William Hsiao
Encyclopedia
William C. Hsiao an American economist, is the K.T. Li Professor of Economics at the Harvard School of Public Health
in Boston, Massachusetts. He is internationally recognized for his work on health care financing and social insurance
.
Professor Hsiao is a graduate of Ohio Wesleyan University
and received his Ph.D from Harvard University
in Economics. He is a member of the National Academy of Sciences
, Institute of Medicine
, the Society of Actuaries
, the National Academy of Social Insurance, and holds several honorary degree
s.
He has been awarded teaching awards by Harvard graduate students on several occasions. He resides in Cambridge, Massachusetts
with his wife, Ruth, a former lecturer at Tufts University
. He has two sons and three grandchildren.
(KMT) delegation to the United Nations
. He grew up in Forest Hills, Queens
of New York City
, and attended New York public schools. Following graduation from college, Professor Hsiao began his career as an actuary
for Connecticut General Life Insurance Co. in Hartford CT, which was a predecessor company to CIGNA
. Following this corporate stint, Professor Hsiao moved to Washington DC and was employed as an actuary to the Social Security Administration
in 1968. When the Chief Actuary of the SSA resigned, Professor Hsiao was appointed the acting Chief Actuary in 1970.
During this time, the Social Security Administration was roiled by efforts by the United States Congress
to reform the social security system and maintain its solvency. Professor Hsiao headed up two blue-ribbon panels and testified several times before Congress regarding the actuarial viability of the system under the funding mechanisms in place. Eventually, in 1977, the Congress passed and President Jimmy Carter
signed into law one of the most comprehensive legislative efforts to bolster the Social security system.
Following this government service, Professor Hsiao commenced studies at the Harvard University Institute of Government, which later became the John F. Kennedy School of Government
. He then entered the Ph.D program in the Department of Economics at Harvard University. His doctoral thesis was advised by Martin Feldstein
, who later was Chair of the Council of Economic Advisors under President Ronald Reagan
. Professor Hsiao was appointed to the faculty of the Harvard School of Public Health as an Assistant Professor in 1979. He became a full professor in 1986. He was appointed to the K.T. Li chaired professorship in 1992, named for the Taiwanese
policy-maker Kwoh-Ting Li
.
or RBRVS which examined the United States system of reimbursing physicians for medical services. RBRVS led to a series of articles published in the New England Journal of Medicine
, one of the first times the prestigious journal had devoted an entire issue to articles on one subject. RBRVS led to a revolutionary reordering of physician reimbursement payments under Medicare
Part B which was passed by Congress and signed into law in 1989.
Later, Professor Hsiao conducted studies of the social insurance and medical payment systems of a vast array of foreign countries and regions, including Singapore
, Cyprus
, Taiwan
(Republic of China
), Canada
, South Africa
, the People's Republic of China
, and Hong Kong
(SAR of People's Republic of China
). He is considered one of the world's foremost experts on health care economics and financing and regularly advises U.S. government agencies, foreign governments and non-governmental organizations such as the World Bank
, UNICEF, and the World Health Organization
."
Professor Hsiao's recent studies include a demonstration project of a micro-health insurance plan in rural provinces in China. The program was highlighted in the Wall Street Journal. He is also working on designing three possible systems of universal care in Vermont
.
Harvard School of Public Health
The Harvard School of Public Health is one of the professional graduate schools of Harvard University, located in the Longwood Area of the Boston, Massachusetts neighborhood of Mission Hill, which is next to Harvard Medical School. HSPH is considered a significant school focusing on health in the...
in Boston, Massachusetts. He is internationally recognized for his work on health care financing and social insurance
Social insurance
Social insurance is any government-sponsored program with the following four characteristics:* the benefits, eligibility requirements and other aspects of the program are defined by statute;...
.
Professor Hsiao is a graduate of Ohio Wesleyan University
Ohio Wesleyan University
Ohio Wesleyan University is a private liberal arts college in Delaware, Ohio, United States. It was founded in 1842 by Methodist leaders and Central Ohio residents as a nonsectarian institution, and is a member of the Ohio Five — a consortium of Ohio liberal arts colleges...
and received his Ph.D from Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
in Economics. He is a member of the National Academy of Sciences
United States National Academy of Sciences
The National Academy of Sciences is a corporation in the United States whose members serve pro bono as "advisers to the nation on science, engineering, and medicine." As a national academy, new members of the organization are elected annually by current members, based on their distinguished and...
