The Role Of Supply And Demand In The Healthcare Industry

The health care industry is a major industry with a peak in employment opportunity in most of the United States. The states of Illinois, Indiana, and Wisconsin created the largest creation of jobs for General Medical and Surgical Hospitals, with over 160,000 jobs in 2013 alone. ( brage.bibsys.no) Workers in Individual and Family Services are at the highest peak in Pennsylvania, New Jersey, Delaware, and Maryland, covering over 50,000 jobs. The healthcare industry is an oligopoly. An oligopoly is an industry structure in which market power is shared among a limited large producer. While some small producers may also function in the market, there are a few large companies that dominate. Though it’s possible that an oligopoly can be competitive

Over the course of our countries history, the delivery of our health care system has tried to meet the needs of our growing and changing population. However, we somehow seem to fall short in delivering our goals of providing quality, affordable and accessible healthcare to our citizens. The history of our delivery system will show we continuously changed the delivery of our system however never mange to control cost. If we can come up with efficient ways to cut cost, the delivery of quality care will follow.

It takes a long time to increase the supply of health care professionals. Health care costs were soon rising rapidly. As a result, health care expenditures as a percent of GDP increased from 5 percent to 16 percent (Finkelstein, 2005)

Baby boomer aging is one of the large causative factors of this increase in demand (Glicken & Miller, 2013, p.1883-1889). According to Glicken & Miller (2013), the elderly population will nearly double in the next fifteen years putting a strain on the healthcare workforce. Also, more than half of physicians have intentions on limiting care access with regards to Medicare patients. Many medical doctors are refusing to care for Medicaid patients. This is a result of the growing number of individuals now with the means to afford healthcare due to the

The cost of healthcare is on the rise and the demand for services has increased of required and

In light of these new traits of the society, the health care sector must develop itself and address the new needs of the society. Furthermore, these new needs are not only shaped by the changes in the life style of the population, but other traits as well. For instance, at a demographic level, it is noted that the population ages at a rapid rate and requires more health care. Then, at an economic level, it is noted how the internationalized economic crisis poses new threats and limits the population's access to health care.

The developments in the 1800’s made the medical field a lot facile and productive. In

The health care industry is the fastest growing field. As the years go by, more and more discoveries will be made. This paper will discuss the changes from the past 10 years, what I believe will be the biggest change in the next 10 years, my role in the industry, adapting my skills to grow with the change, my perception towards the changes, technologies role, and financial and economical issues.

According to Robert Carroll, (2007) health care costs continue to rise in the United States. The growth of health care costs has been exceeding the GDP growth by two percentage points annually since 1940. These rising costs impose a substantial burden on the U.S. economy. Higher spending on public programs like Medicaid and Medicare strains state and federal budgets. Higher insurance premiums pose a challenge for employees and burden workers with higher health costs and lower wage increases.

Healthcare costs in the United States have increased dramatically over the last few decades compared to healthcare cost in other countries. In return, this has caused many issues like political reevaluation of our health care system, which involves funding and performance. Furthermore, the reasons for the high health care costs includes administrative costs of running the health care system sine about one quarter of health care costs are associated with administration. Additionally, the United States spends a large amount of money on drugs, professionals and required medical equipment to keep up with patient in need of health care. Moreover, high health care costs are a result of lack of competitive free markets, rapid diffusion of new technologies,

The lack of quality medical treatment and or services can impact admittance to health care, which raises expenses and medical cost. I have educated myself about the diverse technology phase of health care and the knowledge of how these changes have limited the future of health care systems. In addition, knowing the role of stakeholder’s is facility planning and advancement procedure. In Health Financial Management, class I have acquaint myself with the law and governing challenges of health care. I have been educated about the diverse organization designs, gaining knowledge about future health care customers operation trends and how to assess and detect regulatory compliance problems. Also the social accountability on health care along with the task of embracing health care industrialism and that health care is not only about patient care (Harrington, & Voehl,

Over the past decade we have seen our society become more of a demand society. Many individuals face heavy demands at work and even in their personal lives. Members of our society are always in search of ways to make the most use of the time they have. This has made many businesses change the way they operate to meet the growing demands of our society. Our Healthcare system is one area that I see that continues to change to meet the demands of our society. In the next several years I feel that healthcare will become even more Mcdonalized to meet these growing demands. In this paper I will discuss some of the changes that the healthcare system have been implemented to meet the growing demands of our public.

The demand for medical care is derived from our demand for good health. Michael Grossman was the first to do econometric research on this topic. "Grossman 's work established two approaches for consideration. In the first, medical care is viewed as an input in the production function for health, and in the second, as an output produced by medical care providers (Henderson, p.142)." There are two main factors that determine the demand for medical care. The first is the patient factor. This includes a patient 's health status, demographic characteristics and economic status. The second is the physician factor. This is an interesting topic because it introduces the principal (patient)-agent (physician)

A competitive market is one that allows easy entry and exit: a market in which companies are generally free to enter or to leave at will. This does not describe the health care market in the US. There are certain assumptions that the competitive market model operates under some assumptions, first is the consumer/patient has full information about the nature of the services required, the anticipated results of their decision and the benefits obtain from the service. This is not true in health care often time the patient is operating at a distinct information disadvantage when they require health care services such as insurance. If a patient purchases health insurance often they don’t know enough information to ascertain if they have

The present challenges for the healthcare industry are significant. With a population that is forever aging, escalating costs, and the unsure impact of the Affordable Care Act, healthcare providers are under tremendous pressure to meet the needs of their patients while maintaining or even reducing costs. One such organization feeling this pressure is BayCare which is a leading not-for-profit health care system that connects individuals and families to a wide range of services at 13 hospitals and hundreds of other convenient locations throughout the Tampa Bay and central Florida regions. Inpatient and outpatient services include acute care, primary care, imaging, laboratory, behavioral health, home care, and wellness. With over 3,100 practicing physicians and more than 58,500 surgeries performed annually, their budget for operating room supplies exceeds $80 million annually across all facilities. Morton Plant Hospital is faced with the challenge of reducing overall operating costs without sacrificing their high standards of patient care and safety. The hospital realized that surgical waste represented a huge opportunity to address. By providing visibility to information that was otherwise hidden, a case cart system would be able to track surgical materials issued, used, and returned; including between doctors, procedures, and locations. This could help the hospital to achieve a number of objectives including: guarantying that all material issued to the OR was accounted for