The Supply and Demand of Health Care

Write 7-9 pages that compare different models of supply and demand, as well as analyze how legislation and reimbursement methods impact supply and demand for health care. As we take a closer look at the demand side of economics, we will consider how need versus demand is different and how this impacts planning and policy in the health care environment. Demand is typically initiated by the patient; however, provider involvement significantly impacts demand. Since the patient is dependent on the provider for expertise and medical opinion, there is a risk that demand will be increased. This is unique to the health care industry since consumers are not typically as dependent on the supplier of a service in other industries when making a purchase. Another important driver of demand is the insurance company. Patients initiate the health care service but are not responsible to pay the bill—and this has the potential to skew the demand curve. This is one of the ideas behind high-deductible health care and the effort to control the consumption of services by making the patient responsible for a higher percentage of the overall bill. Finally, you will be offered an opportunity to think about the implications of free medical care and how that may impact the demand for health care services. Like the demand curve, the health care field presents unique and interesting challenges to the supply of health care. You will be introduced to the concept of economic efficiency and the impact of inefficiencies on cost. The production function will be further explored, which is the relationship between the output of a product or service compared to the resources used to produce it (Feldstein, 2012). Competition, market structure, market performance, and public policies as they relate to the supply of health care services will be discussed as well. The evolution of health care insurance has impact aspects health care economics such as price competition, medical loss ratios, and risk. As you prepare to complete the assessment consider the role that copays, coinsurance, and deductibles play on the demand curve and reflect on your opinions related to the effectiveness of high-deductible health plans in controlling the demand of health care services. Reference Feldstein, P. J. (2012). Health care economics (7th ed.). Clifton Park, NY: Delmar. Demonstration of Proficiency By successfully completing this assessment, you will demonstrate your proficiency in the course competencies through the following assessment scoring guide criteria: Competency 1: Analyze historical perspectives and current trends in the health care industry. Explain current legislative trends that influence the supply and demand of health care. Competency 2: Assess the United States health care system from an economic perspective. Compare and contrast the demand of health care services with the demand of an automobile. Compare and contrast the supply of health care services with the supply of an automobile. Competency 3: Analyze the evolving economic reimbursement trends, methods, and technology. Analyze reimbursement methods that influence the supply and demand of health care services. Competency 5: Communicate in a manner that is scholarly, professional, and respectful of the diversity, dignity, and integrity of others and is consistent with expectations for health care professionals. Write following APA style for in-text citation, quotes, and references. Write clearly and logically, with correct use of spelling, grammar, punctuation, and mechanics. Context The basic economic laws of supply and demand do not work the same way in the health care industry as they do in other industries. A few of the contributing issues include: demand cannot be restricted to only those with an ability to pay since health care is considered a basic human right (need versus demand), demand is increased due to a third party (insurance or government) that pays for the service, and our supply is limited based on a highly skilled human resource variable (physicians). Instructions In this assessment, you will consider these contributing issues and others that you identify in your research as they relate to the free market. Compare and contrast the laws of supply and demand of the health care industry with that of the automobile industry and explain how the economic structure of the health care industry is different from other industries. Reviewing the following media pieces may help to solidify your understanding of the economic concepts and industries relevant to this assessment. Health Care Supply and Demand | Transcript. Supply, Demand, & Reimbursement | Transcript. Also, make sure to consult the scoring guide to make sure you are meeting the communication criteria and achieving at your desired rubric level. Compare and contrast the demand of health care services with the demand of an automobile (Competency 2). Identify the key contributing factors that determine demand of health care services. Identify the key contributing factors that determine demand of an automobile. Compare and contrast the similarities and differences of the demand curve of these two industries. Compare and contrast the supply of health care services with the supply of an automobile (Competency 2). Identify the key contributing factors that determine supply of health care services. Identify the key contributing factors that determine supply of an automobile. Compare and contrast the similarities and differences of the supply curve of these two industries. Explain current legislative trends that influence the supply and demand of health care (Competency 1). Explain how Medicare and Medicaid impact supply and demand of health care services. Discuss the impact of the uninsured population on the supply and demand of health care services. Analyze reimbursement methods that influence the supply and demand of health care services (Competency 3). Identify the stakeholders who pay for health care services. Analyze the impact of different reimbursement methodologies and payment models on the supply and demand of health care services. Write following APA style for in-text citation, quotes, and references (Competency 5). Determine the proper application of APA formatting requirements and scholarly writing standards. Assess the relevance and credibility of information sources. Write clearly and logically, with correct use of spelling, grammar, punctuation, and mechanics (Competency 5). Apply the principles of effective composition. Determine the proper application of the rulbcqes of grammar and mechanics.

My Homework Nest
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.