, Institute of Medicine
Institute of Medicine
The Institute of Medicine is a not-for-profit, non-governmental American organization founded in 1970, under the congressional charter of the National Academy of Sciences...
, the Society of Actuaries
Society of Actuaries
The Society of Actuaries is a professional organization for actuaries based in North America. It was founded in 1949 as the merger of two major actuarial organizations in the United States: the Actuarial Society of America and the American Institute of Actuaries...
, the National Academy of Social Insurance, and holds several honorary degree
Honorary degree
An honorary degree or a degree honoris causa is an academic degree for which a university has waived the usual requirements, such as matriculation, residence, study, and the passing of examinations...
s.
He has been awarded teaching awards by Harvard graduate students on several occasions. He resides in Cambridge, Massachusetts
Cambridge, Massachusetts
Cambridge is a city in Middlesex County, Massachusetts, United States, in the Greater Boston area. It was named in honor of the University of Cambridge in England, an important center of the Puritan theology embraced by the town's founders. Cambridge is home to two of the world's most prominent...
with his wife, Ruth, a former lecturer at Tufts University
Tufts University
Tufts University is a private research university located in Medford/Somerville, near Boston, Massachusetts. It is organized into ten schools, including two undergraduate programs and eight graduate divisions, on four campuses in Massachusetts and on the eastern border of France...
. He has two sons and three grandchildren.
Biography
Professor Hsiao was born in Beijing, China and as a teenager emigrated to the United States, where his father was an economic advisor to the KuomintangKuomintang
The Kuomintang of China , sometimes romanized as Guomindang via the Pinyin transcription system or GMD for short, and translated as the Chinese Nationalist Party is a founding and ruling political party of the Republic of China . Its guiding ideology is the Three Principles of the People, espoused...
(KMT) delegation to the United Nations
United Nations
The United Nations is an international organization whose stated aims are facilitating cooperation in international law, international security, economic development, social progress, human rights, and achievement of world peace...
. He grew up in Forest Hills, Queens
Forest Hills, Queens
Forest Hills is a neighborhood in the borough of Queens in New York City, New York, United States.-Neighborhood:The neighborhood is home to upper-middle class residents, of whom the wealthier residents often live in the neighborhood's Forest Hills Gardens area...
of New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, and attended New York public schools. Following graduation from college, Professor Hsiao began his career as an actuary
Actuary
An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries provide expert assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms ....
for Connecticut General Life Insurance Co. in Hartford CT, which was a predecessor company to CIGNA
CIGNA
Cigna , headquartered in Bloomfield, Connecticut, is a global health services company, owing to its expanding international footprint and the fact that it provides administrative services only to approximately 80 percent of its clients...
. Following this corporate stint, Professor Hsiao moved to Washington DC and was employed as an actuary to the Social Security Administration
Social Security Administration
The United States Social Security Administration is an independent agency of the United States federal government that administers Social Security, a social insurance program consisting of retirement, disability, and survivors' benefits...
in 1968. When the Chief Actuary of the SSA resigned, Professor Hsiao was appointed the acting Chief Actuary in 1970.
During this time, the Social Security Administration was roiled by efforts by the United States Congress
United States Congress
The United States Congress is the bicameral legislature of the federal government of the United States, consisting of the Senate and the House of Representatives. The Congress meets in the United States Capitol in Washington, D.C....
to reform the social security system and maintain its solvency. Professor Hsiao headed up two blue-ribbon panels and testified several times before Congress regarding the actuarial viability of the system under the funding mechanisms in place. Eventually, in 1977, the Congress passed and President Jimmy Carter
Jimmy Carter
James Earl "Jimmy" Carter, Jr. is an American politician who served as the 39th President of the United States and was the recipient of the 2002 Nobel Peace Prize, the only U.S. President to have received the Prize after leaving office...
signed into law one of the most comprehensive legislative efforts to bolster the Social security system.
Following this government service, Professor Hsiao commenced studies at the Harvard University Institute of Government, which later became the John F. Kennedy School of Government
John F. Kennedy School of Government
The John F. Kennedy School of Government at Harvard University is a public policy and public administration school, and one of Harvard's graduate and professional schools...
