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Dynamic Pricing and Predictive Costing in healthcare

To improve the current pricing model of medical services, this proposal aims to study the current pricing model, build and implement a dynamic pricing model for hospitals. Capital equipment required for the hospital infrastructure is inherently expensive. For example, real estate, CT Scan (Computerized Tomography), MRI (Magnetic Resonance Imaging) machines, Surgery theatres etc. Due to the high capital costs, the price of services invariably remains high. The objective of dynamic pricing would be to charge appropriate prices to different groups of people based on parameters like convenience, time, geography, market segment, skill potential, equipment use, customer type and lastly by each service. Dynamic pricing model is proposed as an apt pricing strategy that enables organization achieving better results through balancing the load between peak hours /nonpeak hours and improving customer experience by providing value addition through personalized service. This also increases the brand value of the company by improving geographic reach by creating positive impacts in mind of customers.