Hcs/440 Individual Essay - 755 Words

Economic Terms and Health Care History Amber Rainwater HCS/440 Economics: The History of Health Care February 26, 2012 Health Care History Throughout the history of the United States, the economics of the health care system has experienced many changes. There are many factors to consider that has been the drive behind many of the changes within the health care system. Medical and surgical technologies are some factors that relate to the changes in health care. Besides these factors, allocating sources to fund health care services has always been the most critical factor. One might consider the economic term supply and demand when looking at the history of health care economics and the primary funding source. Health care funding†¦show more content†¦Funding health care is continuously changing. It involves payments going and receiving. Allocating resources that impact funding plays a big factor in how economists view health care funding. This includes the rising demand for quality and accessible health care. Economists use certain concepts to help better understand health care services and the determining factor in health care funding. One of the basic tools that economists use is elasticity and how the concept relates to health care funding. Generally elasticity can show the similarities and differences in a demand for a good or service. Elasticity provides a way to measure how sensitive supply and demand are the change in price. Economists can use this tool to predict what will happen to health care spending when prices shift. Also, economist use inelasticity to determine how the demands for health care services. Most medical care is relatively inelastic. Pain, critical needs, fear of uncertainty, and insurance tend to reduce the role of price in patient decision making. Most hospital face inelastic demand, especially for emergency services, yet they charge less than profit-maximizing prices Economists also look at the microeconomic market within the United States and how the market affects the overall funding of health care. Economists also use macroeconomics to how the changes in the economy as a whole affect the price and funding of health care and how the trends of the economyShow MoreRelatedHealthcare Economics and Timeline695 Words   |  3 PagesHealth Care Economics and Timeline By: Morgan Pence HCS/440 Jonathan Foskett Due: May 9, 2016 Economics is described as the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind. The timeline of healthcare is very important because it helps to show what has happened and why the country is where it is today with the healthcare industry. 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This leads to obtaining the incorrect insurance that causes high out of pocket expenses to choosing no health insurance at all. In today’s society many cannot afford health insurance, in 2010 49.9 million people in the United States were withoutRead MoreHealth Care Spending1347 Words   |  6 PagesHealth Care Spending HCS/440 Michellelina Coleman April 18, 2010 Katherine Iaconetti Health Care Spending Health care is a huge added player in the hat rides the Current national expenditure levels in the United States has more than tripled in the past decade, while the amount of Americans that can afford private health insurance has dropped and the number of people relying on Medicaid and Medicare has increased with the aging baby boomer generation. Medicaid and Medicare being two of