...Implications of Health Economic Concepts for Healthcare HSA 510 Health Economics Introduction What is health economics? Health economics is one of the many branches in economic. Most of the concepts surrounding this branch are both the micro and macroeconomics placed in the context of efficiently and effectiveness in the production and services delivery in the health sector industries. The concept of health economics can be explained in layman language as the study of economical functioning of the health care system in an economy. It involves matters affecting the health of individuals in a society (Cromwell, 2011) Assess the value of healthcare professionals and decision makers understanding the discipline of health economics. Building on their longtime leadership in identifying standards of care, professional medical organizations already have played a role in shaping the value. It is critical that individual physicians and other health professionals also understand the goals of health care and engage as partners in implementing its principles. Healthcare professionals and decision makers are more disciplines of the health economics. The value of healthcare can be mentioned as the microeconomics. The reason for that being said is the evaluation of their treatment level and providing care in all segments relates to cost and effectiveness. The demand for health care has an impact or influence many different areas such as education, hazards, income and health in general...
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...Economic tools and concepts paper Nadine Ranger HCS/552 November 29, 2010 James Hamilton Economic Tools and Concepts Paper One of the most prominent topics in the society today is health care reform and government plays a large role in regulating managed health care systems. A vast difference between movement along and shift in the demand curve for the different health care systems. For instance, the government funds Medicaid and Medicare to provide services to the indigent and disabled population. However, many factors exist that influence the control of health care spending from an economic standpoint. The objective of this paper is to discuss the role of government and the supply and demand curves concept to show the difference between movement along and shift of the curves in the managed care system. The concept of medical price elasticity to evaluate the manage health care industry is also discussed. Resource Allocation Law makers presented several proposals for health care reform and the final bill passed with the intention of providing health care to all Americans. One important issue concerning many consumers about health care reform is the selection of an appropriate managed health care program because one must choose a managed care provider by December 31, 2010. The application of principles to understand the health care systems is challenging because of the complexity of health care as a product or service; however, the fundamental problem...
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...In today’s healthcare world, with the present economy, patients are always going to question one thing, and that is healthcare funding. Things like treatment for their pre-existing conditions, and even minor circumstances, such as the cold or flu are something people are going to want to know the price to. These types of questions are in relation to healthcare economics. The meaning of health economics is the science that deals with the production, distribution, and consumption of good and services, or material welfare in healthcare. Because healthcare is always evolving there are some factors that have to do with the change, and those are types of medical care and technological developments in the industry. An example in the change in medical care is the quality. Now a day, people can be treated for any type of disease and as long as their insurance covers the specific service then they have a higher chance of being cured. In addition machines we have in clinics and hospitals also increase also affect health economics because most organizations always want to have the latest technology so their quality of healthcare maintains at a high level, however having this also increases their expenses. This paper will further on discuss evaluating the history of healthcare economics and its evolution along with how cash flows within the economic system Health care insurance is something that healthcare economics is based off of. Before when health care was as big issue and an...
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...Terms Comparison Paper HCS 552 June 9, 2013 Terms Comparison Paper Economics is the study of how people make choices when they want to utilize resources (American Economic Association, 2011). Thus, this fundamental process links economics and health care, as health care professionals use economic principles in their everyday professional behaviors. 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. The objective of this paper is twofold – to analyze how the terms of cost, quality and resources are similar and yet dissimilar in healthcare and economics. Terms Resource is defined economically as a product, asset, or other service with limited availability utilized to generate commodities and services that convene to human requirements and desires (Gretzen, 2007). Because these types of resources are relatively scarce and limited, economists, decision makers, and health care providers must all find a way to allocate resources efficiently and in a cost effective manner. 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 such as personnel or work force (i.e., Nurses...
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...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 such as personnel...
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...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...
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...Implications of Health Economic Concepts for Health Care Melissa James Strayer University Dr. Wanda Allen Health Economics – HSA 510 February 1, 2015 Assignment # 1 Implication of Health Economic Concepts for Health Care Assess the value of healthcare professionals and decision makers understanding the discipline of health economics. Healthcare is getting gradually complex around the world. The need for technological development, economic support, demographics changes and the study of diseases are shifting at a fast speed. There had been numerous labors in describing collective capabilities and values within the healthcare organizations. It is necessary for learning and training programs to be regulated based on the needs of the humanities they support. Therefore, the institutions that are designing and delivering those activities must take responsibility for the products they manufacture for the use of the society. Hence, Academic institutions that are in charge of educating healthcare professionals together with their various stakeholders must interact in collaboration to create actual and proficient strategies that will promote suitable culture in the healthcare systems. Current medical education process has its origins in the European institutions of higher learning that customarily cherished academic freedom, sovereignty and self-regulating exploration...
