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02 Jul 2024, 10:00
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| FROM Madison(Wisconsin) Admissions Blog: Hidden Costs of Business: Severe Economic and Health Impacts of Hospital Mergers Revealed In New WSB Study |
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(MADISON, WI) Stuart Craig, assistant professor of risk and insurance at the Wisconsin School of Business, has co-authored an illuminating study revealing the profound consequences of rising health care prices due to hospital mergers, as[url=https://www.wsj.com/health/healthcare/hospital-healthcare-prices-increase-employee-layoffs-9a4b90f6] recently featured[/url] in The Wall Street Journal. “The majority of Americans get their health insurance through an employer-sponsored plan. This creates an important link between the costs of healthcare and how workers are employed. Most people focus on a small part of their insurance premiums, but the reality is that their employers contribute most of it. That changes how they set wages and who they decide to employ,” said Craig. Namely, a 1% hike in healthcare prices: [list] [*]Reduces both payroll and employment at non-healthcare firms by approximately 0.4%.[/*] [*]At the county level, a 1% hike slashes per capita labor income by 0.27%, drives up unemployment by 1%, decreases federal income tax receipts by 0.4%, and raises unemployment insurance payments by 2.5%.[/*] [/list] The study, “[url=https://stuartcraig.github.io/files/who_pays_for_rising_prices.pdf]Who Pays for Rising Health Care Prices? Evidence from Hospital Mergers[/url],” conducted by Craig alongside Zarek Brot-Goldberg (University of Chicago), Zack Cooper (Yale University), Lev R. Klarnet (Harvard University), Ithai Lurie (US Department of Treasury), and Corbin L. Miller (US Department of Treasury), underscores how middle-income workers outside the health care sector bear the brunt of escalating healthcare costs. Craig emphasized, “Rising health care costs represent tangible hardships for middle-income families, resulting in job losses. This also results in lost tax revenue and places strain on businesses that have to adjust their employment practices. We also know that losing your job can be very bad for your health, and tragically, we see that approximately one in 140 workers who lost their job because of these price increases dies from an opioid overdose or suicide within a year of separation.” “Rising health care costs represent tangible hardships for middle-income families, resulting in job losses.” – Stuart Craig Moreover, these effects are borne unevenly across workers – concentrated among those making between $20,000 and $100,000 per year. “The fact that these price increases hit the middle of the income distribution hardest suggests that health care costs contribute to rising inequality in a meaningful way,” said Craig. Additional findings include: – Escalating healthcare prices lead to job losses, diminished tax revenue, and heightened federal spending on unemployment insurance. – A hospital merger raising prices by 5% results in significant economic losses: $32 million in wages, 203 job losses, a $6.8 million reduction in federal tax revenue, and one death from suicide or overdose among affected workers. – Between 2000 and 2020, over 1,000 hospital mergers occurred in the US, with minimal regulatory intervention, potentially overlooking substantial negative economic impacts. “We also know that losing your job can be very bad for your health, and tragically, we see that approximately one in 140 workers who lost their job because of these price increases dies from an opioid overdose or suicide within a year of separation.” – Stuart Craig In a complementary study, “[url=https://www.aeaweb.org/articles?id=10.1257/aeri.20230340]Is There Too Little Antitrust Enforcement in the US Hospital Sector?[/url]“, published earlier this year in AER: Insights, Craig delves into the regulatory landscape. Despite a surge in hospital mergers, the Federal Trade Commission (FTC) has intervened minimally, blocking only 13 out of over 1,000 mergers from 2002 to 2020. This disparity raises urgent concerns about the effectiveness of current antitrust regulations. Rigorous analysis of insurance claims data exposes how hospital consolidations lead to substantial post-merger price hikes, burdening consumers with an estimated annual increase of $204 million in hospital spending among privately insured individuals. These findings underscore the critical need to reassess antitrust enforcement practices, particularly in health care, where market consolidation can severely impact affordability and access to essential services. “Our research underscores the need for more stringent antitrust enforcement to safeguard not only the economy but also the lives and livelihoods of American workers.” – Stuart Craig “Unchecked hospital mergers have profound implications that extend well beyond the health care sector,” said Craig. “Our research underscores the need for more stringent antitrust enforcement to safeguard not only the economy but also the lives and livelihoods of American workers.” For more information on these studies and their implications, or to arrange an interview with Professor Stuart Craig, please contact: Leiah Fundell Social Media & Public Relations Manager, Wisconsin School of Business [email=leiah.fundell@wisc.edu]leiah.fundell@wisc.edu[/email] The post [url=https://business.wisc.edu/news/new-research-from-wisconsin-school-of-business-highlights-severe-economic-and-health-impacts-of-hospital-mergers/]Hidden Costs of Business: Severe Economic and Health Impacts of Hospital Mergers Revealed In New WSB Study[/url] appeared first on [url=https://business.wisc.edu]Wisconsin School of Business[/url]. |
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11 Jul 2024, 15:00
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| FROM Madison(Wisconsin) Admissions Blog: The Wall Street Journal’s Lauren Weber Visits WSB as Business Writer in Residence |
