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DEFINITION OF 'INDUSTRY LIFECYCLE'
A concept relating to the different stages an industry will go through, from the first product entry to its eventual decline. There are typically five stages in the industry lifecycle. They are defined as:
healthcare, history, product lifecycle, quality, strategy, value
The Traditional Product Lifecycle
Product output changes over time in relation to changing conditions. Initially costs for research and development and advertising are high and sales are low. As the public begins to become more aware of the product there are more profits but also more competition and this leads to specialization of the product to differentiate it from the other similar products. With time the market becomes saturated, the industry may suffer from bureaucracy and government regulation and if there is nothing done will start to decline. The primary forces throughout this cycle are supply and demand working in a functional market.1
Value in Healthcare
It has been said that management begins with measurement.24What has been measured in medicine has been limited, however. Early attempts to improve quality dealt mostly with the structure of medical training. For example the American Medical Association created the Council on Medical Education to standardize the requirements for medical licensure.25 The Flexner report dealt with the structure of medical training.26
The measurements that are likely to be most important would be outcomes that the patient or their family would want from their medical care. For example, mortality, lengths of stay in the intensive care unit or in the hospital have been termed “patient centered outcomes”.27 There is some evidence that during the beginning of growth phase there was active resistance to some attempts to examine outcomes. Ernest Codman, a surgeon at Massachusetts General Hospital, attempted to implement a “End Results Analysis” which was opposed by much of the medical staff.28 He published a book A Study in Hospital Efficiency reporting his own outcomes in 1916.29 It is interesting that despite being a relatively simple concept it took many decades before there was mainstream interest in outcomes.30
Some of the primary ways employers have been trying to improve the quality of healthcare include consumer directed-healthcare, pay for performance, and disease management.23All of these concentrate on cost and patient centered outcomes. Access to care may be another way to place value on healthcare. Favorable outcomes will only affect patients actually receiving care in the healthcare system. Some areas of the country still do not have adequate access to some types of specialized care. For example, trauma center access.31 Calculated shortages of physicians also may not take into account the failure of many of these physicians to provide emergency servicesBest of luck dear ................... :) contact me for any problem related to your assignments and home work, it woud be my pleasure to help you.Please let me know if you need any clarification. I'm always happy to answer your questions.
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