Healthcare Finance: Healthcare industry should employ behavioral economics to change outcomes, increase financial success

Interviewed by Healthcare Finance, David Asch, MD, MBA, suggests that behavioral economics, or “strategies to bypass people’s cognition,” is necessary for the healthcare system to be better off financially and patients to be healthier.  Asch says that behavioral economics “recognizes people are irrational — in predictable ways. Decisions are affected by emotions, bias, social context. The solution is design. We’re all irrational. The key insight in behavioral economics is that we’re all irrational in highly predictable ways.” Read more of Dr. Asch’s interview here.