HEALTHECO

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Jan 9, 2024

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Health Economics Assignment Health Economics Assignment Marshay Green Grand Canyon University HLT-520 Robert Kautzman 12/07/2023 Health Economics Assignment
2 1 Campaign For Gun Injury Health Economics Assignment Abstract The social science of economics encompasses an extensive variety of academic disciplines. One of these academic disciplines is health economics. The parallels and divergences between health economics and other fields of economics are discussed in this essay. In addition, it offers instruction on the health economics viewpoint on the following topics: market failure, competition, supply and demand, opportunity costs, marginal analysis, scarcity, and efficiency in the context of hospital outpatient wound treatment. Similarities and Differences According to Merriam-Webster (2020), economics is a social science that primarily focuses on describing and analyzing the creation, distribution, and consumption of goods and services. According to the Federal Reserve Bank of New York (n.d.), there are about fifteen distinct branches of study within economics. The study of health economics is comparable to other economics disciplines. Every economic discipline of study, regardless of focus, employs an analytical methodology based on facts and statistics to examine and perhaps forecast outcomes within various economies (Dewar, 2017 p. 10). The production, distribution, and consumption of health and health care resources, as well as the effects these have on the patient, the healthcare provider, and the government, are the main areas of focus for health economics, setting it apart from other academic disciplines (Parkin, 2017). The daily operations of the hospital outpatient wound care setting heavily rely on health economics. Scarcity, Supply and Demand
3 1 Campaign For Gun Injury According to Parkin (2017), economic scarcity refers to the inability of a restricted resource, commodity, product, or service to satisfy all demands despite strong demand. 6.5 million persons are thought to be impacted by chronic wounds (Sen, et al., 2009). However, there are only 16,500 wound specialty nurses in the United States, even though 6.5 million patients have chronic wounds (Rijwkijk & Krasner, 2016). A qualified wound care nurse with the training and experience required to treat those chronic wounds is in short supply. This leads to a problem with supply and demand. The data indicates that there is a considerable need for advanced wound care, but there is a lack of professionals with the necessary training to meet this demand. Opportunity Costs Opportunity costs are frequently considered as a major idea in wound care. Many doctors and hospitals think that the financial benefits of wound care are negligible when it comes to reimbursement. They believe that by investing in another department or doing something else, they are losing out on opportunities to increase their income. Wound care physicians make an average of over $260,000 annually, in addition to giving resources to underprivileged communities (Economic Research Institute, 2020). Not to add that the hospital receives roughly $165 from each wound clinic visit on average (Amir, 2008). Thirty wound care patients a day, five days a week, equates to about $100,000 per month for a clinic. Marginal Analysis Marginal analysis, which compares the expenses of a service to the extra advantages of an alternative or the same service, is used by the wound clinic to make judgments (Dewar, 2017 p. 10). Product companies swarm the wound care environment, pushing more sophisticated and
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