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...The Love-Hate Relationship between the U.S. Healthcare Industry and the U.S. Economy The healthcare industry plays an important part in the economy of the United States. The sustained increase and high level of spending on health care has been the subject of discussion and scrutiny for several decades. The enactment of the Patient Protection and Affordable Care Act of 2010 (ACA) was hardly the first fiscal policy for healthcare in the history of the economy. There is a long list of fiscal policy attempts from predecessors such as Franklin Roosevelt, Harry Truman, Richard Nixon and most recently Bill Clinton (Sparer, p462). In 1933, Franklin D. Roosevelt drafted amended provisions to his pending Social Security legislation to include publicly funded health care programs but ultimately removed the provisions due to opposition by the American Medical Association (Coombs, p5). Following the Second World War, President Harry Truman called for universal health care as a part of his Fair Deal in 1949 but strong opposition stopped that part of the Fair Deal (Peon, p161-168). On July 30, 1965 President Lyndon B. Johnson signed into law the legislation establishing the Medicare and Medicaid program, social insurance programs administered by the United Stated government providing health insurance coverage to people who are either 65 or meet other special criteria for need (Roemer, p845). In October 1972, President Richard Nixon signed the Social Security Administration Amendments...
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...561 Economics in Health Care Business Proposal Project Paper ECO/HC 561 Economics in Health Care Macroeconomic Policy & its Implications to Healthcare Providers ECO/HC 561 Economics in Health Care International Paper ECO/HC 561 Economics in Health Care Cost & Consumerism ECO/HC 561 Economics in Health Care Technology Proposal Presentation ECO/HC 561 Economics in Health Care Week 1 DQs ECO/HC 561 Economics in Health Care Week 2 DQs ECO/HC 561 Economics in Health Care Week 3 DQs ECO/HC 561 Economics in Health Care Week 4 DQs ECO/HC 561 Economics in Health Care Week 5 DQs ECO/HC 561 Economics in Health Care Week 6 DQs Activity mode aims to provide quality study notes and tutorials to the students of ECO/HC 561 COMPLETE CLASS in order to ace their studies. ECO/HC 561 COMPLETE CLASS To purchase this visit here: http://www.activitymode.com/product/ecohc-561-complete-class/ Contact us at: SUPPORT@ACTIVITYMODE.COM ECO/HC 561 COMPLETE CLASS ECO/HC 561 Economics in Health Care Business Proposal Project Paper ECO/HC 561 Economics in Health Care Macroeconomic Policy & its Implications to Healthcare Providers ECO/HC 561 Economics in Health Care International Paper ECO/HC 561 Economics in Health Care Cost & Consumerism ECO/HC 561 Economics in Health Care Technology Proposal Presentation ECO/HC 561 Economics in Health Care Week 1 DQs ECO/HC 561 Economics in Health Care Week 2 DQs ECO/HC 561 Economics in Health Care Week 3 DQs ECO/HC 561 Economics in Health Care...
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...Healthcare Responsibility: An Economic Perspective Is healthcare a right or a privilege? While it’s foremost an ethical question , a practical view of the healthcare privilege quandary begs an analysis of its financial ramifications of both answers . With the out-of-pocket cost of healthcare skyrocketing year after year, , the economic question arises: Who should bear the primary responsibility of paying for healthcare, the individual or society? Many nations such as Canada provide universal healthcare to its citizenry at a cost funded by higher taxes on both earned income and regular consumption. . The answer to the question of who should pay for healthcare must take into account both the quality of life for the patient and the financial ramifications for society. It is a universal belief that all individuals deserve to experience a happy and healthy life, but to what extent is the individual responsible for their health. In examining whether the individual or society should pay for healthcare, one must consider both the well-being of the individual and the fiscal welfare of society. These elements do not stand separate, but rather are intertwined. A society is composed of individuals; the health and well-being of a society is the summation of the health and well-being of all individuals in that society. The better individuals feel, the better they can function and contribute to a society's stability and growth. When a worker is in good health, he or she can best contribute...
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...Healthcare Industry Paper HCS/449 November 9, 2015 Hello, how is everyone this evening? My name is and I was picked to come here to be a guest speaker to discuss the healthcare industry’s evolution from the past, now, and what is left to come. I will discuss what healthcare industry is, the evolution of technology, financial, and the economic perspective from the past, present, and what we can expect in the future. What is healthcare industry? The healthcare industry is a set of comprises of providing diagnostic, preventive, remedial, and therapeutic services (like physician, nurses, hospitals, etc.). And to include medical equipment, health insurance forums, and pharmaceutical manufactures. The Past Since 2005, the healthcare industry has created to where patients are able to get to their records easier and faster through an electronic health record (EHR). Not only do patients get their medical information faster, but so do physicians, nurses, and medical facilities. In 2009, only sixteen percent of United States hospitals had EHRs and by 2013, it jumped up to eighty percent of all United States’ hospitals invested in EHRs (Jayanthi, 2014). This allowed a more structured platform, a more integrated and efficient care for patients. EHRs can be used as a data and population health tool for the future. If a patient is required to wear a cardiac monitor their heart beats, then they will have a sensor or wearable technology...
