This question deals with the theory of economic regulation. Imagine there are 4000 primary care physicians...

This question deals with the theory of economic regulation. Imagine there are 4000 primary care physicians in the state of Lincoln. They oppose changes to scope of practice regulations currently being debated in the legislature that would bring new increased competition from non-MD providers (changes that would allow nurse practitioners to practice independently). It is expected that these changes would reduce physician incomes by $10,000 and reduce health insurance premiums by $10 for each of the state’s 4 million residents a. Discuss the impact of the policy change on the average primary care physician and resident of Lincoln and the aggregate impact on the two groups. b. Based on the theory of economic regulation what action would you expect from the state’s legislature. c. What is the purported public interest argument in favor of scope of practice regulation. Assess the validity of these concerns in this context.

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Expert Solution

a. Discuss the impact of the policy change on the average primary care physician and resident of Lincoln and the aggregate impact on the two groups

The policy changes will affect both the physician and residents. The change imposes an economic loss on a physician but a reduction in healthcare cost of the public. The accessibility of the primary care will improve and become more affordable by the policy allowing more NP to work independently.

The workload on the physicians will become considerably low and thereby increases the quality of care.

. b. Based on the theory of economic regulation what action would you expect from the state’s legislature?

The main theories of economic regulation, Public interest theory and Capture theory plays an important role in decision making by the policy developers. Economic regulation is the involvement of the government in the market and thereby control on the economic activity of the society.

Public interest theory is based on the regulation on demand of the society and this will aim in the correction of inefficient and inequitable market practices. Based on the Capture theory regulation is supplied in response to the needs of people affected by them

And the regulations can be manipulated to fit the requirements of people affected by them. The representatives of the individuals to be affected by the regulations are directly involved in the development of these regulations. Adequate representation of the politicians as well as the interest groups is ensured in this model. The theory considers the public interest as the motive for the beginning of regulations.

Based the theories of economic regulation the policymakers must make sure the participation of public, physicians and NPs while taking any decisions.

A regulation for safeguarding the public health must be taken.

c. What is the purported public interest argument in favour of the scope of practice regulation? Assess the validity of these concerns in this context.

The essential components of universal care such as affordability, accessibility and availability can be achieved by the policy changes. The public will be more favoured when providing standardized care that is accessible, affordable and available to them.

The efficient training of the NPs along with role sharing and cooperation of the physicians will strengthen the healthcare delivery system. The gap between demand and shortage of family practice physicians can be bridged by the policy changes.

To implement the new affordable care act it is essential to expand the scope of practice of NPs. The patients will be able to contact their primary care provider more easily with minimal cost and the healthcare delivery become more efficient.

Nightingale answered 1 year ago

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