...Economic Terms and Health Care History HCS 440 December 19, 2011 Lori Geddes Economic Terms and Health Care History This summary will show the history and evolution of health care economics. The readers will also get a timeline of health care funding. Once you have read everything the summary shows you then you will have an insight to economical terms can help to understand the history and the timeline the terms are going to be: Economics, supply and demand, microeconomics, macroeconomics, elasticity, inelasticity, and gross domestic product. With these words this will show you about economics in the health care history. Once the American Medical Association (AMA) was founded healthcare was just getting off the ground with hospitals and doctors (American Medical Association, 2011). During this time doctors would see patients on a bartering system. The doctors at this time would make house calls and for the services they gave to the patients the patient at this time would give the doctor goods. The supply and demand at that time would be food, and anything that the people would not have. During this time they would pay with cooked meals, animals, things that they made, and their time such as working for the doctor however he wanted them to. During the time frame of 1901 to 1940’s healthcare and medicine took made great improvement. Medicine and hospitals became very important at this time. President Truman proposed a national health care plan, but it was shot out of...
Words: 1017 - Pages: 5
...2011 Economic Terms and Health Care History Health care economics has gone through many changes over the years. With all of the changes health care organizations have had to adjust their financial strategies as well as their organizational strategies. The economy has had a lot to do with all of these changes. Healthcare organizations have so many demands put on them. Some of the changes that have occurred are due to the advances in medicine such as diagnostic, procedures and pharmaceutical. Insurance Payments over the years have changed. It used to be that you had health insurance and your bills would get paid over the years the payment system has changed and more and more is coming from the patient’s pocket. In this paper the focus will be these key terms supply and demand, microeconomics, microeconomics and elasticity. The issue is not how to fill or reuse empty beds. In this changing environment, hospitals and health systems must focus on streamlining and simplifying operational processes, facilitating case management, promoting the least costly setting for care delivery, and optimizing resource sharing among departments. When hospitals have addressed these issues, then solutions to the “bed problem” will be obvious.Cynthia Hayward, 1996(Marcinko, 2007). Division of economics focused on evaluating scarcity in health care systems in different economies. ("Health Economics", 2012). The currents state of our economy is a prime example. Health economics seeks to identify...
Words: 306 - Pages: 2
...Economic Terms and Health Care History HCS/440 March 03, 2013 Michele Burka Economic Terms and Health Care History Over the years healthcare economics have changed tremendously. These changes have everything to do with the evolutionary changes that have occurred in the United States which have influenced this dramatic change in the economics medical technology. The main key that moves all things or drives that are through health care economics is the money and money helps keeps an organization established and is the key to success. The cash flow system is something that the organization uses to help run the business and make decisions for the future and learning the health care economics are important. “Economics is the science that deals with the production, distribution, and consumption of goods and services or the material welfare of human kind.” We can’t use the ways of approach to health care services as we have done before with the depression or World Wars. The United States technology had to change because of the supply and demand and a new system have to be continuously be made to help United States population. A long time ago the person that needed services paid for their services that was needed with private funds, now today we have insurance companies assisting us with the cost, also third parties that cover the majority of payments, then if need be we pay a small portion with the private money. Who do you think is paying for this upcoming change that continues...
Words: 800 - Pages: 4
...Economic Terms and Health Care History Economic Terms and Health Care History Over the time of history, the economics of the United States has overcome many of transformations. Formerly, the economic alterations in health care may be due to the evolutionary changes in the United States. The main contributing causes for economic health care changes are the development of technology and how medical treatment is presented. The late 1800’s is when America started to realize the establishment of medical profession. The education practices for physician became official and preparations for hospital organizations started. By early 1900’s America became known as the biggest population to have many hospitals. On the other hand during this time the United States came across an economic failure that complicated a stock market crash; this occurrence is known today as the Great Depression. The results of this event had made it much harder for Americans to compensate for their medical care ("Humana", 2014). Before the year of 1920, many of doctors did not know a lot about illnesses to really arrange for much valuable care towards those individuals that are sick and thus there were no charges as far as for the services ("Humana", 2014). Many of fewer large employers had opened health insurance rather to the smaller businesses that did not provide insurance; everybody else had to pay from out of their own pockets many of which they did not have. Most patients had been treated...
