Has this article influenced your view relative to the importance of this class in preparing you for key economic decisions that your employer may need you to make on the job?
The article has a personal influence concerning the construct of health economics, specifically in the contest of the present-day healthcare environment. In essence, this class has been important as it has presented some of the concepts that are attached to the dynamics of health economics and their relation to professional practice. Specifically, as the demand for health care continues rising, the associated costs have also been affected as there have been exponential rises in the premiums to access healthcare (Fatoye, 2013). Currently, the demand for healthcare professionals to be more involved in discussions concerning national policies of healthcare, such as resource allocation, is increasing, and hence this class is essential. In essence, by having a firm grasp on the various tenets of health economics, an employee in the healthcare sector can make the relevant propositions both on institutional platforms as well as the national level.
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Why do you believe that the demand for healthcare is a U.S. phenomenon?
The demand for healthcare is specifically a US phenomenon since the construct is a factor of various distinct aspects that are unique to the country. In essence, healthcare demand is characterized by the extent of the actual consumption of an ailing individual contingent on distinct factors including awareness, premiums of attaining care, the levels of income and the social norms linked to healthcare (Fatoye, 2013). In line with this, these factors converge strongly in the United States hence qualifying the demand phenomenon as locally constrained. Specifically, the high premiums levied on healthcare, coupled with the diminished income levels and social norms, translate to a demand for the services to uphold wellbeing as well as promote health care development (Garrison, Pauly, Willke & Neumann, 2018). Lifestyle is also a determining factor as poor approaches to living have been linked to a higher demand for healthcare services.
What are the basic economic principles that healthcare is based on, according to Bonca and Tajnikar (2008)?
Healthcare, in a similar manner to other aspects of a country, adheres to the basic principles of economics. Among the leading principles, demand and supply are probably the most essential as they have a determining impact on the price level for accessing healthcare. Demand denotes the number of individuals seeking healthcare services as well as the economic or financial power they have to access care. Supply, on the other hand, can be linked to various elements, including the number of firms offering healthcare services, the number of healthcare experts, and the availability of products for upholding healthcare (Fatoye, 2013). A surplus in demand and shortage in supply result in a rise in the pricing, which, if not moderated by the relevant government authorities, the price for accessing healthcare may be exceedingly high.
What are some best practices being adopted in the U.S. to better prepare medical students and healthcare professionals in the area of healthcare economics? (search broader than the targeted article)
Some of the practices being adopted by the U.S government to better prepare healthcare professionals for healthcare economics is by including the relevant content into the various curriculums. In addition to this, there has also been an increase in the number of healthcare professionals in national discussions centered on the economic dynamics of healthcare within the government as well as the associated healthcare institutions (Sloan & Hsieh, 2017). By involving the professionals, the government effectively exposes them to the types of economic discussions that affect their field and hence offer them the opportunity to make offer their input.
References
Fatoye, F. (2013). Understanding of health economics among healthcare professionals. Journal of clinical nursing, 22(21-22), 2979-2980.
Garrison Jr, L. P., Pauly, M. V., Willke, R. J., & Neumann, P. J. (2018). An overview of value, perspective, and decision context—a health economics approach: an ISPOR Special Task Force report [2]. Value in Health, 21(2), 124-130.
Sloan, F. A., & Hsieh, C. R. (2017). Health economics. MIT Press.
