HEALTHECO
.docx
keyboard_arrow_up
School
Grand Canyon University *
*We aren’t endorsed by this school
Course
530
Subject
Economics
Date
Jan 9, 2024
Type
docx
Pages
6
Uploaded by ChefKnowledge7114
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
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Related Questions
What is the difference, if any, between “Pharmacoeconomics” and “Health Economics”? Explain how microeconomics and macroeconomics are relevant to this field of study and support your answer with plausible examples. Based on your answer, illustrate why studying Pharmacoeconomics has become inevitable and remarkably essential in healthcare provision nowadays.
arrow_forward
Explain the different methods concerning the cost benefit analysis (Health economics)
arrow_forward
What are the differences and similarities between health economics and other forms of economic study?
arrow_forward
7. Oster (2020) “Health Recommendations and Selection in Health Behaviors” which found that spurious links between health behaviours and good health outcomes can be self-reinforcing if individuals who engage follow the recommendation also engage in other positive health behaviours. a) Briefly describe in your own (layperson) words what this implies about false positive findings and null findings. b) Can you think of an example where the opposite is true? That is, individuals who follow the recommendation also engage in negative health behaviors. c) Suppose a medical examiner (coroner) is deciding the cause of death of a recently deceased patient. The patient overdosed and is unclear whether the overdose was accidental or intentional (i.e., suicide). The medical examiner remembers hearing on the news that morning that suicides have been rising in recent years. What does this imply about the likely cause of death the medical examiner will record on the death certificate? What does this…
arrow_forward
What is the relationship between health and health economics?
arrow_forward
Find evidence that can explain how the difference in educational attainment influences the health of people who reside in that country. Here, you are identifying a determinant of health and at least one risk factor. Summarize what you found and justify the determinant of health and risk factor. (cite in text citation) 4 sentences or more.
arrow_forward
Apply the concept of equilibrium in the health market or medicine practice
arrow_forward
Suppose the government imposes a system of price ceilings in the health care industry as part of an overall health care reform bill.
a) draw a graph of the health care market and show equilibrium price and quantity.
b) assume the government imposes an effective price ceiling in the health care market. Show the price ceiling in your graph. Indicate what will happen to quantity demanded and quantity supplied of health over time ?
c) would a shortage or surplus result ? I llustrate in your graph.
arrow_forward
The Affordable Care Act contained provision for dramatic expansion of the Medicare program.TrueFalse
QUESTION 11
Health economics can be defined as:
A.
An examination of factors that impact healthcare
B.
An explanation of theories, models and tools that can be applied to understand costs, access, and quality
C.
One way to understand how best to compare and contrast alternatives
D.
Help healthcare leaders understand the costs and consequences of options
E.
All of the above
QUESTION 12
The largest health insurance program in the United States is
A.
Medicare
B.
Blue Cross-Blue Shield
C.
Veterans' Affairs
D.
Medicaid
arrow_forward
Read the following article and then answer the questions that follow:
Without question, the most important positive action you can take to prevent illness and disease is exercise. Exercise prevents a long list of diseases that can cause chronic or severe illness, disability, and even death, including cancer, heart disease, stroke, high blood pressure, vascular disease, diabetes, obesity, and osteoporosis. Exercise also prevents mental health illness and disease disorders, including depression, anxiety, and stress. While some of these disease processes can be reversed with exercise and healthy life-style, some cannot. Preventing them from starting is the number one goal.
The most negative lifestyle behaviour is smoking. Smoking contributes to the development of almost all diseases, notably cancer, heart disease, high blood pressure, high cholesterol, diabetes, and asthma. Smoking has the following negative health effects: lowers immunity, making you more likely to get bronchitis,…
arrow_forward
Provide at least five determinants of health at an economic perspective and provide a brief explanation of each determinant.
arrow_forward
[A] For this question, assume that the market for family physicians is perfectly competitive. To reduce the shortages of family physicians in rural Saskatchewan, the Ministry of Health increased the supply of physicians such as by hiring more internationally trained graduates. Despite this initiative, rural Saskatchewan still faces shortages of family physicians.
1. Why would that be the case? Draw the graph below to help explain your answer.
2. How would this impact the total health expenditure for family physicians?
3. What are the implications for policymakers in this situation?
B] Suppose that provincial governments filed civil lawsuits against tobacco manufacturers seeking to recover the increased costs of operating programs that can be attributed to smoking. However, cigarette manufacturers and the province agreed to an out-of-court settlement that ended these suits. As a result of an agreement, cigarette manufacturers increased cigarette prices by $0.70 per pack. Before the…
arrow_forward
what is the relationship of macroeconomics to health economics? give the importance of its relationship.
arrow_forward
What’s the model used to explain demand for health services ?
What differences are there between this and production of health and demand for health
arrow_forward
How does Health Economics relate to individual Health
Paracetamol
2021
2022
Quantity Demanded
1000 packets
800 packets
Price
4 pounds
5 pounds
arrow_forward
Which one among these may not be a reason that is often cited as why physician service may not be explained by standard economic analysis?
Group of answer choices
1.Individuals have little knowledge about the medical care needed when faced with a health problem.
2. Higher income people often pay higher fees in any geographic area.
3.Many physicians generally compete for patients.
4.Variability in physician’s fees within the same small geographic areas.
arrow_forward
E2
arrow_forward
Suppose you are collecting data from a country like Japan where the government sets the price of health care. Each prefecture in Japan has a different set of prices (for example, Tokyo has higher prices than rural Hokkaido). Data for 1999 is displayed in Table 2.12.
Table 2.12. Outpatient utilization in Tokyo and Hokkaido, 1999.
