom Spencer

Insurance industry observers, for their part, believe that the innovative distributed ledger could introduce a variety of improvements and efficiencies to the insurance landscape, and have the following four applications: Fraud detection. Peer-to-peer insurance.

Blockchain Could Make the Insurance Industry Much More Transparent

Harvard Business

While Edward Lloyd is largely credited with commercializing the insurance industry, with the creation of his namesake firm, Lloyd’s, over 330 years ago, the original concept of spreading risk (or “mutualizing”) goes back even further. Both then and in 1686, when Lloyd’s was born in a London coffee house, the global insurance industry was a business of utmost good faith , as it remains today. The top 10 insurance brokers in the U.S.

Obamacare in Action: 74% Say Insurance Costs Went Up, Record 36% Say "By a Lot"; Plan for Still More Hikes


Obamacare was supposed to lower costs by pooling everyone together, by creating other efficiencies, and by admittedly overcharging millennials for healthcare.

Why the Insurance Industry Can’t Risk Overlooking Artificial Intelligence - SPONSOR CONTENT FROM COGNIZANT

Harvard Business

The insurance industry has not been immune to AI’s advancement – whether implementing robo-advisors for investment management (Vanguard and Charles Schwab) or applying AI to insurance and loan underwriting (the Chinese search giant Baidu, which provides enhanced risk assessment capabilities). Maximized customer experience: With NLP, speech recognition, and virtual as­sistants, insurers can embrace innovative ways of transforming the cus­tomer experience.

New Taxes for 2013: Paying for ObamaCare |Women In Consulting.

Women in Consulting

Nonprofit Fundraising Events : Friends Asking Friends helps you empower your supporters, reach more people, and execute your fundraising events efficiently ? Peer-to-peer Fundraising Email Marketing Website Management Website Design Payment Processing Sphere Know How Blog Sphere Knowledgebase Sphere Forum Case Central Sphere Connect Sphere Connect Partners Blackbaud Connect Partner Network Overview Partner Login. Get the Flash Player to see this player. -->.

Continuous Improvement for Nonprofits

The Nonprofit Consultant

In any economy, non-profits need to run efficiently. I’m just finishing a project with the FREE Foundation, a Virginia non-profit that collects and refurbishes rehab mobility equipment and gifts it to uninsured and under-insured individuals in need ( ). Color coding is incorporated to insure that each chapter enters its data in the correct locations. Tags: continuous improvement processes Nonprofit management efficiency

It’s Not “Time Management.” It’s Lean.

Markovitz Consulting

Cleveland Clinic, as well as the IT department at Nationwide Insurance, use a tiered huddle system to drive problem solving down to the lowest possible level and reduce the need for firefighting. But the reduction in office hours can be the stimulus for creative thinking about how to increase productivity and efficiency. In the space of two weeks, the New York Times and the Wall Street Journal both ran articles on the productivity benefits of reduced work hours.

Quote Your Consulting Billing Rate with Confidence

Successful Independent Consulting

A seasoned practitioner will be more effective and efficient and will therefore be a better “buy.” Your rate has to cover operating expenses (internet, phone, bookkeeping), business insurance, and self-employment tax (the employer's half of Social Security and Medicare).

Freelance programming


It depends how good you are at convincing others, market yourself/your skills in an efficient way as mentioned above in the article. Effective and efficient work. You need to be your own accountant in regards to pay your taxes, insurance etc. What is freelance programming?

From Wearables To Telemedicine To Direct-To-Consumer Prescriptions, Here’s How Healthcare Is Becoming Consumer-Centric


One of the ways the government, insurance carriers, and employers hope to bring down costs is by making consumers better at shopping for their healthcare. With this acquisition, it has the financial incentive to do so by being their insurer as well. Article Credit: CB Insights.

Moral hazard and inhumanity

Seth Godin Blog

And don't make it too easy to collect on fire insurance, or people will be careless with matches. Insurers call these behaviors 'moral hazards.' But of course, the market isn't efficient at all.

