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Implications of Economics and Policy for Health Professionals

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Implications of Economics and Policy for Health Professionals
Daveen Wilkin
Walden University
Health Policy & Economics/MMHA-6135-4/Assignment Week 1

According to the World Health Organization (2015), health policy can be defined as a group of decisions, plans and/or actions that may be undertaken with the objective of obtaining specific health care goals within society. Health economics refers to the study of economics and how it relates specifically to the field of health (Teitelbaum & Wilensky, 2013). Policies made with regard to health are often formulated after extensive analysis of how said policy will impact the nation’s economy on a whole.
The Importance of Understanding Health Economics
Healthcare can be considered a business (Laureate Education Inc., 2010). It is therefore important that healthcare professionals understand that economics theory provides a fundamental building block when it comes to making policy choices with regards to health care and public health on a whole (Teitelbaum & Wilensky, 2013). By using economic tools to help predict consumers’ response to the implementation of a particular policy, the most effective and efficient policy can be chosen in order to achieve the goals of the policymakers (Teitelbaum & Wilensky, 2013).
Economic policies and the level of economic activity of a country greatly influence the health of that country’s population (Zollner, Stoddart & Selby Smith, 2003). Health care providers need to understand the basic economic principles to be able to fully understand medical transactions (Getzen, 2013). It is also important to understand the consumers’ role and how the decisions made with regards to health care are affected by sudden shifts in the economy (Robert Wood Johnson Foundation, 2007)
Benefits of Learning about Government Involvement in Healthcare Financing
In the

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