...community economically. The use of modern technology in the healthcare field is seen to have grown rapidly over the years. Many hospitals and health care providers are embracing new innovations of technology in healthcare. Technologies in healthcare have provided clinical benefits such as prolonged life and improvement in the quality of life. There is an increased access to health care technology in my community today than it had been in previous years and this also has led to increased health care utilization, making it difficult for people to make choices on healthcare or other priorities such as subsistence like food, shelter and others to choose from. Technology is expanding every day and healthcare systems are utilizing new services which will make health care cost continue to be on the rise. An example of technology used in the healthcare field today is the Magnetic Resonance Imaging machine also called the MRI. This is a very important medical procedure that physicians have adopted and allows them get in depths look at what is happening in a patient’s body. This helps healthcare providers find the source of an illness or pain and also helps in determining a plan of treatment for such patient. The average cost of the MRI procedure is $3,500 depending upon which MRI procedure is performed. With the increasing cost of technology, people who can afford this are going for it because of its benefits and they naturally demand more of these technologies as their income rises too. Other...
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...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 addressed by economics is allocation of limited resources among unlimited demand (Scott, Solomon, & McGowan, 2001). Such is the case in the health care industry. According to Scott, Solomon, & McGowan (2001)...
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...institutions for health care in China as they evolved since 1949, this paper presents statistical demand functions for health care. It applies the demand functions to explain the rapid increase in health care demand and the resulting rapid increase in price when supply failed to increase. The failure in increase in supply was traced to the system of public supply of healthcare in China. The reform experience of Suqian city in the privatization of healthcare is reported to demonstrate the positive effect of privatization on supply. The government’s health care program for the urban and rural population is described and an evaluation of it is provided. Outline 1. Introduction 2. Changes in Health Care Institutions 3. Demand Functions for Health Care 4 Supply for Health Care: Public or Private? 5. Government’s Program for Health Care 6. Evaluation of the Current Health Care System 7. Conclusion 1. Introduction With a population of over 1.3 billion China has received much attention, including its spectacular economic development since 1978 and the accompanied deterioration of health care for a substantial segment of its large rural population. Section 2 of this paper recounts the success of the PRC in improving the health conditions of its population from 1949 to 1980 and describes the changes of the public heath care system after 1980. In section 3, statistical demand equations for health care are estimated. Using only annual time-series data from 1995 to 2003 I...
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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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...In recent years our healthcare system has been the subject of much debate and policy change. With the enactment of the patient protection and the affordable care act much of what is known about the healthcare system is changing. This has been one of the most drastic departure from the traditional healthcare systems that we had. Why do we have to change healthcare system? How do we get to a place where healthcare reform and structuring was needed? To answer these questions, we must look back to our history to see how the political system, policies, programs and values have shift our modern health system leading up to the 2010 major healthcare reform to be signed by president Obama. 1900s was the period in which organized medicine took shape....
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...Market Model Patterns of Change Jennifer Harris Dr. Faux Economics 550 August 24, 2013 The healthcare insurance industry is an industry that is growing fast and is extremely competitive. New laws are causing the healthcare insurance industry to change rapidly. This industry operates as an oligopoly with a few big firms controlling the majority of the market. The price for coverage is not dictated by only one provider. In the oligopoly model no single theory explains the behavior that is evident. The degree of competitiveness is affected by the economy, law, technology, and the number of firms in the market. Medical loss ratios are often used to help managers understand industry characteristics. Competitors to this industry have changed over the years as well now the closest competitors are government provided insurance, persons who pay out of pocket, and the private sector that operates on donations. I think a good pricing policy for insurance companies to adopt would be one that is based on income. The new health insurance law (Obamacare) is requiring that all Americans carry insurance by January 1, 2014. This law will change the health insurance industry rapidly. The big New York Stock Exchange-listed insurance firms have known for many years that their core business models are not sustainable. The insurance companies have tried to ignore the risk that they were assuming because of pressure from Wall Street. The big companies have done this by simply administering...
