...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...
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...Health Care Industry Overview Complete the Health Care Industry Overview Grid that is located below. There are many areas within the health care that are options for career placement or advancement. Research different fields within the industry, such as pharmaceutical/drug, health information systems, and long-term care/gerontology, and fill in each box to contain information regarding the health care industry. There is an example that is already started to help with the process, but ensure you include adequate information to support your findings. Use a minimum of three references to support your information. Industry Career Explanation Industry Examples Role of Health Care Personnel Manufacturing (Equipment/Supplies) Example: Health Care manufacturing deals with the making of consumer products that help individuals deal with health care issues. If it looks as if there is a market big enough to make a profitable product, the product is unique in the market and the product can be protected (via patenting or some other means) then businesses are commonly encouraged to dive into the expensive product development phase. Example: - Bandages, braces, IV tubing, hospital beds, wheelchairs - Consumer health care products Example: Health Care personnel can move into this industry to satisfy a need within health care organizations. This would deal more with products than patient care or administration. Pharmaceutical/Drug The pharmaceutical/ drug production is responsible...
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...characteristics such as demographic and health trends. It follows, then, that the combined interaction of these environmental forces influences the course of health care delivery in the United states. The main characteristics of the U.S health care systems : No central governing agency and little integration and co-ordination Technology driven delivery system focusing an acute care High on cost, unequal in access, average in outcome. Delivery of health care under imperfect market condition Legal risks...
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...The environment of the health care industry has been continuously advancing. It is moving from a business-to-business plan of action to a business-to-purchaser type of model; this implies we as the shopper or patient contain more control over our medicinal services choices than any time in recent memory. Different buyers are that as it may, don't completely appreciate the substantial costs identified with social insurance, and a few customers are not completely mindful or acquainted with the scope of choices accessible to them in light of their life cycle. Which this leads me to the subject of my paper, in this article I will talk about the changing scene of the health care industry in the method for movements occurring and the issues we are...
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...Accountability inside the health care industry Accountability by definition can best be described as “the perception of being held answerable for one’s actions or decisions” (Gelfand, Lim, and Raver, 2004, pg. 138). Unfortunately, for some Americans the terms “accountability” or “accountability standards” appear to be nothing more than cleverly marketed buzzwords that are used to fool imprudent consumers into a believing that there is a system of proper checks and balances within American businesses (Hughes, 2004). After all, for years the American public has taken a front roll seat to watch business after business fold because their company executive were brought up on charges of accounting fraud, theft, or ethical violations (Valentine, Godkin, Page, and Rittenburg, 2008). The cynicism of these detractors is clearly understandable, considering that to date only a handful of executives have been successfully prosecuted or charged with a crime. Despite the validity of the detractors argument, there is one fact that these cynics seem to forget and that is, “the concept of accountability dates back to the time of Aristotle”, who back then, contextualized the subject in terms of justice, punishment, and social control (Gelfand, Lim, and Raver, 2004). In fact, accountability is a topic that has been closely aligned with psychology, politics, law, education, health care, and organizational behavior (Gelfand, Lim, and Raver, 2004). Indeed, accountability and accountability...
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...Effects of HCAHPS and NDNQI on the Health Care Industry Abstract HCAHPS and NDNQI were examined to be familiarized about how these quality initiative surveys were structured including goals, methods, how they used their results and how they are impacting healthcare organizations specifically hospitals and nurses. Also the author personally reflects on HCAHPS and NDNQI. Keywords: HCAPS, NDNQI, quality initiative, survey, ` Rising health care costs and limited health care resources has produced a need of utilization of data. Moreover data management and monitoring is essential in order to ensure that implementations are being made to change and improve nursing practice and patient care and outcomes. One specific way that this was employed was when the health care system was transformed from a system that was based on the number of admissions to the quality of care (Sewell & Thede, 2013). This was made more evident in 2007, when the Centers for Medicare & Medicaid, (CMS) mandated required participation in improvement initiatives in order for hospitals to receive full reimbursements for patient care (Sewell et al. 2013). These mandated programs that determine quality and the achievement of best outcomes for healthcare organizations are Health Consumer Assessment of Health Providers and Systems (HCAHPS) and the National Database of Nursing Quality Indicators...
