Final answer:
Market competition and advances in medical science have led to lower charges in the healthcare industry, with additional cost control measures implemented by the Affordable Care Act.
Step-by-step explanation:
The two factors that have led to lower charges in the healthcare industry are market competition and advances in medical science. These factors drive down costs by promoting efficiency and innovation in the delivery of healthcare services. In the context of the United States, the Affordable Care Act (ACA) introduced several regulations aimed at controlling healthcare costs, such as capping administrative expenses and mandating the adoption of electronic medical records (EMRs). These changes have been instrumental in driving improvements in the healthcare system. Additionally, the consolidation of healthcare providers into larger systems and the development of new provider models, like urgent care offices, enhance the efficiency of care delivery. The incorporation of artificial intelligence and telemedicine further contributes to reducing costs while maintaining or improving the quality of care.
The two factors that have led to lower charges in the healthcare industry are market competition and advances in medical science.
Market competition is a key factor in driving down healthcare costs as it encourages providers to offer more affordable services in order to attract patients.
Advances in medical science have also played a role in reducing charges by improving treatment efficiency and effectiveness, thereby reducing the overall cost of care.