Tapping into the Transformative Power of Service 4.0


Service companies lag far behind industrial companies in applying technology to improve their operational efficiency and to enhance customer satisfaction. We have observed similar levels and patterns of waste in other service industries, including energy, banking, and insurance.

How RPA, NLP and ML will create the virtual workforce of tomorrow

Tom Spencer

Instead, it sits on top of it, enabling a company to implement the technology quickly and efficiently – all without changing the existing infrastructure and systems.

Will Personalized Medicine Mean Higher Costs for Consumers?

Harvard Business

copays and coinsurance) that insurers require patients to pay. A growing body of research says that insurers raise out-of-pocket costs in part to avoid sick enrollees. Consequently, if we want new medical innovations to be financially viable for the patients who need it most, health insurance markets need to be regulated to eliminate the perverse financial incentives that limit patients’ coverage. Insurance markets are failing to deliver. laura schneider for hbr.

15 Best Business Podcasts for Independent Consultants

Tsavo Neal

The show also features experts providing advice on topics such as insurance, contracts, travel, use of LinkedIn, and daily routines. Podcasts make amazing listening material for commutes, travel, and listening for when you don’t feel like taking out a book.

Bogus Audited Statements Are Holding Africa Back

Harvard Business

Regulators must innovate and create structures that correct inherent flaws which continue to stymie market efficiencies. The premium charged by the insurer will track the risk profile of the auditor’s work.

How the New U.S. Tax Plan Will Affect Health Care

Harvard Business

It will mean less health insurance for individuals; less coverage for elderly and poor Americans; less revenue for doctors, hospitals, and myriad health care businesses; and, quite possibly, a less-healthy, less-productive workforce. According to the Congressional Budget Office (CBO), the repeal of the individual mandate penalties could result in as many as 13 million fewer Americans having health insurance. Some will choose not to buy insurance because the penalty has disappeared.

Emergencies cost extra

Seth Godin Blog

The reason custom work costs more is no longer a matter of production efficiency. The reason to charge more is all about ensurance, insurance and emotional wear and tear. If you work in a field where things need to be delivered by date certain, with zero defects, with high consequences if you make a mistake—then you need to charge a premium for exposing yourself to emergencies. It doesn’t matter what something in a non-emergency situation costs.

For Beginners: A Roadmap into the Consulting Industry

Tom Spencer

Whether I was talking to graduates, MBAs or experienced professionals, as a consulting club president at business school, I was frequently asked the same question, “What is the most efficient and quickest way to transform into a consultant?”. As the frequency of answering this question increased, I felt that there was an urgent need to be fulfilled, so I decided to start blogging here with a series of articles trying to answer this question in a most efficient and insightful way.

Can AI Address Health Care’s Red-Tape Problem?

Harvard Business

Using AI-powered tools capable of processing vast amounts of data and making real-time recommendations, some hospitals and insurers are discovering that they can reduce administrative hours, especially in the areas of regulatory documentation and fraudulent claims. Westend61/Getty Images.

Healthcare Paradigm Shift: Emphasis on Outpatient Care

Tom Spencer

Changes to insurance reimbursement policies over the last five years have also emphasized the need for hospitals to provide high quality care at an affordable price. Over the last several years there has been an increase in the number of outpatient visits at hospitals throughout the U.S.

Role of Big Data in Healthcare

Tom Spencer

When dealing with protected health information such as names, social security numbers, dates of births, and addresses you must comply with the Health Insurance Portability and Accountability (HIPPA) Act. Healthcare Informatics: Improving Efficiency and Productivity.

Improve the Affordable Care Act, Don’t Repeal It

Harvard Business

Specifically, it has allowed for significant expansion of insurance coverage and it is accelerating the move from a financing system that pays for the volume of services provided to one that rewards care providers for delivering higher-quality care. With the huge increases in premiums this year on the insurance exchanges, we can safely say the root cause has not been addressed. One is allowing people to purchase insurance even if they have a pre-existing condition.

Blockchain in Healthcare: Possibilities and Limitations

Tom Spencer

A nationwide blockchain network for electronic health records (EHR) could improve clinical efficiencies, track patient records, and enhance patient outcomes. With insurance fraud costing the U.S. The blockchain revolution continues…next stop: healthcare!

