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Relative Value Theorem in Healthcare

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Questions and Answers

What formula represents the Relative Value (RV) according to the text?

(Price + Perceived Value) / Service = Relative Value

(Price + Service) x Perceived Value = Relative Value (correct)

(Service - Price) x Perceived Value = Relative Value

(Service x Perceived Value) / Price = Relative Value

How is Service (S) described in the text?

Varies with the quality of the product being offered

Dependent on the cost to the patient

Dependent on the person providing the service (correct)

Quantifiable and easily measured

What is the cognitive tradeoff involved in Perceived Value (PV) according to the text?

Quality of what they get vs cost to the patient (correct)

Cost to the patient vs time spent on service

Quality of what they get vs emotional energy spent

Emotional energy spent vs satisfaction with the service

How can you make yourself marketable/valuable according to the text?

By creating value for your employer through identified strengths (STARS) Signup and view all the answers

What is a key strategy for providing value-added services to patients based on the text?

Consistently providing quality service at a fair price Signup and view all the answers

What is one of the benefits of the Prescription Monitoring Program (PMP) related to addressing drug abuse and diversion?

Facilitating the identification, intervention, and treatment of persons addicted to prescription drugs Signup and view all the answers

What is the primary purpose of 'Med Sync' as compared to 'Auto Refilling'?

Ensuring patients pick up all medications at once for clinical services Signup and view all the answers

Among the listed factors related to nonadherence, which category includes barriers to communication with patients or caregivers?

Provider-related factors Signup and view all the answers

What percentage of new prescriptions are never filled according to the text?

1/5 Signup and view all the answers

In the equation for Relative Value ((Price + Service) x Perceived Value = Relative Value), what component directly affects the perceived value?

(Price + Service) Signup and view all the answers