. He then entered the Ph.D program in the Department of Economics at Harvard University. His doctoral thesis was advised by Martin Feldstein
Martin Feldstein
Martin Stuart "Marty" Feldstein is an economist. He is currently the George F. Baker Professor of Economics at Harvard University, and the president emeritus of the National Bureau of Economic Research . He served as President and Chief Executive Officer of the NBER from 1978 through 2008...
, who later was Chair of the Council of Economic Advisors under President Ronald Reagan
Ronald Reagan
Ronald Wilson Reagan was the 40th President of the United States , the 33rd Governor of California and, prior to that, a radio, film and television actor....
. Professor Hsiao was appointed to the faculty of the Harvard School of Public Health as an Assistant Professor in 1979. He became a full professor in 1986. He was appointed to the K.T. Li chaired professorship in 1992, named for the Taiwanese
Taiwanese people
Taiwanese people may refer to individuals who either claim or are imputed cultural identity focused on the island of Taiwan and/or Taiwan Area which have been governed by the Republic of China since 1945...
policy-maker Kwoh-Ting Li
Kwoh-Ting Li
Kwoh-Ting Li was a Chinese economist and politician best known as the "Father of Taiwan's Economic Miracle" for his work in transforming Taiwan's economy from an agrarian-based system into one of the world's leading producers of information and telecommunications technology...
.
Work
Among his many contributions to the fields of health care economics, policy, and social insurance was a landmark study called the Resource-Based Relative Value StudyResource-Based Relative Value Scale
Resource-based relative value scale is a schema used to determine how much money medical providers should be paid. It is partially used by Medicare in the United States and by nearly all Health maintenance organizations ....
or RBRVS which examined the United States system of reimbursing physicians for medical services. RBRVS led to a series of articles published in the New England Journal of Medicine
New England Journal of Medicine
The New England Journal of Medicine is an English-language peer-reviewed medical journal published by the Massachusetts Medical Society. It describes itself as the oldest continuously published medical journal in the world.-History:...
, one of the first times the prestigious journal had devoted an entire issue to articles on one subject. RBRVS led to a revolutionary reordering of physician reimbursement payments under Medicare
Medicare (United States)
Medicare is a social insurance program administered by the United States government, providing health insurance coverage to people who are aged 65 and over; to those who are under 65 and are permanently physically disabled or who have a congenital physical disability; or to those who meet other...
Part B which was passed by Congress and signed into law in 1989.
Later, Professor Hsiao conducted studies of the social insurance and medical payment systems of a vast array of foreign countries and regions, including Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
, Cyprus
Cyprus
Cyprus , officially the Republic of Cyprus , is a Eurasian island country, member of the European Union, in the Eastern Mediterranean, east of Greece, south of Turkey, west of Syria and north of Egypt. It is the third largest island in the Mediterranean Sea.The earliest known human activity on the...
, Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
(Republic of China
Republic of China
The Republic of China , commonly known as Taiwan , is a unitary sovereign state located in East Asia. Originally based in mainland China, the Republic of China currently governs the island of Taiwan , which forms over 99% of its current territory, as well as Penghu, Kinmen, Matsu and other minor...
), Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
, the People's Republic of China
People's Republic of China
China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
, and Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
(SAR of People's Republic of China
People's Republic of China
China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
). He is considered one of the world's foremost experts on health care economics and financing and regularly advises U.S. government agencies, foreign governments and non-governmental organizations such as the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
, UNICEF, and the World Health Organization
World Health Organization
The World Health Organization is a specialized agency of the United Nations that acts as a coordinating authority on international public health. Established on 7 April 1948, with headquarters in Geneva, Switzerland, the agency inherited the mandate and resources of its predecessor, the Health...
."
Professor Hsiao's recent studies include a demonstration project of a micro-health insurance plan in rural provinces in China. The program was highlighted in the Wall Street Journal. He is also working on designing three possible systems of universal care in Vermont
Vermont
Vermont is a state in the New England region of the northeastern United States of America. The state ranks 43rd in land area, , and 45th in total area. Its population according to the 2010 census, 630,337, is the second smallest in the country, larger only than Wyoming. It is the only New England...
.