Tag: Peter Cramton
Auction expert reacts to CMS's proposed big changes
August 3, 2018Liz Beaulieu, Editor
COLLEGE PARK, Md. - When CMS outlined significant changes to its competitive bidding program in a recent proposed rule, one person came to mind: Peter Cramton.Cramton, an economics professor at the University of Maryland and an auction expert, has been a vocal critic of the way CMS originally designed the program—going back to at least 2010.Here are Cramton's thoughts on CMS's about-face on competitive bidding and the agency's plans to finally reform the program with more standard auction principles,...
How did we 'win' the mock auction?
May 25, 2011Seth Johnson
I attended Professor Peter Cramton's "Mock Medicare Auction" on April 1 at the University of Maryland along with 122 other stakeholders from the industry, government, academia and the press. The purpose was to better understand how a free market auction designed by economic experts would work as a potential alternative to the current fundamentally flawed bidding program designed and implemented by Medicare. I was assigned to the Harry Truman & Co. team and was partnered with a Washington D.C. healthcare...
System practically guaranteed outcome
December 21, 2010Theresa Flaherty, Managing Editor
BALTIMORE - The design of Medicare's competitive bidding program all but guaranteed that the majority of mail order diabetes contracts would go to suppliers with very small market share in the product category, says economist Peter Cramton.
"As it's currently constructed, it will tend to select suppliers that are less informed about what the cost of providing service is," he said. "It will also select suppliers who are desperate and have to win at any cost, and suppliers who have a competitive advantage...