Economic Terms and Health Care History - 879 Words

Economic Terms and Health Care History In this paper the author will describe the history of health care economics along with the evolution and timeline of health care funding. Gaining insight from economical terms can assist with understanding the history and future changes; terms such as, elasticity, inelasticity, supply and demand. Health care costs are changing over the years and by understanding the history of health care economics will help individuals be prepared for future amendments. History, evolution and timeline of funding. Economics in the United States (US) health care is experiencing transformations during the course of history. Previously, the economical changes in health care may be due to the evolutionary†¦show more content†¦In the 1960’s, The Social Security Act, employer-provided health insurance and the government had taken responsibility in health insurance. The additions would provide insurance for the elderly and less fortunate; these de veloping expectations would alter supply and demand (Getzen Allen, 2007). Understanding how the flow of funds falls in line with knowing what transactions take place between sellers and buyers. It is best to also understand where the monies sources come from, how the money flows throughout the system and how the funds are used; and how to make the right choices based on if the resource of supplies in greater than the need to have the product no matter what the cost will be; this process is known as elasticity or inelasticity (2007). Examining how these behaviors and decision process are broken down into branches of economics is known as microeconomics. All the components that allocate how decisions are made for resources affects the need for supply and demand. Particularly, microeconomics deals with market breakdown. An example can be when the market does not resourcefully arrange or distribute services and goods to the consumer (2007). Inefficient organization of production will result in an unsatisfied buyer being able to purchase their necessities. However, if a microeconomic production is doing well, it will avoid difficult circumstances and profit in all aspects. In the text HealthShow MoreRelatedHcs/440 Individual Essay755 Words   |  4 PagesEconomic 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, allocatingRead MoreHistory and Evolution of Health Care Economics Essay936 Words   |  4 PagesHistory and Evolution of Health Care Economics University of Phoenix History and Evolution of Health Care Economics Health care economics have drastically changed over the course of history in the United States. While some can contribute these changes due to the evolutionary changes the US has undergone since her inception, the major contributing factors that influence the changes in health care economics are advances in technology and medical care. By understanding the history of healthRead MoreThe Health Care System Is Designed, And How It Functions1345 Words   |  6 PagesAll of my courses have enhanced my understanding of how the US health care system is designed, and how it functions. I have gotten a clearer glimpse into how it is supposed to work, in theory, though I am aware of some the pitfalls of the system, in practice. But I would say my coursework in HCA 6200 (US Heatlh Care System), HCA 6275 (Evolution of Managed Care) have enhanced my awareness of the social, economic, political factors affecting the practice of healthcare professionals. They have affectedRead MoreBusiness P roposal Economic Analysis1552 Words   |  7 Pagesï » ¿The United States health care system relies heavily on private health insurance, which is the main source of coverage for most Americans. According to the Center of Disease Control, approximately 58% of Americans have private health insurance. The primary public programs are Medicare, a federal social insurance program for seniors and certain disabled individuals and Medicaid, also referred to as Medical. These two are funded jointly by the federal government and states but managed at the stateRead MoreEconomics : The Financing Of Health Care1379 Words   |  6 Pages Thomas Gordon Healthcare Economic History ECONOMICS: THE FINANCING OF HEALTH CARE March 2, 2016 Lena Watson Health Care History The United States HealthCare System is pushing and getting ready to have a huge reformation. It is evolving on a major substantial evolution from its organization, management structure, and payment structure. The economic component of healthcare is equally important to better understanding the order to structure stature and is very successful. InRead MoreHealth Care Coverage in the United Staes Essay1021 Words   |  5 PagesHealth care coverage in the United States is a big business with a relatively recent history. For a company like Castor insurance, providing health care coverage is just as much of a business enterprise as any venture undertaken by a modern organization. As with any business, the central goal idea is to ensure ongoing profitability and viability in an every changing and increasingly competitive environment. Therefore, before offering any company insurance coverage, there are, important economic factorsRead MoreDomestic Factors: Insurance Companies Essays1131 W ords   |  5 Pagesproblematic concerns of nature pertaining to health care that are unforeseen and all may possibly not be addressed by government, privatization or through subsidies. The nature of the issue is that countless individuals in society are deficient or without any accessibility to health care and insurance coverage. Since the expenses of health care are encumbering patients’ capabilities to afford medical treatment and management. Asymmetric information affects the health care and insurance market because thoseRead MoreThe New Eldercare Service Model Must Be One Of Inclusion1293 Words   |  6 Pages Chapter Health Disparities in America The new eldercare service model must be one of inclusion. We can no longer afford to marginalize any group of seniors. –Author Introduction I n the United States, wealth is the strongest determinant of health; and the strength of this relationship is profound and continues to increase. Wealth confers many benefits that are associated with health and quality of life outcomes. Wealth creates disparities in high quality education, employment, housing, childcareRead MoreHealth Care Organizations Essay920 Words   |  4 Pagesmost likely will cause health care organizations to merge. Provide support for your rationale. Cost is the driver that will most likely cause healthcare organizations to merge. Most healthcare organizations have issues with spending. Most industries today are faced with a variety of obstacles in achieving or remaining profitable. The healthcare industry is no exception. Profitability is enough of a challenge under normal circumstances, but especially so during fragile economic times. Uncertain revenueRead MoreThe Economics Of Pediatric Head Injury1435 Words   |  6 PagesSTATEMENT OF GRANT PURPOSE Sonia Singh, United Kingdom, Health Economics The Economics of Pediatric Head Injury Economic evaluation of health care delivery is a global necessity. The U.S spends 17% of its GDP annually towards health care compared with 8-9% by Australia and the United Kingdom. In contrast, when comparing government spending of cash and services for families with children, the U.S. spends 2.4% of its GDP per child under 15 years, compared to 11.8% in the U.K. and 8.9% in Australia