By Kushal T. Kadakia, Nancy D. Perrier, and Anaeze C. Offodile II
Posters, pricing dashboards, comparison tools — could cost transparency significantly reduce operating room expenses? In a 2018 pilot study, the Know Your Cost initiative used principles of behavioral economics to save nearly $1 million (13%) in supply costs without diminishing quality of care. Co-authored by scholar Anaeze C. Offodile II, this Harvard Business Review article explains how simple "choice architecture" nudges surgeons to choose options that reduce medical costs.
Aug. 2, 2021, 3:52 p.m.