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Management

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Question One Self-regulation is increasingly becoming the norm in numerous industries globally. Various industries, such as health care, advertising, professional sports, and energy, have used self-regulatory processes to administer industry practices. The main motivation behind self-regulation in industries is to limit the level of government interference in the industry and also maintain consumer trust and confidence in the industry itself. One of the main goals that drive an industry to regulate itself is the sole purpose of generating profit. The players within the industry have an objective to minimize their financial costs and at the same time increase their financial benefits by attaining profits. Self-regulation may also help firms adopt ethical behavior and values since the guidelines are based on social standards and behavior of the other firms as well rather than laid down rules which are forced down upon them. This may help introduce a better level of respect and recognition of the rules and will end up in better company behavior, and escape argumentative circumstances in which companies try to look for exceptions to rules which are not implemented by the industry itself. In addition, self-regulation benefits the companies by creating a more flexible regulatory situation than is normally found with government regulation. This more flexible regulatory situation may let companies to function more efficiently and reduces any costs that would have been incurred by agreeing to government regulation. Some of the determinants that make self-regulation become possible are as follows: 1. The number of the players within the market and the coverage of the market. Few players within the market with wide coverage make an effective self-regulatory process. Wide coverage means that the majority of the customers of that particular industry receives the goods and services and is satisfied. 2. When the level of competition is minimal then self-regulation becomes less achievable. There has to be few barriers to entry into the industry. This is because with minimal barriers to entry, there becomes a lot of competitors and therefore the players within the industry become more attentive to the regulations set by the whole set of players. 3. Collective interests. When the major players within a given industry have similar interests it makes self-regulation to become attainable. Examples of collective interests are maximization of profit, the life span of the players in the company and also maintaining their customers. 4. Self-regulation within a certain industry is also possible if the products being produced are not diverse or dissimilar. It becomes easier when the products being offered in the industry are the same. In the perspective of the government, the legislators should allow industries to influence regulation because for starters it is beneficial to the government. The processes and procedures for regulation such as enforcement and rulemaking are costly and require a lot of resources. Therefore self-regulation of the industries allows the government not to bear the burden of regulation creation and implementation and instead helps it to focus on overseeing that all the players follow the rules that have been set in place and taking action against them. In the long run the government gets to use less financial costs and also time resources in avoiding the regulatory process.

Question Two

Option One: Rate of return regulation with rates determined by the average cost for individuals on Medicaid in the facility From the perspective of the assisted living, this would be a fairly effective policy. However, it would not have maximized the profits that could be attained. This is because the high rates that are charged for individuals who stay in the facility for a longer period will be minimized by that for the individuals who stay for a shorter period. On the other hand, from the perspective of the State of Ohio, this would be a sufficient option. The cost that would be incurred would be averaged between all the individuals being taken care of in the facility. This means that the costs would be fairly minimal. In the long run this policy would be cost effective for the state.
Option Two: One flat rate for all individuals From the perspective of the State of Ohio, this policy would not be a suitable one. Having one flat rate for all individuals would entail more costs because it would all be summed up together. This is because all the individuals who walk into the facility will be charged a similar price. This is regardless of the period that the individuals will be taken care of as well as the level of need for assistance by the sick individuals. It would be costly for the state to pay the same rate for an individual who stays in the facility for a few days as compared to an individual who stays in the facility for a lengthy period of time like several weeks. From the perspective of the assisted facility, this would be a suitable policy. This is because every individual that comes into the facility will be charged the similar price. This is regardless of the period of care or the need for assistance by such individuals. The facility would be maximizing on the costs that would be incurred by the state.
Option Three: Two flat rates, with which rate the facility gets dependent on the level of assistance the individual needs. From the perspective of the State, this would be a fairly reasonable policy. This is because each sick individual within the assisted facility will be charged according to the level of need and assistance as well as the period stayed in the facility. This can be termed a fair policy for the state. Similarly, from the perspective of the assisted facility, the policy will also be considered an effective one because the prices paid for by the state will match the level of care given by the facility as well as the duration that the facility offers the sick individuals to stay within the facility. The best option is the third option where the policy consists of two flat rates with which the facility gets dependent on the level of assistance the individual needs. This is the best policy out of the rest because both two parties benefit and it is cost-effective on either side. The amount paid for by the State will be for the exact period of care as well as the level of care and dependency and nothing else more. At the same time, the assisted facility will feel like it is getting its work’s worth. This is because the money paid will be in terms of the level of care it will offer.

References
Ianuzzi, A. (2002). Industry Self-Regulation and voluntary environmental compliance. United States: CRC Press LLC.
Haufler, V. (2001). A Public Role for the Private Sector: Industry Self-Regulation in a Global Economy. Washington: Carnegie Endowment for International Peace.
Reading 1.1

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