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...Healthcare in India follows universal healthcare system run by the constituent states and territories if India. Every state in India promotes health and wellness by raising the level of nutrition and standard of living of its people and improves public health. Government hospitals, some of which are among the best hospitals in India, provide treatment at taxpayer expense where drugs are offered free of charge in these hospitals. Government hospitals provide treatment either free or at minimal charges. For example, according to Wikipedia, For example, an outpatient card at AIIMS (one of the best hospitals in India) costs a one-time fee of rupees 10 (around 20 cents US) and thereafter outpatient medical advice is free. In-hospital treatment costs depend on financial condition of the patient and facilities utilized by him but are usually much less than the private sector. For instance, a patient is waived treatment costs if he is below poverty line. Another patient may seek for an air-conditioned room if he is willing to pay extra for it. The charges for basic in-hospital treatment and investigations are much less compared to the private sector. The cost for these subsidies comes from annual allocations from the central and state governments. In the greater India, the hospitals are run by government, charitable trusts and by private organizations. The government hospitals in rural areas are called the (PHC) primary health center. Major hospitals are located in district head quarters...
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...claims than at any point in history from patients and tort lawyers. From increased demands by malpractice insurance carriers to higher standards and quality of care criteria, medical professionals are under extreme scrutiny which makes the art of practicing medicine very difficult. As pressure continues to mount in America both by politicians and social groups how are demanding a restructuring and overhaul of the current system, medical professionals will have to be very diligent about meeting the new standards expected in healthcare of they will face lawsuits and tort actions that could destroy their careers (Qazi, 2012). The healthcare debate in the United States has been dominating the industry since President Obama passed key legislation that will forever change the American medical system. Arguments against healthcare reform stem largely from the provisions and laws that are being proposed by Obamacare. The restructured proposals have drawn many opponents, especially in the healthcare and insurance industry. Primarily, the argumentative claim is that the costs to practice medicine and insure all patients will not be sustainable. Additionally, the increase in the amount of patients that will flood the system will demand an increase in medical insurance premium costs, drive down competition, and lower the overall quality of care that Americans are used to receiving. For private physicians, the demands placed on their practices to meet and maintain the new laws and regulations will...
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...Healthcare and Economics Charde Allen HCS 440 Healthcare economics is the process of basically studying the way healthcare functions as well as health related behaviors. Throughout time healthcare economics have sufficiently changed due to technology and more advanced ways of research. As time passes healthcare economics have become more and more vital with change for future effort. Consumers play a role in the change due to findings and new diagnosis. The value of health care in the society is very important to the consumer because the determining factor of the future of healthcare rest upon the costs, treatments, and advancements within healthcare. All this tied together is the ground function of economics in the healthcare field. The importance of knowing terms and what they are in healthcare economics are also vital to understanding the importance of it. In order for healthcare organizations to function, they have to know the meaning of supply and demand. This is when the relationship between two factors determines the price. The flu shot would be an example of supply and demand. The flu shot is popular and is used every year around a specific time. They know the demand for it is huge so the supply would have to be bigger. Another important term would be microeconomics. This is focusing on price aspect of the economy while paying attention to the price costs of a firm. This basically the decision making process. This determines the choices that are picked from a buy...
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...private health care insurance. In regards to public programs that provide medical coverage for the rest of Americans who cannot afford health care, there are two prominent public programs within the United States; Medicare, which is a federal social insurance program that caters to seniors. The other primary public program is Medicaid which is aimed more towards certain disabled individuals. Both Medicaid and Medicare are funded by the federal government but are managed at the state level. The Patient Protection and Affordable Care Act was passed by congress and signed into law in 2010 by President Obama. The main objective of ObamaCare is to ensure the affordability and quality of healthcare, the Affordable Care Act Bill is also anticipating to curb the growth in healthcare spending in the United States (Obama Care Facts, 2014). Healthcare in the United States has historically been a private for profit industry, but with the emergence of Obamacare that is likely shift the market a bit. The prices of healthcare are tightly controlled and many practices are considered to be unfair. Only those who are able to afford insurance are the ones who are able to seek and obtain quality healthcare. For those who are unable to afford insurance and are successful in obtaining it through public programs such as, Medicare and or Medicaid can only receive healthcare under restrictive circumstances, usually only thorough emergency room visits. The market for health care insurance is dominated by...
