Question

Dr. Shetty is able to drive down the cost of complex medical procedures from $100,000 to $2,000 not by doing one big thing, but rather on doing a thousand small things. This approach focuses on driving down the cost of healthcare through:_______.
A. value of input factors.
B. cost of input factors.
C. process innovation.
D. product innovation.

Answer 1

Answer:

C. process innovation

Explanation:

Based on the information provided within the question it can be said that the approach being used in this scenario is known as process innovation. This refers to implementing significant changes to the current techniques, equipment and/or software of an organization in order to significantly improve the overall processes/costs/products of the organization. Which is what Dr. Shetty has done by implementing thousands of small changes in order to drastically lower the costs.