Aesthetic surgery economics: lessons from corporate boardrooms to plastic surgery practices.
Healthcare traditionally has been described as not conforming to the laws of economics. Consumers pay for aesthetic surgery directly, thus freeing it from the usual confounding factors and making it more likely to comply with the market forces explained by economics. Recent studies have demonstrated the ability of classic economics to analyze, predict, and optimize the financial environment of aesthetic surgery. This article describes economic principles and how they can be applied to aesthetic surgery. Some of the basic instruments of economics include the study of supply and demand, prices, and price elasticity; capital investments; communication and cooperation; and consumer cognitive limitations. Each of these tools offers plastic surgeons the opportunity to gain improved control of their financial environment.
Krieger
L M
LM
Department of Surgery, UCLA Medical Center, Los Angeles, Calif. 90095, USA. lkrieger@ucla.edu
Shaw
W W
WW
D002201:Capital Expenditures; D004467:Economics; D013518:Surgery, Plastic / Q000191:economics*