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Volume 3 | Issue 1 | April-September 2022 | page: 01-03 | Hitesh N. Modi
DOI: https://doi.org/10.13107/bbj.2022.v03i01.031

Authors: Hitesh N. Modi [1]

[1] Department of Spine Surgery, Zydus Hospital and Healthcare Research Pvt Ltd., Ahmedabad, Gujarat, India.

Address of Correspondence
Dr. Hitesh N. Modi,
Department of Spine Surgery, Zydus Hospital and Healthcare Research Pvt Ltd., SG Highway, Thaltej, Ahmedabad, Gujarat, India.
E-mail: modispine@gmail.com

Abstract

Medical specialty has been considered as a noble profession related with the service to mankind. However, consumer protection act considers it as a service industry with all its norms and rules applicable. If we consider spine surgery, the majority of patients as well as society advocating non-surgical treatment due to associated misbelieves and complexity of surgeries despite of its obvious benefits. The question arises how can we apply business principles to alleviate the hurdles in the spine surgeries and elevate the perception of the surgical treatment in the minds of the patients. Two famous noble prize-winning principles of business “Lemon principle” and “Signaling” would probably answer these. In this article, I have attempted to touch on these two principles in relation with spine surgeries and I am sure that such principles would help us in improving the health-care quality across all specialties.
Keywords: Medical service, consumer act, lemon principle, signaling, business.

References

1. Varian HR. Microeconomic Analysis. Vol. 3. New York: Norton; 1992.
2. Akerlof GA. Quality uncertainty and the market mechanism. Q J Econ 1970;84:488-500.
3. Spence M. Job market signaling. Q J Econ 1973;87:355-74.
4. Connelly BL, Hoskisson RE, Tihanyi L, Certo ST. Signaling theory: A review and assessment. J Manag 2010;37:39-67.

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