inflation paper

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University of Phoenix *

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316

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Health Science

Date

Jan 9, 2024

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docx

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3

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Analyze the financial impact of your selected financial issue on the healthcare industry. Explain what the supply and demand challenges are for healthcare services in terms of personnel, supplies, or technology. Describe how regulatory issues are affecting, or will affect, the healthcare industry in the areas of personnel, supplies, and technology. Describe at least 1 strategy to improve the selected financial issue. Discuss what you believe would be the outcome of these recommendations, if implemented. Kayla Hester University of Pheonix Health Care Finance HCS/385 Bruce Nave December 4, 2023
Introduction Inflation is a broad term that can affect many different people in many different ways, but the concept of inflation is inevitable. This means that as a person, or organization, you must always be prepared. According to Charlton (2023), inflation is the idea that involves a steady increase in prices in a specific location. Being prepared for this increase can not only help an organization survive but it can also help them excel. A healthcare organization that excels in the face of adversaries benefits the patrons. Which is the goal of healthcare, to help the community and patients. Supply, Demand, and Need Three distinct areas can be emphasized when looking at inflation within the healthcare industry. First is the concept of need, individuals will always need appropriate healthcare. Second is supply, this deals with the idea of a healthcare organization having the correct number of physical supplies and people to adequately deliver high-quality healthcare. Finally, the idea of demand is when the patrons of the community desire healthcare and seek it. Combining the three can make or break an organization (Santana et al., 2021). When conceptualizing the three in the healthcare industry, two things come to mind that could drastically shape the landscape of an organization: physical supplies and the labor force. Both of these concepts can be critical when dealing with healthcare. With inflation, the prices of physical supplies increase when a larger amount of the budget is allotted for the supplies that are needed to provide effective care. On the other side of the coin, healthcare requires people, or employees, to deliver this healthcare and utilize the supplies at hand. Effects of Inflation Strategy ??? Conclusion Restate how inflation can impact the healthcare industry. Charlton, E. (2023, February 28). What is inflation and how does it affect consumers? World Economic Forum. https://www.weforum.org/agenda/2022/11/what-is-inflation-record- prices-cost-living/ Jackson, N. M. (2022). Inflation rattles hospital supply chain and labor pool with no end in sight. Hfm (Healthcare Financial Management) , 76 (7), 16–20.
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