Words: 662 - Pages: 3
...Economic Terms and Health Care History Shonda Menezes HCS/440 John Gaze January 16, 2011 Economic Terms and Health Care History Health care economics has gone through many changes over the years. With all of the changes health care organizations have had to adjust their financial strategies as well as their organizational strategies. The economy has had a lot to do with all of these changes. Healthcare organizations have so many demands put on them. Some of the changes that have occurred are due to the advances in medicine such as diagnostic, procedures and pharmaceutical. Insurance Payments over the years have changed. It used to be that you had health insurance and your bills would get paid over the years the payment system has changed and more and more is coming from the patient’s pocket. In this paper the focus will be these key terms supply and demand, microeconomics, microeconomics and elasticity. The issue is not how to fill or reuse empty beds. In this changing environment, hospitals and health systems must focus on streamlining and simplifying operational processes, facilitating case management, promoting the least costly setting for care delivery, and optimizing resource sharing among departments. When hospitals have addressed these issues, then solutions to the “bed problem” will be obvious.Cynthia Hayward, 1996(Marcinko, 2007). Division of economics focused on evaluating scarcity in health care systems in different economies. ("Health Economics"...
Words: 783 - Pages: 4
...Economic Terms and Health Care History Evelyn Olson January 28, 2013 Instructor: Eric Oestmann Throughout the years economics of health care has changed. With the election and the reelection of President Obama economics in health care has become an important issue again for the economist, health care professionals and managers. In the United States before the 1920’s doctors didn’t know much about diseases to provide people with much useful care and therefore charges for their services were very affordable. Many people before the 1900’s that received health care were treated for their illnesses at home. Payments were often made by the exchange system which most people offered doctors whatever they were able to afford at the time, often it would be a meal of some type, grain, cotton or livestock. As the United States advanced in historical factors such as WWI and WWII, the Great Depression, and technology a new system was used to assist the United States population in medical services. Today, those days are gone we are no longer a undersized group of individuals needing a small amount of medication that seemed to be in those days a cure for almost any type of sickness. The United States is a now a nation that consists of millions of numerous physicians, nurses, and many other health care professionals to choose from to provide care. Along with many access to healthcare services the United States has advanced in healthcare technology making available many levels of care...
Words: 599 - Pages: 3
...Health Care History Timeline Using Economic Terms Chenelle J. Hunter Economics: The Financing of Health Care/HCS440 October 29, 2012 Professor John Branner Health Care History Timeline Using Economic Terms The health care sector is just as synonymous to economics as the business and financial sector of the economy. Early 1900s mark the beginning of organized medicine. The American Medical Association (AMA) gains influence and power as the nation’s organization of state and local associations (The Leonore Annenberg Institute for Civics, n.d.). This paper aims to convey a historic look at the evolution of health care and health care funding in the United States as well as historic events that shape the current health care economy. Promotion of the concept of health insurance dates as early as 1912. Social insurance, including health insurance receives public notice when Teddy Roosevelt and his Progressive Party promote the economic issue during his campaign. A draft bill published and promoted by the American Association for Labor Legislation comes against derailed efforts as World War I begins (The Leonore Annenberg Institute for Civics, n.d.). It is not until 1929 that a model for health insurance is surfaces. Baylor Hospital, located in Dallas, Texas, offers a local teachers union a prepaid hospital insurance program creating what becomes the nation’s first illustration of contemporary health insurance. Economics defines as the science that deals with the...
