Vocabulary
How can health be measured?
Health can be measured by life expectancy, mortality rates, functional status, disease burden, behavioral physiological factors i.e. smoking
True or False: The cost of a yearly physical exam with insurance is above $100.
False. The annual physician exam belongs to preventive care and is fully covered by health insurance.
What level/tier of care would it be for a patient to visit a cardiologist? a) Primary b) Secondary c) Tertiary d) Quaternary
b) Secondary
How many prescriptions are written in the US each year? a) 800 million b) 2.5 billion c) 4 billion d) 6 billion
c) 4 billion
What is an insurance deductible?
The annual amount of healthcare expenses an insured person must pay before their insurance starts covering medical costs.
What is health?
Health is a state of complete physical,mental and social well-being and not merely the absence of disease or infirmity, as defined by the world health(WHO)
What was the percent increase of the drug Daraprim made by the “pharma bro”?
5000% It was 2015 when Martin Shkreli, then CEO of Turing Pharmaceuticals and the notorious “pharma bro,” jacked up the cost of the lifesaving drug Daraprim by 5,000 percent. Overnight, its price tag skyrocketed from $13.50 a pill to $750.
What are Not-for-profit hospitals?
Not-for-profit hospitals are legally organized as nonprofit corporations, they also Enjoy tax-exemption including tax-exempt bond financing and charitable contributions.
How much do pharmaceutical companies spend each year on research? a) $500 million b) $50 billion c) $150 billion d) $300 billion
c) $150 billion
What is the difference between coinsurance and copay?
Coinsurance is a percentage of the cost for healthcare whereas a copay is a fixed amount for a healthcare service.
What are the determinants of health?
Medical care, Individual behavior, Social environment, Physical environment, Genetics
What is the average cost of childbirth in the U.S.? a) Free-$3000 b) $4000-$8000 c) $9000-$13000 d) $14000-$19000
d) $14000-$19000
For Hospital CEOs, which academic major is most common in their backgrounds?
Master of Health Administration (MHA)
What percentage of tested drugs never make it to the market? a) 25% b) 70% c) 85% d) 90%
d) 90%
When were the Medicaid and Medicare programs created? a)1985 b)1970 c)1960 d)1965
d)1965 The passage of the Social Security Amendments of 1965 introduced the Medicare and Medicaid programs.
What are the three components of the Iron Triangle in healthcare?
Quality, Costs, Access
What is the average price of Insulin in the United States? a) $58.70 b) $98.70 c) $108.70 d) $188.70
$98.70 per vial (in Canada, the price of insulin is only $12 per vial)
In which state do hospitals have set rates to reduce overpricing?
Maryland
What’s the primary difference between Allopathic (MD) and Osteopathic (DO) physicians?
Different type of training: MDs (91% of physicians) go through a more conventional training process while DOs (9% of physicians) train through a holistic medical approach with an emphasis on the body’s ability to heal itself.
What are the four main health insurance plan types?
HMO, PPO, EPO, HDHP
What does PPO stand for and what is it?
Prefered Provider Organization. It is an insurance plan where you pay less out of pocket if you receive care from a preferred doctor/specialist/hospital (in-network).
Based on the National Health Expenditures in the U.S. (2021), around how much did Medicare spending grow?
Medicare Spending:21% of total NHE Grew 8.4% to $900.8 billion
NHE grew 2.7 % to $4.3 trillion, or $12,914 per person, and accounted for 18.3% of GDP
What percentage of hospital expenses are dedicated to administrative tasks? a) 2.4% b) 12.42% c) 19.23% d) 25%
25% of hospital expenses are dedicated to administrative tasks(billing, etc.)
What is the role of pharmacy benefit managers (PBMs) in the drug pricing system?
PBMs are middle men that work to bring down the price of drugs for their employers, insurance companies, and government agencies.
What is a moral hazard in insurance?
A moral hazard is a situation in which people are incentivized to increase their risk when they do not bear the full cost of the risk due to having insurance.