The importance of time cost in pricing outpatient care.
The purpose of this article is to discuss the component of the full price charged to patients using outpatient care. The full price of a visit to a physician is equal to out-of-pocket payment (money price), and time costs. In particular, the article discusses the concept of time price (marginal value of time for a patient), and presents a specific example to illustrate the concept of time price elasticity. The concepts and information presented in this article can help marketing managers in setting pricing strategy that would explicitly consider time price.
D003365:Costs and Cost Analysis; D010044:Outpatient Clinics, Hospital / Q000191:economics*; D010934:Planning Techniques; D011907:Rate Setting and Review / Q000379:methods*; D013997:Time Factors; D014481:United States