Building a Direct-to-Consumer Strategy Without Alienating Your Distributors

Harvard Business

These relationships can create efficient new sales channels and powerful feedback mechanisms or unlock entirely new business models. Your chosen Porsche is delivered to your house with insurance and maintenance as well as unlimited miles and flips to other models included.

B2B 58

Understanding marginal cost

Seth Godin Blog

It doesn''t include set-up fees, rent, years of training, insurance or all the other huge costs an organization might pay. When that happens, the truth above about efficient markets goes away. because a market with one dominant leader isn''t efficient any more

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Consultant Ninja: Health Care is Not a Right: Management.

Consultant Ninja

Like all investments, I find this health insurance bill as a temporary fix for something much much larger. Overall, my biggest criticism of a private / public based insurance system is as follows: 1. This process restricts efficient uses of health services and buries cost. Short Term Approach: The only efficient method of gaining access to lower risk pools is by participating in high deductible accounts which means you pay less for relatively less service.

What the Trump Administration Needs to Do About Health Care

Harvard Business

Turning a blind eye to the potential for such a reaction could undermine efforts to build an efficient, high-quality health care sector. In our article, we describe these catalysts and their implications for health care’s major stakeholders, including providers, private insurers, employers, and patients. Federally sponsored insurance programs can and should continue to make use of their heft to reshape the delivery system.

Consultant Ninja: Dipping my toe in the health care debate.

Consultant Ninja

I fail to see the logic that the government will be more efficient at building operational structures than the private sector. overlapping administration costs of insurance companies; advertising costs of new drugs) and decrease the quality of delivery (e.g. the ability for insurers to deny insured individuals healthcare). Private insurers would then still have a competitive advantage in providing more thorough coverage plans or supplementary plans.

U.S. Health Plans Can Save Billions by Helping Patients Navigate the System

Harvard Business

Many have received unpleasant surprises, such as a medical bill they expected to be covered by their health insurance or an unexpectedly expensive bill for a simple service. Education has a role to play in reducing costs for health insurers, but it alone will not eliminate the problem.

The 3 Ways Work Can Be Automated

Harvard Business

Take, for example, the car insurance industry. The ability of such technology to enable traditional jobs to be disaggregated and to supplement or replace routine activities presents opportunities in efficiency, effectiveness, and impact. In the previous example, the intelligent app could be part of a new offering to car insurance clients, perhaps with added features such as a chatbot that could provide additional, on-demand advice about insurance to the policy owner.

One (Relatively) Easy Way to Improve U.S. Health Care: Expand Medicare Advantage

Harvard Business

At the same time, health insurance premiums have increased as much as 60% in the individual market in some states. The federal and state insurance exchanges have failed to rein in costs. Now, with the rollback of the mandate that individuals must purchase health insurance, the number of uninsured in the country will climb. Meanwhile, continued federal funding of the subsidy for insurance for the poor is uncertain. Let’s start with the insurance problem.

The fourth cycle of the hive mind (and what to do about it)

Seth Godin Blog

We were able to send a rocket to the moon, design more efficient engines and compute weighted class rank using centralized, expensive computers. And so you could use a credit card anywhere in the world, call an 800 number to place an order, and have your insurance updated immediately. The first cycle of computers was good at: arithmetic. and storing data.

How One Nonprofit Is Expanding Health Care for the Uninsured

Harvard Business

If the Affordable Care Act unravels in the near term, the number of insured could creep back up to 50 million, the level in 2009. In India, only 10% of the population has health insurance, while 90% are uninsured, the opposite situation of the U.S. Bjarte Rettedal/Getty Images.

Oliver Wyman interview preparation: the inside story

Management Consulted

Now a subsidiary of Marsh & McLennan, Oliver Wyman is known to give MMC its strong reputation as experts over other insurance providers because of the firm’s focus on strategy. Burrows, Marsh & McLennan began in Chicago in 1905 and became the world’s largest insurance agency. Insurance. This focus on efficiency is a major defining characteristic of the high-performance culture at Oliver Wyman.