Question

discuss the relative changes in the health care prices for hospitals, drs dentists and prescription drugs

Answer 1

when is comes to "changes in healthcare ", it is the quality that is being talked about and when quality is addressed price comes into picture. we humans have this very obvious tendency to judge a service provided (be it healthcare services or any other) by its price. that is higher the prices more better is the quality of the goods and services provided. now these changes are influences by few factors. here we will discuss the changes in healthcare prices, it is influences by two major factors which are internal and external factors. the availability of resources in the hospital, skilled professionals and proper management of the healthcare centers put a huge impact on the changing prices of the healthcare services. as the population is increasing with time and in that time it is not possible to increase the service providers hence number of patients per service provider increases, increasing the demand and not being able to increase the supply immediately there is a rise in prices. similar in the case for prescription drug, the demand for the medicines are inelastic with the curve demand curve horizontal to the x-axis when we take price on x-axis and demand on y-axis. now to avail those healthcare services the external factors play a significant role. such as the accessibility to the healthcare services. whether the person needs to travel to avail those services, the travel expense further adding on to the overheads keeping in mind the income of the person as well.