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...The Efficiency of the Healthcare Service Abstract This paper will evaluate the strengths and weaknesses of four healthcare organizations. It will describe the services provided by each. The Efficiency of the Healthcare Service Few industries in the world have a higher need than healthcare. Healthcare is quickly becoming the fastest growing capital expenditure. As the population ages, so does the demand and need for healthcare services. This growth translates into ample job opportunities. A career in healthcare management presents professionals with a thriving, growing and the moral gratification of maintaining their communities. There are several types of healthcare organizations. With so many branches to the healthcare field, how does one assess the facility with the right fit? Every healthcare organization has strengths and weaknesses. Healthcare facilities are divided into two categories; proprietary and non-profit. A healthcare facility is structured by the clinicians and the administrators. I chose my community of Kennesaw, GA to highlight the health services needed and being provided. Kennesaw is located about 20 miles northwest of Atlanta with a population of 32,000 estimated by the US. Census Bureau. Currently the median age group is 31. In this paper, I pick out four healthcare organizations, define their strengths and weaknesses, and show their political/economic value. A doctor’s office...
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...Indian Institute of foreign trade | Critical Analysis | Identifying International Marketing Opportunities in Medical Services | 04-Nov-12 | Background Medical tourism is becoming a popular option for tourists across the globe. It includes primarily and predominantly healthcare facilities, combined with travel and tourism. The term medical tourism describes the rapidly growing practice of travelling across international borders to obtain cost-effective and high quality medical care. Various countries like Thailand, Malaysia, India, etc are promoting medical tourism aggressively. The key competitive advantages of India in medical tourism stem from the following: low cost advantage, strong reputation in the advanced healthcare segment (cardiovascular surgery, organ transplants, eye surgery etc.) and the diversity of tourist destinations available in the country. The key concerns facing the industry include: absence of government initiative, lack of a coordinated effort to promote the industry, no accreditation mechanism for hospitals and the lack of uniform pricing policies and standards across hospitals. Medical tourism or health care tourism is a rapidly growing multibillion-dollar industry around the world. It is an economic activity that comprises trade in medical services and represents the mixing of two of the largest world industries: medicine and tourism. The case identifies the strengths of India’s medical tourism service providers and points at a number of problems...
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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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...Hunter Barnes-Sinclair October 7th, 2014-10-06 HS 4044a Kathleen Gamble Going Dutch May Not Be The Answer In society, it is a common practice to discuss which healthcare systems are most effective. Likewise, people often wonder how less-effective systems can reform to be similar to those that are successful and thriving, such as the privatized system in the Netherlands. Many articles, pieces of literature, and discussion with peers indicate that the system in the Netherlands is overall one of the highest quality systems that exists to date. What some critics fail to consider when evaluating the greatness of one system is how each healthcare system may thrive or fail depending on the context of its operation. Moreover, one must consider barriers within populations when assessing how effective a healthcare structure is if implemented within a new geography. Therefore, although there is much to desire about the healthcare system in the Netherlands, the idea that other nations, such as Canada, should strive to have similar implementation is not realistic due to population and geographical barriers. This paper will evaluate how the Canadian healthcare system, although universal, may not necessarily be effective in the treatment and care of patients, and how the Canadian system would fair by adopting similar strategies to the Netherlands. To begin, Canadians have repeatedly found dissatisfaction in the wait times for care and the shortage of medical professionals that...
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...What Do Americans Want Out of Healthcare? Team 2: Michael Drescher, Tim Geiger, Heather O’Dell, Carla Raynor Part A: Consumer Preferences and Desires Overview We began with online research, surveying a group of healthcare consumers, in an effort to better understand what Americans want out of their healthcare system. Our aims were to determine what these consumer’s valued, their product and service preferences, consumption patterns, and their capacity and willingness to purchase healthcare. To facilitate this process we used Survey Monkey. Demographics of respondents We garnered responses from 80 individuals with the following characteristics: * * 65% of respondents are age 30 – 49 * Nearly all respondents are married and work full-time * Half of respondents combined annual household income in 2014 of $150,000 or more; 32% have incomes between $75,000 - $150,000 * 3 of 4 respondents were female - consistent with fact that women make most healthcare purchasing decisions for their families * 36.25% of respondents have a graduate degree; 26.25% have a bachelor degree & 26.25% attended some college but do not have a degree * 70% pay for healthcare via employer-sponsored insurance; 17% have individual/family plans * 66% share healthcare purchasing decisions with others; 1 in 3 is the sole decision maker Summary of Findings Consumption of heathcare services: Two thirds of respondents receive only an annual exam...
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