Are There Regulations That Keep You From Making Those Improvements?

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I grew up using email. My children now use text messaging. I didn't think I would ever live to see email become obsolete. That's on its way. But I think there are more senior physicians have accumulated a career's worth of experience and knowledge that is extremely valuable. And so what we try and create is an environment in which learning and innovation feed off of each other to continually improve patient care.

Steven Lipstein, President and CEO of BJC HealthCare--a $3 billion hospital system in St. Louis, Missouri--talks with EconTalk host Russ Roberts about the economics of hospitals. They discuss pricing, the advantages and disadvantages of specialization in modern medical care, and culture and governance of non-profit hospitals vs. for-profit hospitals. At the end they talk about the positives and negatives of a national health board patterned after the Federal Reserve.