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PubMed2001

Moving upward in a downturn.

As the recent bursting of the new economy bubble has shown, business cycles are still wih us. The question, then, is, what executives should do to help their companies weather these downturns. As in so many instances, there are conventional approaches that appear to make sense in the short term. But while these approaches seem reasonable in the heat of the moment, they can eventually damage competitive positions and financial performance. Drawing on extensive research of Fortune 500 companies that have lived through industry downturns and economic recessions over the past two decades, Darrell Rigby, a director of Bain & Company, reveals how companies need to go against the grain of convention and exploit industry downturns to harness their unique opportunities for upward mobility. The author explains that every downturn goes through three phases. He examines each phase and shows how successful players navigate the huge waves of a downturn. Smart executives, he says, don't panic: they look bad news in the eye and institutionalize an approach to detecting storms. Rather than hedge their bets through diversification, they focus on their core businesses and spend to gain market share. They manage costs relentlessly during good times and bad. They keep a long-term view and strive to maintain the loyalty of employees, suppliers, and customers. And coming out of the downturn, they maintain momentum in their businesses to stay ahead of the competition they've already surpassed. Every industry will face periodic downturns of varying severity, says Rigby. But executives with the vision and ingenuity to take unconventional approaches can buoy their companies to new heights.

Commerce↗
PubMed1991

[Demographic and economic trends in medical schemes--a time series analysis].

A time series analysis was performed on medical scheme statistics with the aim of determining current and future demographic and economic trends. This would enable one to reach a better perspective on the current and future financial dilemma presently experienced by medical schemes. Data for the period 1978-1986 was analysed on a computer, using the Statgraphics program. The linear trend projection method, based on the regression analysis technique was used. Real values were determined by deflating nominal values against the consumer price index with 1980 as base year. There are at present 253 medical schemes in operation. Approximately 16 per cent of the economically active population are members of medical schemes. White members increased by only 3.8 per cent during the period 1978-1986, in comparison to the 87.1 per cent by black members. The beneficiaries represent 19 per cent of the total population; black beneficiaries increased by 422.1 per cent, while Whites increased only fractionally by 0.73 per cent. Membership fees increased by an average of R8.08/member/month or R1.72/member/month in real terms. Ninety five per cent of the income of medical schemes was derived from membership fees. The average real growth rate of income was 8.4 per cent, while net assets increased by only 3 per cent. An average deficit of R11.02 million/year is estimated for the recommended reserve funds in real terms. The greatest proportion of benefits paid was for professional services (47.4 per cent) followed by medicine (26.3 per cent) and hospital services (19.8 per cent). The real growth rate for benefits paid was 8.6 per cent per year.(ABSTRACT TRUNCATED AT 250 WORDS)

Economics↗
PubMed1983

Government revamp of the health care system: effect on patient care and research.

Since the end of World War II, the United States has been in a golden age of medicine. Unprecedented advances in biomedical research have resulted in a fundamental understanding of many disease processes; pharmaceutical research and development has produced a host of new therapeutic agents; and new technology has opened new vistas in the areas of diagnosis and therapeutics. This new knowledge has been translated into the health care delivery system. The federal government made the crucial decision that new hospital construction and increased bed capacity were needed to upgrade medical care in the modern, high-technology era. Another crucial decision made by the government was that health care was a fundamental right of all its citizens, and access to the health care system for the elderly, poor, and middle class had to be assured. This decision was culminated by the enactment of the entitlement programs of Medicare and Medicaid in 1965. These policies helped to decrease the mortality rate of our population by 1.5 percent per year. Our elderly citizens are healthier as a group and living longer. During the past decade strains on the economy secondary to the inflationary spiral produced by the Arab Oil Embargo and the huge budget deficits of the Reagan Administration have led to broad-based efforts to decrease spending on health care. A complex system of cost limits has been initiated, including a prospective reimbursement system for Medicare and Medicaid based on diagnostic-related groups. This system will force hospitals to shift from direct medical care to ambulatory, lower-cost services, making it costlier and more difficult for individuals, particularly the poor, elderly, and middle class, to have access to the health care system.

Cost Control↗