An Assessment of Pricing Strategy for Cancer Screening and Treatment in the Cleveland Clinic Essay

IntroductionPricing is an important factor for most companies. In the healthcare industry, pricing is particularly important. Some healthcare providers compete with many other healthcare companies that could potentially offer goods or services for a lower rate. In addition, things like quality also play a role. Consumers will typically be willing to pay more for a physician that is more experienced or skilled. Deals with health insurance companies also play a major role. Healthcare companies can sometimes charge above average rates if they have partnerships with large insurance companies that help patients to cover some of their medical costs. An analysis of pricing strategy and related factors for cancer screening and treatment at the Cleveland Clinic will be provided.Pricing StrategiesHealthcare companies can choose a number of different pricing strategies when determining how much they will charge for different products or services. One strategy for healthcare companies is to focus on the quality of their services or products (Town Vistnes, 2001). Quality could be established in a nmber of different ways. For example, a surgeon could demonstrate their skill by listing the number of successfully completed surgeries in which patients fully recovered. Sometimes patients still fail to recover, even in cases where a surgeon or other medical professional performed to the best of their ability. Even so, quality healthcare is typically more expensive than cheaper options. The most skilled and experienced medical professionals typically charge more than less skilled or experienced ones.Quality can also be established through referrals. A patient who is particularly satisfied with the treatment they receive may refer a physician or healthcare company to their friends. A strong reputation can mean a lot in the healthcare industry. Physicians and healthcare companies that gain a positive reputation over time can charge more for their services than those without a strong reputation.Another pricing strategy is to focus on affordability. Some patients have limited health insurance plans that only cover a small portion of their medical...

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