...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 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
...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 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 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 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
...University of Phoenix Material Week Two Health Care Financial Terms Worksheet Understanding health care financial terms is a prerequisite for both academic and professional success. This assignment is intended to ensure you understand some of the basic terms used in this course. Complete the worksheet below according to the following guidelines: In the space provided, write each term’s definition as used in health care management. You must define the term in your own words. In the space provided after each term’s definition, summarize a health care management scenario that illustrates the importance of the skill, concept, procedure, or tool to which the term refers. In the scenario, you may wish to consider the following: o Why the skill, concept, procedure, or tool is necessary for accurate record keeping, operational efficiency, excellent patient services, employee management, regulatory compliance, reducing costs, forecasting, and so forth o Successes enabled by an adequate understanding or appropriate application of the skill, concept, procedure, or tool o Risks or failures associated with an inadequate understanding or inappropriate application of the skill, concept, procedure, or tool Save the completed worksheet as a Microsoft® Word document with your name in the file name. Submit the file to your instructor. Worksheet Submitted By: [Earlene Patton.] |Term |Definition ...
Words: 630 - 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
...Introduction Economics involves making choices. Individuals, groups, businesses, and organizations like health care organizations choose how to use resources. Economics and health care are interlinked in that heath care practitioner apply economics in their activities. This is mainly through resource allocation. A health carte organization has to plan how to use the resources it has. Economic and health care share some terms like cost, quality and resources. This paper analyzes how the terms are similar in economics and health care. Also, the paper analyzes how the terms differ in economics and health care. Terms In economic a resource is considered to be any physical thing or virtual element that has limited availability. It is also considered to be anything that is used to help people earn a living. Economists use the term resources to refer to different things (Chung, 2006). In economics there are different types of resource like human resources, natural resources. Human resources in economics mean human capital or employees in an organization. Resources can also mean factors of production. Natural resources are used in production. A resource in economics has economic value (Hall & Jones, 2007). Economists view resources in economics important as they help in production. Resources in economics are limited, and people have to look for ways of allocating resource Resources in health care means all materials and funds used to provide health care services to people. In addition...
Words: 974 - Pages: 4
...Introduction Economics involves making choices. Individuals, groups, businesses, and organizations like health care organizations choose how to use resources. Economics and health care are interlinked in that heath care practitioner apply economics in their activities. This is mainly through resource allocation. A health carte organization has to plan how to use the resources it has. Economic and health care share some terms like cost, quality and resources. This paper analyzes how the terms are similar in economics and health care. Also, the paper analyzes how the terms differ in economics and health care. Terms In economic a resource is considered to be any physical thing or virtual element that has limited availability. It is also considered to be anything that is used to help people earn a living. Economists use the term resources to refer to different things (Chung, 2006). In economics there are different types of resource like human resources, natural resources. Human resources in economics mean human capital or employees in an organization. Resources can also mean factors of production. Natural resources are used in production. A resource in economics has economic value (Hall & Jones, 2007). Economists view resources in economics important as they help in production. Resources in economics are limited, and people have to look for ways of allocating resource Resources in health care means all materials and funds used to provide health care services to people. In addition...
Words: 314 - Pages: 2
...Terms Comparison Paper HCS 552 May 25, 2015 Terms Comparison Paper According to the American Economic Association (2011) economics studies how people make choices when they want to utilize resources. This fundamental process links economics and health care together because health care professionals use economic principles in their everyday professional behaviors. Health care organizations do their best to use the same concept of economics when they decided how to allocate resources and plan how to use them because it is essential to their survival. Therefore, health care and economics are connected in the sense of sharing the same terms such as resources, quality, and cost. The objective of this paper is to analyze how the terms of cost, quality and resources are similar and yet dissimilar in healthcare and economics. Resource The term resource is defined as the product, asset, or other service with limited availability utilized to generate commodities and services that convene to human requirements and desires (Gretzen, 2007). As a result of these resources can be restricted, many economists, decision makers, and health care providers are forced to find ways to efficiently allocate resources within their organization in order to maximize cost effectiveness. Economic resources are also found to have a substantial and considerable effect on the utilization of medical care (Chung, 2006). Healthcare services are provided to consumers by the utilization of resources...
Words: 1014 - Pages: 5
...HCS/552 Health Care Economics Terms Comparison Paper Abdel Rahman Shehabeddin Instructor Nate Garner Monday, August 28 2011 Terms Comparison Paper Economics is the study of how people make choices when they want to utilize resources (American Economic Association, 2011). Health care organizations strive to use the same concept of economics when they choose how to allocate resources and plan how to use them because it is essential to their survival. Therefore, health care and economics are connected in the sense of sharing the same terms such as resources, quality, and cost. This paper analyzes how the terms resources, quality, and cost are similar in economics and health care, and how these terms differ in economics and health care. Terms In economics a resource is defined as a product, asset, or other services with limited availability utilized to generate commodities and services that convene to human requirements and desires. Every economy has, in varying degrees, vast amounts of diverse resources, or factors of production. Factors of production can be classified in many ways. One common classification design distinguishes human resources, natural resources, and manufactured resources (Henry George Institute, 2011). Human resources or labor is the quality and quantity of human effort directed toward producing goods and services ("Human resources," 2006). Natural resources such as land with its innate mineral deposits that is accessible without any human effort or...
Words: 967 - Pages: 4
...Terms Comparison Paper HCS 552 October 10, 2011 Harry Morris Terms Comparison Paper Economics is the study of supply and demand and the affect that these interactions have on resource allocation (Getzen, 2007). The basic concepts economics can be connected to the health care industry and used as a means to assess prospects when distributing resources. Health economics is a branch of economics focused on evaluating shortage in health care systems in different economies (Investorworks.com, 2011). Health economics seeks to identify problem areas in a health care system and propose solutions for issues by evaluating all possible causes and solutions. There are many terms that are used that relates both to health care and economics in which results in Health Economics. Health care in the future will focus on both disciplines and will shape how physicians and insurance companies will determine how and what will be provided to the community. In this paper, the terms utility, resources, and risk will be discussed in terms on how they compare and differ in relations to health care and economics. Utility In economics, Utility means the ultimate satisfaction received from consuming a product or service. This could mean that when a person buys an expensive car and drives it on the highway, the person the will feel utility when others look at the person driving the car. Measuring a person’s utility is looking at a person’s drive and determination in reaching the maximum utility...
Words: 925 - Pages: 4
...Terms Comparison Paper Tracy Wells HCS/552 May 11, 2015 Nancy Jennings Terms Comparison Paper This paper will discuss three terms and there definition that relate to each other in the health care system. The three terms that will be discussed is value, derived demand and terms of trade. These all relate to each other in the health care because, patients or the people will benefit from the care they receive. Value because, what people are willing to pay for services of their health, terms of trade because, the buyer and seller will decide what is best for the facility or business to give the patients or their people the best products possible and derived demand because, it will do good for others and not just for itself. Definition of Terms Value is where health is all the things we possess. People are willing to pay the cost of health care because, if a person wants the proper care or treatment to stay healthy they are willing to spend the money on physician training, public health and health insurance to satisfy their needs and what the physicians or health care facilities or insurance companies produce to their patients or the people is or will be valuable to the patients and the people who are seeking the treatment they need (Getzen, 2013). Value is also the physical health and the sense of well being achieved at the right cost and means getting the right care at the right tie to the patient or person at the right price. According to Muir Gray (2013) value...
Words: 1770 - Pages: 8
...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
