Price
This is the level of monetary reimbursement a firm demands for its goods or services.
What is Price?
This is the model where physicians can receive bonuses for meeting quality and financial goals.
What is Pay for performance?
This is the major factor in establishing price is recognizing THIS for the product/service.
What is Demand?
Companies use this strategy by setting a high initial price.
What is skimming price?
This is the point of volume where total revenue equals total costs.
What is Break-Even Point?
What is chargemaster?
This is the payment where providers receive a fixed amount to perform all the services for a specific procedure.
What are bundled payments?
This is the period of time for a product/service that may change over time due to the competitive market.
What is the Life Cycle?
This strategy is used to penetrate the market and gain sales.
What is penetration pricing strategy or pricing the product at a low price?
This is based on the concept that the price per additional procedure must equal or exceed the cost of an additional procedure.
What is marginal cost pricing?
This is what the payer agrees to pay the service provider for the costs incurred in providing services to a population.
What is cost-based reimbursement?
This is where providers decide what is best to spend on all the population under their care.
What is capitation?
This is an application that must justify that a demand exists and additional capacity is needed.
What is Certificate of Need?
What is prestige pricing?
This involves calculating the per unit cost of producing the service and determining the markup %'s needed to cover the cost of selling and the profit.
What is Markup Pricing?
This is the payment made for services that are delivered.
What is fee for service?
This is where providers set a budget for care delivery; if they can provide care < the budget amount, they share in the savings.
What is shared savings?
This is when one seller sets the price for a unique service.
What is a monopoly?
What is Market Share?
This is whereby items are priced at just below whole-dollar amounts.
What is Odd Pricing?
This is the payment mechanism that is used by the US Dept of HHS for inpatient admissions.
What are diagnostic related groups (DRG's)?
This is where providers share in any savings, but are responsible for the costs beyond the budget.
Market structure in which a few companies control a majority of industry sales.
What is Oligopoly?
These are price reductions provided when the product is purchased out of season.
What are Seasonal Discounts?