Free-market healthcare

Free-market healthcare (pronunciation: /ˈfriː ˈmɑːrkɪt ˈheɪlθkeər/) is a system where the provision and acquisition of medical services are governed by market forces, primarily supply and demand, rather than by government regulation or subsidies.

Etymology

The term "free-market healthcare" is derived from the concept of a free market, where prices for goods and services are self-regulated by the open market and by consumers. In a free-market healthcare system, healthcare providers are free to charge what they wish for services and consumers are free to pay for the level of healthcare they choose.

Related Terms

Healthcare system: A network of health facilities and providers that deliver care to people. In a free-market healthcare system, these facilities and providers operate independently of government control.
Healthcare provider: An individual or institution that provides medical services. In a free-market healthcare system, these providers set their own prices for services.
Healthcare consumer: An individual who receives or purchases healthcare services. In a free-market healthcare system, these consumers choose which services to purchase based on price and quality.
Supply and demand: The economic principle that the price of a good or service is determined by the availability of that good or service and the market's desire for it. In a free-market healthcare system, the prices of healthcare services are determined by supply and demand.
Government regulation: The act of controlling or directing something by the rules or laws of a government. In a free-market healthcare system, there is minimal government regulation of healthcare services.
Subsidy: A sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive. In a free-market healthcare system, there are no subsidies for healthcare services.