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3 pages/β‰ˆ825 words
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10 Sources
Style:
APA
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Health, Medicine, Nursing
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Essay
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English (U.S.)
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Healthcare Economics Milestone 2 Nursing Assignment

Essay Instructions:

Submit at least 10 current and credible sources for your Portfolio Project. Make sure that five articles are from peer-reviewed journals. Additional quality references are welcomed. The CSU-Global Online Library is a good place to find these references.
Based off of final portfolio project as follows:
The U.S. healthcare system is influenced by a shifting political climate, constant economic development, rapidly evolving technological innovation, diffusion of social values, demanding workforce issues, and demographics trends. Also, the U.S. system differs from other countries' systems on many dimensions, such as lack of a central governing agency, limited coordination, high costs but only average health outcomes, imperfect market conditions, the dominant private sector market, multiple organizational forms and players, and the conflict between market goals and social justice. The concern over the economic future of healthcare systems revolves around three broad issues: cost, quality, and access. Gaps in coverage, combined with the upward trends in medical care spending over the past several decades, add to the commonly held belief that the U.S. healthcare systems is in crisis.
As a final project for HCM375, prepare and submit a scholarly paper that discusses the following:
Describe the economic foundation of the U.S. healthcare delivery system and the role of economics in healthcare.
Compare and contrast the use of various economic models to explain the role of economics in healthcare and how the concept of the market equilibrium works in healthcare.
Assess the role of production of health and demand and supply for medical care and health insurance, and relationship of income and the demand for healthcare.
Compare the economic benefits and challenges of individual versus population health.
Assess the international comparisons of health among the United States and other developed countries (cost, quality, access to care, and any other relevant measures).

Essay Sample Content Preview:

HCM375 Project
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Economic Foundation of Healthcare Delivery in the USA
The USA healthcare delivery system is majorly based on the curative medicine which produces decreasing returns in health improvement while the expenditure increases. This economic perspective has been backed for the reason that the society or the population benefit from the aspects of healthcare that promote and prevent diseases, disability and premature deaths (Sultz & Young, 2006). Furthermore, the government's main focus is on the disease rather than the health of the population. Even though the government has focused on financing the healthcare delivery spectrum mainly on the curative portion, there seem to be aspects of healthcare delivery promotion towards prevention due to the growth of the prevalence and increased spending on various diseases. Such preventive measures are currently, put in place to delay infection or spread of diseases and avoid development of diseases as well as a reduction in the cost incurred in healthcare delivery (Weisfeld, 2011).
Role of Economics in Healthcare
Economics ensures proper allocation of limited resources to the unlimited human wants. Such resources include health care services. The economics through its branch "Health Care Economics" is mandated to give a background of the analysis of healthcare delivery and ensures evaluation of the effects of medical legislations and regulations on both demand and supply. Such analyses are based on the market for healthcare enterprises, the market for the manpower in health care delivery systems and the market for education in healthcare delivery services in all levels and sectors. Secondly, economics are used in the planning and prediction in the healthcare sectors as well as elaborating on measures used to evaluate healthcare policies for the achievement of efficiency and equity. Lastly, it helps in the determination of costs and benefits of the various health care delivery choices (Drummond, et al., 2015).
Economic models in healthcare delivery
Most healthcare enterprises have been applying deterministic economic model due to their simplicity, fewer data intensive and easier to comprehend. However, this model is not realistic as compared to the stochastic models. On the other hand, the stochastic models are more realistic though they lack significant information to develop a reality model. For example, queuing as a stochastic model defines problems in a semantic way with no data hence describing characterizing the relationships in the queuing process, delay and parameters are difficult. This method usually ignores uncertainties in planning stages which result in problems such as understaffing hence patients receive low-quality care compare with the analytic deterministic model (Brennan, Chick & Davies, 2006).
The concept of market equilibrium draws the application of demand and supply curves in the delivery of healthcare services. The equilibrium on the demand and supply curve elaborates on the high costs of healthcare service delivery. For example, when the demand is high, the prices of the medication are high. This can be studying the demand curve, when the curve shifts to the right, the prices of the healthca...
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