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...Environment within the Health-Care and Automobile Industries Abstract This report discusses macroeconomic factors that impact both the automotive and health-care industries. Interest rates, consumer price index (CPI), consumer confidence, Gross Domestic Product (GDP), wage rates, and inventory levels impact the macroeconomic environment to influence these industries in the short run. Consumption as a percentage of the GDP depicted in table 1 indicates a continuous declined in consumer spending from 2005 through 2010 and suggests that consumers are becoming more conservative with disposable income spent on elective health-care products and procedures as-well-as new vehicle purchases. As the nominal interest rates indicate in table 2, the FED attempted to encourage consumer spending by decreasing the interest rates to encourage expansionistic economic activity, which would also be a positive influencing factor for both the health-care and automotive industries. The automobile industry is volatile by nature and heavily influence by macroeconomic factors, while the health-care industry enjoys an inelastic environment. Macroeconomic factors influence the health-care industry, it is unlikely essential health-care demand will decrease in the short term; however, elective health-care products and services will likely suffer as will new vehicle purchases as consumers remain conservative. The future is not as bleak as one might anticipate. The automotive industry is traditionally volatile...
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...is the affordable care act, this ridiculous thing that is going to cause more pain than good, another thing is the new technology being so expensive, there will always be new technological advances, which is a good thing, but unfortunately that will always come with a high price. Now to fix these problems, I think for one, Doctors should be paid on a salary basis. It can be calculated with their Human capital in mind to reflect their expertise, but this will bring down the fee-for-service cost, since they like to take advantage of that. Second the patience healthcare consumption should have a limit, based on their health and affordability, unless of life threatening emergencies. Lawsuits are a big part of healthcare costs, and there should be stricter caps in place, that insurance companies deal with, not the physician. There should also be strict rules put in place that the physician will lose his license if he has lawsuits against him, like a 3 strikes you're out, so they can't just pay it off. I think instead of the obamacare, where people are required to pay for insurance, employees should be Required to take advantage of the health savings accounts. It is tax free, and can help people pay for routine visits in order to avoid health problems down the road. It makes more sense for this to be mandated than actual health care. I think fixing these problems will help reduce the growth of health care costs and increase the efficiency of the health care...
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...Analyzing the Dangers and Risk Associated with Cloud Computing in the Health Care Industry Alfonso I. Evans Excelsior College Abstract As technology continues to advance, so do the ever present threats to steal important information. Businesses all around the world are trying to cut cost to increase profits and sometimes it comes at the expense of information technology. One technological advance I will be analyzing is cloud computing and if it is a viable solution. The healthcare industry has begun putting patient information on networks that can be accessed by a number of physicians to maintain a complete record of health history. The problem with this system is that a single hospital does not have the space to maintain the supercomputers necessary to keep all that information so other solutions have to be examined. This assessment will look at the benefits and risk associated with cloud computing as it pertains to patient records. Analyzing the Dangers and Risk Associated with Cloud Computing in the Health Care Industry Cloud computing is a model for enabling ubiquitous, convenient, on-demand network access to a shared pool of configurable computing resources (e.g., networks, servers, storage, applications, and services) that can be rapidly provisioned and released with minimal management effort or service provider interaction (Mell & Grance, 2011). Cloud computing has become a valuable asset to businesses and individuals alike because it is convenient to...
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...Effects of Disease on the Health Care Industry: Cardiovascular disease HCS/245 Patricia Talbert Due: 03/16/2015 University of Phoenix Material Effects of Disease on the Health Care Industry: Cardiovascular Health Complete the table below for 2 diseases that you have chosen that affects cardiovascular health. In each box, you are required to list 3-5 bulleted statements regarding the heading of that box. Cite your sources using APA format. This section is due in Week Three. |Chosen Cardiovascular Disease |Treatment Modalities |Cultural Beliefs/Practices |Epidemiological Statistics |Available Consumer Resources |Impact on Society | |or Disorder | |Affecting this Disease | |(ex. financing, information, support) | | |Coronary Artery Disease |Quitting smoking and avoiding |Heart disease is a man's disease. |Cardiovascular diseases cause |The CDC addresses heart disease. Great |According to the Centers for Disease | | |secondhand smoke. |(MYTH) |nearly one-third of all deaths |source for researching information. |Control and Prevention, heart disease | | | | ...
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...tools and concepts are used in health care to determine the accessibility as well as availability of health care to the public. The tools are also fundamental in determining the quality of health care services and facilities that are availed to different categories of people. Various key players in the industry hold critical roles in determining the nature of services offered at public as well as in private institutions although the government has a more significant role in regulating the health care industry. In the recent years, the health care industry has been hit by a severe shortage of health professionals as well as facilities such that most people rarely access the basic heath cares services. Tools such as elasticity, demand and supply curves as well as marginal analysis in the health care industry are used to present this scenario. Economic tools and concepts are used in health care to determine the accessibility as well as availability of health care to the public. The tools are also fundamental in determining the quality of health care services and facilities that are availed to different categories of people. Various key players in the industry hold critical roles in determining the nature of services offered at public as well as in private institutions although the government has a more significant role in regulating the health care industry. In the recent years, the health care industry has been hit by a severe shortage of health professionals as well as facilities...