Region
Outpatient Visits
Price/Visit
Tokyo
1.25/month
20 Japenese Yen
Hokkaido
1.5/month
10 Japanese Yen
What is the arc price elasticity ofdemand for health care consumers in Japan (using only this data)?
arrow_forward
Don't use Ai
arrow_forward
30. Gardner's work has led to new approaches in:
a) Clinical diagnosis
b) Educational assessment
c) Personality testing
d) Behavioral intervention
arrow_forward
What is the importance of learning health economics as a health practitioner?
what are the important things to know about heath economics?
arrow_forward
Show how a consumer would choose between medical care and health(y) behavior activities using the graphical representation of the consumer choice model (assume that “amounts” of healthy behavior have “costs” or prices). How might health education affect this choice? What if medical care becomes more productive (more health benefit per “unit” of medical care consumed)? What if medical care becomes cheaper? Explain in terms of the model (i.e. what does it change in the model).
arrow_forward
Please no written by hand and no emage
arrow_forward
N8
How does Brockie et al. connect ACEs, epigenetics, and health disparities for Native Americans? one paragraph
arrow_forward
8
arrow_forward
What impact does AI have in healthcare and how does it play a factor in the economy? Please provide the explanation in detail and source of information.
arrow_forward
1
arrow_forward
explain why health economics is an important tool when it comes to managing health care resources, comparing cost with effect
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you
Related Questions
- What is the difference, if any, between “Pharmacoeconomics” and “Health Economics”? Explain how microeconomics and macroeconomics are relevant to this field of study and support your answer with plausible examples. Based on your answer, illustrate why studying Pharmacoeconomics has become inevitable and remarkably essential in healthcare provision nowadays.arrow_forwardExplain the different methods concerning the cost benefit analysis (Health economics)arrow_forwardWhat are the differences and similarities between health economics and other forms of economic study?arrow_forward
- 7. Oster (2020) “Health Recommendations and Selection in Health Behaviors” which found that spurious links between health behaviours and good health outcomes can be self-reinforcing if individuals who engage follow the recommendation also engage in other positive health behaviours. a) Briefly describe in your own (layperson) words what this implies about false positive findings and null findings. b) Can you think of an example where the opposite is true? That is, individuals who follow the recommendation also engage in negative health behaviors. c) Suppose a medical examiner (coroner) is deciding the cause of death of a recently deceased patient. The patient overdosed and is unclear whether the overdose was accidental or intentional (i.e., suicide). The medical examiner remembers hearing on the news that morning that suicides have been rising in recent years. What does this imply about the likely cause of death the medical examiner will record on the death certificate? What does this…arrow_forwardWhat is the relationship between health and health economics?arrow_forwardFind evidence that can explain how the difference in educational attainment influences the health of people who reside in that country. Here, you are identifying a determinant of health and at least one risk factor. Summarize what you found and justify the determinant of health and risk factor. (cite in text citation) 4 sentences or more.arrow_forward
- Apply the concept of equilibrium in the health market or medicine practicearrow_forwardSuppose the government imposes a system of price ceilings in the health care industry as part of an overall health care reform bill. a) draw a graph of the health care market and show equilibrium price and quantity. b) assume the government imposes an effective price ceiling in the health care market. Show the price ceiling in your graph. Indicate what will happen to quantity demanded and quantity supplied of health over time ? c) would a shortage or surplus result ? I llustrate in your graph.arrow_forwardThe Affordable Care Act contained provision for dramatic expansion of the Medicare program.TrueFalse QUESTION 11 Health economics can be defined as: A. An examination of factors that impact healthcare B. An explanation of theories, models and tools that can be applied to understand costs, access, and quality C. One way to understand how best to compare and contrast alternatives D. Help healthcare leaders understand the costs and consequences of options E. All of the above QUESTION 12 The largest health insurance program in the United States is A. Medicare B. Blue Cross-Blue Shield C. Veterans' Affairs D. Medicaidarrow_forward
- Read the following article and then answer the questions that follow: Without question, the most important positive action you can take to prevent illness and disease is exercise. Exercise prevents a long list of diseases that can cause chronic or severe illness, disability, and even death, including cancer, heart disease, stroke, high blood pressure, vascular disease, diabetes, obesity, and osteoporosis. Exercise also prevents mental health illness and disease disorders, including depression, anxiety, and stress. While some of these disease processes can be reversed with exercise and healthy life-style, some cannot. Preventing them from starting is the number one goal. The most negative lifestyle behaviour is smoking. Smoking contributes to the development of almost all diseases, notably cancer, heart disease, high blood pressure, high cholesterol, diabetes, and asthma. Smoking has the following negative health effects: lowers immunity, making you more likely to get bronchitis,…arrow_forwardProvide at least five determinants of health at an economic perspective and provide a brief explanation of each determinant.arrow_forward[A] For this question, assume that the market for family physicians is perfectly competitive. To reduce the shortages of family physicians in rural Saskatchewan, the Ministry of Health increased the supply of physicians such as by hiring more internationally trained graduates. Despite this initiative, rural Saskatchewan still faces shortages of family physicians. 1. Why would that be the case? Draw the graph below to help explain your answer. 2. How would this impact the total health expenditure for family physicians? 3. What are the implications for policymakers in this situation? B] Suppose that provincial governments filed civil lawsuits against tobacco manufacturers seeking to recover the increased costs of operating programs that can be attributed to smoking. However, cigarette manufacturers and the province agreed to an out-of-court settlement that ended these suits. As a result of an agreement, cigarette manufacturers increased cigarette prices by $0.70 per pack. Before the…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you