Healthcare economists argue that the healthcare market behaves differently from conventional markets due to government involvement, externalities, asymmetric knowledge, and uncertainty. The prevention and spread of coronavirus disease 2019 (COVID-19) helps with your understanding of externalities.

Explain how externalities (think of COVID-19) contribute to healthcare costs, insurance costs, and quality of services, and detail what practices can mitigate the effect of externalities on healthcare expenditure.

minimum of 300 words