S6E06 – The Health Care Economy (and what's left of it): What to expect when unemployment is at 20%
While our brave healthcare workers continue to fight against the spread of the COVID pandemic, the healthcare industry as a business is suffering. The widespread economic shutdown enforced to reduce the risk of transmission affected hospitals and healthcare providers.
Today’s session focuses on the current healthcare economy (and what’s left of it). We feature Dr. Kevin Bozik, Professor and Chair of Surgery and Operative Care at the Dell Medical School at the University of Texas, and James Robinson, UCB Professor of Health Care Economics. They discuss the shapes of economic recovery, the impact of the economy on healthcare and insurance systems, the downside of U.S. government spending trillions of dollars on a short-term cure, and more. Jamie also shared his insights on the economic response and recovery of Europe and China compared to the U.S.
Economy and healthcare are fascinating topics, and our guests’ knowledge and insights were clearly communicated in this session. If you’re wondering what’s going to happen to your practice in the next weeks and months while the coronavirus spread is still going on, you really need to tune in to this conversation!
Today’s Guests
Kevin Bozic
Kevin Bozic is a professor and chair of surgery and perioperative care at the Dell Medical School at UT Austin. He is a recognized leader in orthopedic care. Before joining the Dell Medical School, he was a professor and vice care of orthopaedic surgery at the UCSF School of Medicine and core faculty at the Philip R. Lee Institute for Health Policy Studies.
He completed his Bachelor of Science degree in Biomedical Engineering from Duke University where we graduated magna cum laude. He received his M.D. with a thesis degree from UCSF, finished his orthopaedic surgery residency training in the Harvard Combined Orthopaedic Residency Program, and additional fellowship training in adult reconstructive surgery from Rush University Medical Center in Chicago. Bozic also holds a Masters of Business Administration from Harvard Business School (HBS).
James Robinson
James Robinson is a Professor of Health Economics in the School of Public Health at the UC Berkeley, where he has the title of the Leonard D. Schaeffer Endowed Chair in Health Economics and Policy. Robinson is also the Chair of the Berkeley Center for Health Technology which supports research and professional education projects related to coverage, management, and payment methods for innovative technologies including biopharmaceuticals, medical devices, and diagnostics.
Professor Robinson has published three books and over 120 papers in scientific and policy journals.
Key TakeAways:
- The U.S. economy’s basics are good, but if the pandemic will continue, there will be a problem.
- The unemployment effect is severe, but it’s also highly localized.
- There will be a decrease in demand because of the out-of pocket responsibility of the insurer.
