In addition to research on managerial economics and pricing strategies, Anderson teaches students within the Kelley Evening MBA program how to apply fundamentals of economics to real-business settings. He believes the healthcare setting is an important field in which to apply economic tools.

“It’s such an important social issue because healthcare provides a social good that is stronger than in other industries,” Kyle said. “If we can find better ways to do these things, it’s a value that goes beyond the benefit of a company’s profit.”

One area of healthcare that is receiving a lot of attention is mergers and acquisitions. Hospitals are merging with one other, gaining more control over the healthcare supply chain and positioning themselves to negotiate with insurance companies. Meanwhile, physician practices are being bought and sold–sometimes through private equity–which is changing their business models. By better understanding the impact of mergers on the quality and the price of healthcare, physicians can be better prepared to lead strategic decision-making for their organizations.

“While healthcare is a unique industry, it is not insulated from the larger economy. Broader economic trends, such as inflation, labor shortages, monetary policy, and fiscal policy, all impact decisions that leaders need to make,” Kyle said. “Understanding the national and global economy is essential for any MBA student, but this is especially true for physician leaders.”