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Although the process is voluntary for health plans, external accreditation is becoming more and more important as states and purchasers require health plans undergo some type of external review process. This process:
Absolute Advantage
The ability of an entity to produce a good or offer a service more efficiently than its competitors when using the same amount of resources.
Absolute Advantage
The capability of an individual, company, or country to produce a good or service at a lower cost per unit than competitors.
Comparative Advantage
The ability of an entity to produce a good or service at a lower opportunity cost than another entity, leading to more efficient trade and production.
Comparative Advantage
The ability of an entity to produce a good or service at a lower opportunity cost than others.
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