A New York Times Op-Ed from July 15, 2010 highlights some of the limitations of behavioral economics. Many seem to think that it is a catch-all that can affect everything from food choices, to health care plans, to retirement options. For example, Modern Healthcare recently published an interesting piece about First Lady Michelle Obama’s Let’s Move program and its reliance on behavioral economics. The critics are saying that behavioral economics is forcing consumers’ hands, while we in the healthcare field feel it’s our duty to determine the best way to encourage healthy choices.
In these difficult economic times, it’s more important than ever for companies to evaluate potential channels of revenue. For example, from a hospital perspective, on-site retail operations is one area that, when done right, can provide an important revenue stream. However, health care facilities have to satisfy two goals: provide items most requested by customers in an effort to increase satisfaction and sales, and provide items that support the organization’s healthcare goals. The problem is that when stressed, or rushed, patients and visitors tend to gravitate to the unhealthiest of snack options. It’s a difficult position to be in because while it’s crucial to stay financially solvent, it’s just as important to make healthy choices and options readily available to those who need it most.
While it’s not the answer to every problem, with some research and planning behavioral economics can empower health care organizations to ensure that healthy choices are the easiest, but still financially viable, ones to make.
