FM004 Economic Concepts in The Healthcare
FM004 Economic Concepts in The Healthcare essay assignment
FM004 Economic Concepts in The Healthcare essay assignment
Instructions
You are presenting a leadership orientation on the topic of economics looking through the lens of healthcare. To begin the Assessment, create a pamphlet describing the following concepts to which members of leadership can refer after the presentation. Be sure when addressing each of the items below to include references and examples to help demonstrate the concepts:
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- Explain the definition of each of the concepts for Healthcare Economics: cost benefit analysis; cost effectiveness; quality-adjusted life year; value of life (payments).
- Explain why these economic concepts are important to healthcare administrators as it relates to healthcare spending and current healthcare economic policies to control spending.
- Describe the role of supply and demand in healthcare as demonstrated through use of an example of good, services, and labor markets. Why would a supply and demand analysis be a useful tool as a healthcare administrator?
- Medicaid provides price subsidies that increase service utilization among low-income populations. Describe the relationship between income and healthcare utilization.
- Describe how the PPACA (Patient Protection and Affordable Care Act) has impacted the economics, supply and demand, and the cost to individuals for healthcare coverage.
- Describe an healthcare decision that was influenced by economics. Then explain the role economics had on the decision that was made. Finally, describe how economics impacted the delivery of healthcare due to the decision that was made.
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