A few weeks ago, no other than World Economic Forum put behavioural economics on the agenda with the release of a policy report full of nudges.
Adapting the simple, yet very useful framework MINDSPACE developed by, among others, the UK Nudge Unit about integrating behavioural insights into policy-making, the report offers both governments and healthcare managers tools to help solve the chronic spending problem with healthcare costs.
The authors put it this way at the World Economic Forum blog:
“Think about the last time you were ill, or someone close to you was in hospital. As you sat in the waiting room, were you calm and collected? Was your mind clear and ready to make optimal decisions about the future and which course of treatment to choose?”
In the report, five important and pervasive “bad habits” contributing to the spending problem are identified:
- Favouring current practice over the best available evidence
- Following what others are doing even when it is wrong
- Behaving as if more healthcare is identical to better healthcare
- Focusing on illness at the expense of prevention
- Failing to present information or choices effectively
To sum up, new exciting behavioural insights with a cost cutting perspective as well as significant attention from World Economic Forum.
In other words, at least two good reasons to check out the full report here.