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Wall Street Journal reporter Lauren Weber is always on the hunt for irresistible stories about work. “There are a lot of parts of my job that I really love,” she says. “But I mostly feel privileged that I get to spend my days talking to interesting, smart people who have important things to say about what’s happening in the world and where the world is going—specifically where the workplace is going, because that’s what I cover. I get to draw on that curiosity.” That curiosity brought the corporate bureau reporter to the Wisconsin School of Business earlier this year as the school’s Business Writer in Residence, spending the better part of a week immersed in all things Business Badger. While at the school, she facilitated three panels on the intersection of work, society, and leadership; met with WSB faculty and staff; toured Grainger Hall’s departments and centers including the Multicultural Center, Career Forward, and the Small Business Development Center; and connected with MBA and MS students. Weber also visited the business learning community for undergraduates, Business Connect, and spoke to journalism students at the University of Wisconsin–Madison School of Journalism and Mass Communication. One of the primary objectives of WSB’s Business Writer in Residence program—part of campus’ larger Journalist in Residence program—is to connect business journalists with faculty experts. This knowledge exchange goes beyond a simple quote; faculty have the chance to dive into their work and share evidence-based perspectives with reporters who understand the business landscape. While at WSB, Weber met with faculty who shared their expertise on a variety of topic ranging from accounting and compensation to marketing to management and human resources. Since her visit, Weber has already reconnected with assistant professor Ivy Feng for a story on diversity goals in corporations’ annual reports. When asked about what trend in business fascinates her and why, Weber said it was hard to select just one. Climate change, generative AI, and the culture of work all stand out. “The last one, I think, is about something that’s a little bit more human; it’s everything from work-life balance and the role of work in our lives and the work preferences people have to mental health and how companies have had to contend with mental health as a workplace issue,” she says. “That’s something that I write about, and I talk to people about a lot. I think these three things—and they’re all happening on different scales, generative AI, climate change, and these very human issues around wellbeing and work and what role work plays in our lives—these are all three areas that are just continually exciting.” Watch Weber discuss potential impacts of generative AI on the workforce in this brief video: The post The Wall Street Journal’s Lauren Weber Visits WSB as Business Writer in Residence appeared first on Wisconsin School of Business. |
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11 Jul 2024, 15:00
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| FROM Madison(Wisconsin) Admissions Blog: Why Your ‘Dream Destination’ May Not Seem So Dreamy When Others Are in the Picture |
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Your friends raved so much about their recent trip to the Bahamas that you can already see yourself on the beach, cool drink in hand. With tickets booked, you turn to social media and user reviews—many of which include photos of the travelers themselves at the places they rate—to help you plan everything you hope to see, eat, and do. We may not realize we’re doing it, but a study by Joann Peck, Irwin Maier Distinguished Chair in Business and a professor of marketing at the Wisconsin School of Business, finds that the presence of another human in such user-shared photos can actually make us like the location less than if it were just a picture of the venue itself. Previous research in the field of marketing has focused on viewer reactions to social media images with varying results. Peck’s study, with co-authors Zoe Lu of Tulane University and WSB’s Suyeon Jung, is the first to look at the human presence in user experiences while also examining the viewer’s perception of psychological ownership and sense of self. “We wanted find out whether viewers would feel a sense of psychological ownership, a ‘this could be mine’ kind of territorial feeling toward venues in the photos that were examples of what marketing calls ‘experiential consumption,’ such as a vacation destination or wedding locale,” says Peck, whose pioneering body of research has examined consumer behavior on everything from haptics (sense of touch) and retail products to how we can steward a public resource that we don’t even own.  Human presence in photos, such as this first photo from the wedding experience set of images in Study 3, either lowered viewer preference or had no effect depending upon whether the viewer perceived the photo to be an identity-relevant or non-identity relevant experience. “We also were looking at a special type of experience—one that was identity-relevant, or an experience that could communicate a person’s self-identity, such as their wedding venue, compared to a more mundane experience, such as being a wedding planner and selecting a venue,” Peck says. “If an experience is identity-relevant, seeing a person in a photo of a venue results in viewers feeling that that person in the photo already feels the venue is ‘theirs’ so the viewer is less interested. Given that assumption, we were expecting that they then might feel a greater sense of discomfort seeing the photos of others appearing in ‘their’ chosen wedding venue, or ‘their’ dream vacation, for example. It feels like ‘theirs’ so it can’t be mine!” Across six studies, one of which analyzed 14,725 Instagram photos from a top social media travel influencer, the findings suggest that human presence in the photos did lower viewer preference for the venue or destination. However, it was mitigated by identity-relevant experiences in two of the studies. In the fifth and sixth studies, Peck and co-authors included different types of people in the photo: those that may threaten the identity-signaling purpose of ownership and those that did not. Some individuals seen in the pictures were not a threat to the viewer’s feeling of ownership, such as a restaurant owner pictured in the restaurant for a special anniversary dinner compared to other customers pictured. As expected, there was no drop in viewer preference when the person in the photo was not seen as a threat to their ownership feeling. However, when that photo included what the viewer considered a threat to their experience, such as other customers, viewer preference dipped again for studies five and six. Similarly, if the experience was not identity-relevant and hence more mundane—such as being a wedding planner and planning a wedding versus planning one’s own wedding—people in the photo were not a threat. The study therefore holds clear implications for marketers, Peck says: Use caution when choosing previous customers for advertising and marketing materials for special experience venues so that viewers are not “competing” with that human presence in the photos. “Given that more than half of the photos on the popular wedding site, The Knot, includes a couple, this finding is not obvious,” says Peck. “For a special occasion, viewers want to feel like the venue could be ‘theirs’ and does not already belong to others. This can be easily remedied by not including other customers in the photos.” My Brand Is Moving Away from Me: When Product Upgrades Leave Consumers Behind Walking Around Like They Own the Place…And Caring For It Too You Can’t Touch This: Why Blocking Shoppers May Boost Your Sales The post Why Your ‘Dream Destination’ May Not Seem So Dreamy When Others Are in the Picture appeared first on Wisconsin School of Business. |
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