Question

In: Finance

Write a 700- to 1,050-word paper in which you: Analyze a financial and economic issue in...

Write a 700- to 1,050-word paper in which you:

Analyze a financial and economic issue in the health care industry.
Choose a current financial or economic issue in the health care industry. Consider the following:
What are the economic trends of the health care payment system?
What are the supply and demand challenges for health care services?
Why are costs increasing in the health care system?
What regulatory issues are affecting, or will affect, the health care industry?
Analyze the issue and its financial impact on the health care industry.
Provide recommendations for improving the issue. Consider current strategies being used or presented for improving the issue.
Include what you believe would be the outcome of these recommendations if implemented.

Expert Solution

What are the economic trends of the health care payment system:

Healthcare payment system are the payment benefits made available to those who don't have insurance covers or to the ones to have insurance covers but their insurance doesn't cover that expenses. 3 economic trend could be listed as :1) consumer are to pay the major portion first then the healthcare providers.

2) confusion regarding payment of healthcare bills they are consumers are now a days so much aware they instantly switch their healthcare service providers if there exist any ambiguity regarding payment by a specific provider .

3) Adoption of electronic channels for making payment at consumers convenience

What are supply and demand challenges for health care services.

Demands:

Demand means desire to buy or consume something. In economic demand refers not only desire but also ability and willingness to buy goods and services

Law of demand:

The law of demand can be expressed in the mathematical terms that is D=f(p) where D represents demand, p represent price and F represent the function relationship.

Health care demand:

The demand for the healthcare is a derived demand from the demand for the health. Health care is demanded as a means for consumers to achieve a large stock of 'Health capital' . The demand for health is unlike most other goods because, individual allocate resource into consume and produce health.

Supply:

The term supply is nothing but anything which is offered for sale. In economic supply of a product during a given period of time means the quantities of goods which are offered for particular price

Law of supply:

The law of supply can be stated as " By keeping other factor constant supply expands with rise in Price and contract with fall in price ". The law of supply reflect the general tendency of the producers in offering their stock of a product for a sale in relation to the changing prices. It has been observed that usually sellers are willing to supply various directly with changes in Prices

Why are the cost increasing in healthcare?

1) population growth

2) population aging

3) medical utilization

4) service prices and intensity

5) disease Prevalence

What regulatory issues are affecting or will affect In the health care industry:

Such arrangements can results in legal issues related to Anti-kickback , antitrust, physician self referral prohibition , civil monetary penalties and medical regulations and laws.

jeff jeffy answered 1 year ago

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