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...Health care Industry Paper Shantelle Price HCS/449 Health Care Administration Capstone May 5, 2013 Tionna Jenkins Abstract The health care industry has evolved to increase the quality of health care and to increase patient satisfaction. Also the performance of health care facilities will be a vital aspect of the health care industry as well as the design of health care facilities. This paper will show how health care has changed within the last 10 years, what changes the health care industry is expected to see within the next ten years, and what role will I play as a consumer in the health care industry and how I will adapt my health care skills to evolve with the health care industry’s needs. This paper will explain my perception of health care changes over the course of this program, what has had the most significant impact, what role will technology play in health care organizations in the coming decade and what financial and economic issues will affect the health care industry within the next 10 years? Health care Industry Paper How has health care changed in the last 10 years? The health care industry has evolved drastically over the last 10 years; health care is more patient-centered and patient friendly (Harrington & Voehl, 2010, p. 15). The goal of the health care industry over the last 10 years was to embrace consumerism and encourage consumerism to allow patients to be responsible for their own health care decisions (Harrington & Voehl...
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...Week 5 Case Study HSM 544 Healthcare Industry The American health care industry is one of the nation's largest and most profitable industries (Healthcare, 2011). The American healthcare industry "has consistently increased its share of GDP from only 7.2% in 1970 to more than 16.0% in 2008" and that figure is still growing (Van Horn, 2010). It is also one of the few American industries that is expected to grow in the next few decades. In fact, the healthcare industry in America is expected to generate 3.2 million new jobs through the year 2018, which is more than any other American industry (Healthcare, 2011). This industry includes everything "from small-town private practices of physicians who employ only one medical assistant to busy inner-city hospitals that provide thousands of diverse jobs" (Healthcare, 2011). It includes things such as doctors' offices, phlebotomy laboratories, research laboratories, outpatient care centers, nursing homes, residential care facilities, clinics of all sizes, and large hospitals (Healthcare, 2011). It is not only a large industry, but a very broad one with many potential investment opportunities and many potential risks. Government and Healthcare The role of government in the healthcare industry is a topic that leads to very active and divisive debate. People are either of greater government involvement or deeply opposed to any government involvement. Currently, healthcare remains an industry with a high degree of regulation, in terms...
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...Tool and Concepts HCS/552 Jayme Carrico 2013 Economic Tool and Concepts The health care industry has been experience for many century the shortage of nurses. It is perceive by the health care industry the shortage of nursing supply than the demand across the country. The demand for nurses in every health care organization growth in a daily basic as the technology advance. The consumers are always demanding for more personalize and quality of health care services at the time they are seeking for health care delivery creating nurses supply to be less in every health organization. A few probable reasons for nursing shortage within the health care industry can be the number of nurses in the workforce with a close retiring date, immigrated nurses from other country that works under constrained work permit, and also the population growth. As population increase the requirement for health care providers and services the growth of nursing and medical providers’ shortage will be notable. According to Getzen (2007), “There has recently been a growing recognition that instead of a surplus, a future shortage of physicians may occur. Since the number of U.S. medical graduates has not kept pace with the growth in U.S. population” (Chapter 7, p. 161). The nursing shortage and medical providers has become extremely demanded within the health care industry to provide a quality of health care. The following information will define economic concepts such as supply curve, demand...
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...Running head: HEALTH CARE INDUSTRY PAPER Health Care Industry Paper Tanya James University Of Phoenix Online HCS/449 Capstone Group ID: BSDD148BE8 Karen Gibble Aug 04, 2012 Health Care Industry Paper The health care industry has been around for decades and has gradually started changing to improve the quality of care for patients, doctors and nurses. More specialty physicians, male nurses and hospitals have been built since 1900’s to now 2012. The first hospital in the United States was built in 1751 which we are in 2012 and has established a total of 5,754 hospitals. Within the changes and advances of the building and creating of health care industry a lot has changed. To begin with technology; how technology change the way the patients are cared for and the uninsured that is not being cared for because they do not have coverage. This paper will explain the changes in health care in the last ten years and also in the next ten years what to expect. How has health care changed in the last 10 years? In the last ten years health care has changed by new developments of technology being introduced. Health care insurance plans have also changed with the amount of uninsured that does not have coverage and the cost of premiums how it has increased and decreased within the last ten years. Health care organizations has been complying with the rules and regulations to keep up with changes of implementing the electronic medical records that the government has made it mandatory...
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