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...discuss the history and evolution of healthcare economics and the timing of healthcare funding. In the 21st Century healthcare is proven to be one the largest industries that generates a great deal of money in the world. Therehas been a dramtic change in healthcre the last last hundred years. As changes and progression are examined, it becomes clear that healthcare along with the economy has created an important part of the American life. Healthcare History Health care economics presents information where efficiency and equity goals are pursued. Furthermore, economics establishes a framework by maximizing benefits using resources at hand. Kenneth Arrow, the person responsible for mentioning the idea of health economics as a discipline, wrote an article titled “Uncertainty and the Welfare Economies of Medical Care” in 1963. The article discusses how the medical care industry benefits society compared to the “norm”. Furthermore, Mr. Arrow wrote about the significance of supply and demand. Arrow discussed that the average person has the characteristic of only seeking medical care when they are suffering from a critical injury or illness. Its not common for the average person to receive routine medical services on a regular basis. As Mr. Arrows discussed supply condition, he quoted “Entry to the health care profession is controlled by licensing. Licensing manages the supply which consequently increases the cost of medical care”. Medical care was expensive in the 1970’s; in fact...
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...Economics and Health Policy Teri Rice MMHA 6135-2; Health Policy and Economics Dr. Attila J. Hertelendy March 8, 2015 Economics and Health Policy The health care industry is growing and changing every day. Many would say that are healthcare system is in complete turmoil. However, all health organizations need to be aware of the economics behind the scenes and what contributes to their losses and growth. Health care economists develop the policy that we operate by each day while providing efficient and effective care. The purpose of this paper is to discuss health economics and the importance in government involvement. Value of Understanding Health Economics Economics looks at the allocation of resources. As a health care manager, I will be able to make decisions based on data, the resources available to me, have a sense of costs, think about the value, and understand the operations within the organization. Managers need to understand their department costs and explain any variances that may arise. Many organizations will rely on economic assessments to assist in determining the need for programs in their area. These assessments align with the health policies. It is crucial for hospitals to understand these assessments when evaluating prevention programs, diagnostics, intervention programs (drugs and surgical procedures), organization of care and rehabilitation. (Husereau, et al., 2013) Another reason for understanding health policy is related to non-profit organizations...
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...HMA1: Trends in Healthcare Western Governors University Healthcare Management Case Study HMA1 Linda Gunn August 21, 2010 HMA1: Trends in Healthcare The American healthcare system is in the midst of change. No other time in history has the call for healthcare reform been so strong. It is the emergence of expensive new technologies with an aging population and a new call for equitable quality access of health services for all citizens that have pushed for the impending change. Successful managers will need to understand the impetus for this change. The challenges will provide many opportunities for a manager that is properly prepared to lead and guide their organization. Model trends in the United States. Historically, the United State’s healthcare system has been provider dominated. Physicians ordered and directed care without concern for cost or resources. While complex and ever-changing, the focus was on treatment of infectious diseases such as polio, influenza, small pox. (Shortell & Kaluzny, 2006) Our current model of healthcare places much of the responsibility and burden of the cost of medical care on the individual. American healthcare spending approaches 17% of our gross domestic product (GDP), the highest of any member of the World Health Organization. Our performance consistently underperforms in comparison to our peer nations in such measures as life expectancy, infant mortality and overall level of health. (World Health Organization [WHO], 2000) ...
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...Economic Terms and Healthcare History July 1, 2013 By: Kelsey Breeden Economics within health care has changed drastically throughout the years. With the election and now reelection of President Obama, health care economics has become very important to not only providers, but managers and even the clients. In order to better understand the economics of health care, one needs to understand the history and evolution of health care. The purpose of this paper is to explore the history and evolution of health care throughout the United States history. Starting with the 1800’s, most people had their medical care and assistance come to their home. There were very little healthcare providers, as well as medicines and treatment. People during that time period were able to just deal with being sick instead of going to the doctors and to see all kinds of specialists. These types of options were not available, and if they were to seek medical attention it was very pricey. Healthcare insurance was not offered so all payments had to be paid out of pocket, and in full. As the 1800’s progressed, there became a formation of the medical field and medical professions. Now although there was a healthcare industry on the rise, people were still not sure of the money aspect of healthcare. When the 1900’s came about, healthcare continued to expand, with the expansion came the want and need for hospitals. Hospitals became very important to everyone and access continued to...
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