Despite its investment in health care and plethora of resources, the United States is not producing health for most of the population, according to Fiona Scott Morton, Theodore Nierenberg Professor of Economics at the Yale University School of Management. Why is that?
“The problem is management, not a lack of resources,” says Morton. Physicians are the real managers of the health care sector, and a lot of them were not trained for this. “Nobody ever taught them about a balance sheet or an opportunity cost or how you depreciate capital,” notes Morton. “We need physician leaders to get themselves a few more tools so that they can make these decisions about how to get resources allocated effectively.”
From the NEJM Catalyst event Innovation in Health Care Leadership: The New Health Care Marketplace at Northwestern University, June 4, 2015.