Words: 1223 - Pages: 5
...Economic History and Health Care Funding Monica Williams HCS/440 July 1, 2013 GEOFFREY SUSZKOWSKI Economic History and Health Care Funding The paper that is being written is covering the history of economics and how the economy and health care funding has changed. The paper will reveal how the two compare in today’s society. It will evaluate the money used to fund certain health care services such as Medicaid/ Medicare, HMO’s, and how places like hospitals and nursing homes receive compensation for taking care of patients. The paper will also go into detail of how elderly pay to have certain services such as home health services provide care in their place of residence. One must wonder what economic history and health care funding is. Well economic history is the way people with supply and demand which is how the price of a commodity or commodities are determined; the cost of the production of a product that is being made, wealth and the level of income, and the structure and operation of overseas trade. Some would believe that Health care funding is how most people can afford health care, seeing that the cost of receiving it is very high. With that being said, the government did not fund health care like they do now. There were no health care programs like the ones that are available today. Back in the old days people would be able to afford health care only if they could pay their doctor in food or whatever little money...
Words: 819 - Pages: 4
...History and Evolution of Health Care Economics Kimberly Geeter HCS/440 March 28, 2011 Pranab Rout History and Evolution of Health Care Economics Health care economics have changed so much during the course of history. While a lot has to do with the evolutionary changes that the U.S. underwent since inception, the major factors that have influenced change in healthcare economic are medical care and technology. It is important to understand healthcare economic history, and the cash flow system, managers are able to use this information to help prepare the company for its future. It is very important to remember that the drive behind health care economics is money, money helps run health care organization and it’s the key to success “Who pays for what has changed dramatically in the past 60 years. Whereas in the past, the majority of individuals paid their medical bills with private funds, today insurance companies and other third parties cover the majority of payments, with individuals paying only a small fraction of the total flow of funds with private money” (Getzen & Moore, 2007, p. 3, para. 1). History shows that physicians would trade medical services for non-money items (such as cotton, grain, and livestock) as forms of payment if a patient was unable or couldn’t afford the services. As the US advanced in historical factors such as the World Wars, the Great Depression, and technology, a new system had to be used to help the U.S. population with...
Words: 860 - Pages: 4
...------------------------------------------------- Economic terms and health care history Woody Johnson HCS/440 June 12, 2013 During history, health care economics has changed considerably. The main reason that stimulus change in health care economic are technology and medical care, however a lot has to do with evolutionary changes that the U.S. endured from the beginning. It is very essential to comprehend health care cash flow system and economic history. Administrators use this data to help organize the future of the corporation. In this paper, I plan to use the terms to elaborate on the history and evolution of health care economics and the timeline of finance. Before the year of 1990, there was not a significant health care in America. American medical association was just starting, individual were using home remedy to treat illnesses, physician was making house call and trade service for good, clinic were just getting started, and there were no such thing as health insurance. However, among the age of 1901 and 1940 health care and treatment made some significant change. Clinic became more necessary Antibiotics were found, improvements were made in cleanliness, and individuals came up with ideas for employment benefit. Also, individuals came up with ideas for health insurance. In the year of 1960 social security has been carried out, Medicare & Medicaid contracted into law, and Health Insurance Company were coming up all over (PBS, 1960). In the year of 1970, HMO came in effect, and the cost of health care...
Words: 1293 - Pages: 6
...Economic Terms & Healthcare History Economic Terms & Healthcare History This paper will entail the history as well as the development of healthcare economics, and health care funding. The significance and how it affects the world today. I will address how the history and development of health care economics and the timeline of health care funding has changed over the past years in the United States. What is the Meaning of Evolution of Health Care Economics? Development of health care economics, it is a changing system within the United States. It has become multifaceted and in the past two decades, the upheaval in health care in is largely in lieu of rising health care cost. It is a discipline that deals with the conception, distribution, and all intakes of goods and services. Over the past years, it has dealt with pricing of products and the structure of the economy, as the price-cost relationship of a whole medical firm. It relates to an uncaring conversion, when a demand fails to increase or decrease in percentage to a decrease or increase in price. The adjustment involves the total health care market price of all the goods and services created within the form of a country during an identified time ("Gross domestic Product, " 2014). However, the evolution of health care economics deals with a broad and general aspect of an economy income and investments of the United States as a whole. The history and development of health care economics have...
