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Oligopsony (the marketplace situation when handful of consumers can drastically affect cost and other industry factors) presents the insurance companies (purchasers) huge negotiating energy and helps prevent medical professionals (sellers) from addressing unfair charge techniques. To resolve this dilemma, all fifty states have instituted a law penalizing overall health insurers for late payments. In the previous ten several years, condition courts have imposed at the very least $76 million in fines in opposition to insurance policy firms for failure to comply with prompt-pay laws, in accordance to the AMA. The settlements between seven largest insurance coverage businesses and condition medical societies amounted to a lot more than $one.53 billion, with only $384 million for immediate repayments to doctors (see Dave Hansen, "The failed promise of prompt pay," AMNews, Nov. 5, 2007).

An oligopsony, in accordance to Wikipedia, is a market place type in which the number of customers is little whilst the quantity of sellers could be huge. It truly is a mirror reverse to an oligopoly, exactly where there are many buyers but just a number of sellers:

World market: 3 corporations (Cargill, Archer Daniels Midland, and Callebaut) purchase the huge bulk of entire world cocoa bean creation, largely from little farmers in 3rd World international locations.

American economic climate: tobacco growers encounter an oligopsony of cigarette makers, the place a few businesses (Altria, Brown

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