Words: 756 - Pages: 4
...Economic Terms and Healthcare History Natalie Ward University of Phoenix HCS/440 1/30/2012 Economic Terms and Healthcare History Health care economics have drastically changed over the course of history in the United States. While some can contribute these changes due to the evolutionary changes the US has undergone since the beginning, the major contributing factors that influence the changes in health care economics are advances in technology and medical care. “To help ease the healthcare problem, Baylor Hospital in Dallas created a system - which eventually became Blue Cross - to help people pay their hospital bills. As science, medicine, and hospitals grew more sophisticated and more successful, more people turned to hospitals and doctors for care - and costs continued to rise. Blue Shield insurance for doctors' services started gaining ground in the late '30s as a way for doctors to protect their interests and their payments” ("How Did Healthcare Come About In The United States?", 2012). It is essential to remember that the driving force behind health care economics is money, and it plays a vital part to the success of the health care industry. In the past, the greater part of us paid medical bills with private funds; today insurance companies cover the bulk of the payment, with people paying only a small portion of the total. It is important to understand healthcare economic history, and the cash flow system. Today, financial managers are...
Words: 952 - Pages: 4
...Economic Terms and Health Care History Amber Rainwater HCS/440 Economics: The History of Health Care February 26, 2012 Health Care History Throughout the history of the United States, the economics of the health care system has experienced many changes. There are many factors to consider that has been the drive behind many of the changes within the health care system. Medical and surgical technologies are some factors that relate to the changes in health care. Besides these factors, allocating sources to fund health care services has always been the most critical factor. One might consider the economic term supply and demand when looking at the history of health care economics and the primary funding source. Health care funding has always been a challenge and will continue to be a barrier due to the lack of resources within our nation. The primary source for funding medical services has faced many changes throughout U.S. history. The need to utilize medical services has increased, which led to the implementation of health care insurance. This came into effect due to the growing demand for health care services at a lower outer pocket expense. The challenge of funding medical services has always been a struggle. It was President Harry Truman that first approach Congress to enact a national insurance program back in 1945 After many failed attempts, President Johnson finally signed into law the Medicare and Medicaid program on July 30, 1965. Medicare is a government...
Words: 749 - Pages: 3
...Economic Terms and History Paper Vicki Sellers HCS 440 July 10, 2014 David Disciascio Economic Terms and History Paper Health care economics have dramatically evolved throughout generations in this country. And those changes have caused a shift in how health care organizations to adjust their financial methods, strategies, and how they provide overall care. Health care economics has at times put a great burden on the health care industry such as the providers, the ones needing care, and the insurance companies who now help pay for that care. Health care facilities and companies continually have so many demands put on them with all the changes, it is not surprising that something has to suffer because of it and in our current economy, what seems to suffer most is the quality of care provided. Changes to health care and its delivery have also been impacted by technology, advances in medicine as well as different procedures and medicines . People vary in their belief systems in what has caused the changes to health care economics. Some individuals believe that is due to various changes that United States have gone through since her birth. However many others believe that a lot of influence has been due to advances in technology and how those changes have impacted health care. What is most important is having an understanding of these changes and the impacts they have made on the health care industry over all throughout history. Comprehending the history of and how health...
Words: 1035 - Pages: 5
...Economic Terms in the Health Care Industry Nicole Hunter HCS/440 Economics: The Financing of Health Care August 27, 2012 Kristin McFarland, MSA, AASPR Economic Terms in the Health Care Industry In this paper the history of economics will be discussed and how economics pertains to today’s health care world. Understanding terms that are used in economics can help with better understanding this subject. We will discuss terms such as economics, supply and demand, macroeconomics, microeconomics, elasticity, inelasticity, and GDP. Supply and demand will also be researched further and the different issues that it can apply to in the health care industry. Economics Economics is a science that focuses on distribution, production, and consumption of services and goods. Resources that can be used include talent and time available, buildings, land, knowledge, and equipment. Knowledge of how to use all of these resources to create a successful products and services is also useful in economics. Some choices that are made in economics are, just how much time to dedicate, how much money to save, how much money to save, combining of resource, and the role of the government. Supply and Demand The price of a commodity is the relationship between supply and demand. Supply and demand is essentially the backbone of the economy. Demand refers to the quantity of products and services that buyers wants and are willing to buy within a certain price range. Supply is how much can be offered...
Words: 1035 - Pages: 5
