...Economic Terms and Health Care History Tina Hamm HCS 440 November 28, 2011 Nanc Renninger There are many terms that are used in Healthcare History, some of which have been used since the beginning of time and some that have been adapted over the years with the never ending changes in healthcare. In the next few paragraphs we will learn when these terms began and where they take place. When one learns the history of healthcare and the fundamentals of the economic terms they are able to better understand just how the system works. The terms that we will learn about in the paper are as follows: economics, supply and demand, microeconomics, macroeconomics, elasticity, inelasticity, and gross domestic product. There are constant changes and amendments all the time and for this very reason all persons within the healthcare business has to history in order to be prepared for future changes. Let’s start with economics in healthcare and how it has changed over the years. The major reason for the change in economics is due to the continuing change in technology and the different ways healthcare is offered. In the 1800’s is when healthcare began to take a formal way of medical technology. Doctor’s started to form hospital structures and education became necessary. In the 1900’s America was the largest of population to have hospitals only to find a economic decline that made the stock market crash. I am sure everyone has heard of the Great Depression, which made it...
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...Healthcare and Economics Charde Allen HCS 440 Healthcare economics is the process of basically studying the way healthcare functions as well as health related behaviors. Throughout time healthcare economics have sufficiently changed due to technology and more advanced ways of research. As time passes healthcare economics have become more and more vital with change for future effort. Consumers play a role in the change due to findings and new diagnosis. The value of health care in the society is very important to the consumer because the determining factor of the future of healthcare rest upon the costs, treatments, and advancements within healthcare. All this tied together is the ground function of economics in the healthcare field. The importance of knowing terms and what they are in healthcare economics are also vital to understanding the importance of it. In order for healthcare organizations to function, they have to know the meaning of supply and demand. This is when the relationship between two factors determines the price. The flu shot would be an example of supply and demand. The flu shot is popular and is used every year around a specific time. They know the demand for it is huge so the supply would have to be bigger. Another important term would be microeconomics. This is focusing on price aspect of the economy while paying attention to the price costs of a firm. This basically the decision making process. This determines the choices that are picked from a buy...
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...Economic Terms and Health Care History HCS 440 December 19, 2011 Lori Geddes Economic Terms and Health Care History This summary will show the history and evolution of health care economics. The readers will also get a timeline of health care funding. Once you have read everything the summary shows you then you will have an insight to economical terms can help to understand the history and the timeline the terms are going to be: Economics, supply and demand, microeconomics, macroeconomics, elasticity, inelasticity, and gross domestic product. With these words this will show you about economics in the health care history. Once the American Medical Association (AMA) was founded healthcare was just getting off the ground with hospitals and doctors (American Medical Association, 2011). During this time doctors would see patients on a bartering system. The doctors at this time would make house calls and for the services they gave to the patients the patient at this time would give the doctor goods. The supply and demand at that time would be food, and anything that the people would not have. During this time they would pay with cooked meals, animals, things that they made, and their time such as working for the doctor however he wanted them to. During the time frame of 1901 to 1940’s healthcare and medicine took made great improvement. Medicine and hospitals became very important at this time. President Truman proposed a national health care plan, but it was shot out of...
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...Economic Terms and Healthcare History July 1, 2013 By: Kelsey Breeden Economics within health care has changed drastically throughout the years. With the election and now reelection of President Obama, health care economics has become very important to not only providers, but managers and even the clients. In order to better understand the economics of health care, one needs to understand the history and evolution of health care. The purpose of this paper is to explore the history and evolution of health care throughout the United States history. Starting with the 1800’s, most people had their medical care and assistance come to their home. There were very little healthcare providers, as well as medicines and treatment. People during that time period were able to just deal with being sick instead of going to the doctors and to see all kinds of specialists. These types of options were not available, and if they were to seek medical attention it was very pricey. Healthcare insurance was not offered so all payments had to be paid out of pocket, and in full. As the 1800’s progressed, there became a formation of the medical field and medical professions. Now although there was a healthcare industry on the rise, people were still not sure of the money aspect of healthcare. When the 1900’s came about, healthcare continued to expand, with the expansion came the want and need for hospitals. Hospitals became very important to everyone and access continued to...
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...Health systems in most countries have experienced instabilities over the past two decades, mainly to the reaction of the growing costs in healthcare. Whereas these ups and downs has really occurred dramatic (and even traumatic) in the United States. The American health care system has not only endured extreme changes within two generations but also continues to evolve. In a single generation, healthcare has evolved from being an essentially unorganized group of exchanges between individual clients and individual physicians, to a highly organized system linking many corporate organizations. Economics in healthcare delivery is a very useful lens to help support such understanding. “Economics is the science that deals with the production, distribution and consumption of goods and services” (Apollo Group Inc. 2010.) It uses a reasoned structure that identifies players within the system (individual and organizational), taking responsibility to some degree of judiciousness, and ascribes to the requirements that are pursue to satisfy healthcare economics. One must wonder what economic history and health care funding is. Well economic history is the way people with supply and demand which is how the price of a commodity or commodities are determined; the cost of the production of a product that is being made, wealth and the level of income, and the structure and operation of overseas trade. Some would believe that Health care funding is how most people can afford health care, seeing...
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...Economic Terms and Health Care History Shonda Menezes HCS/440 John Gaze January 16, 2011 Economic Terms and Health Care History Health care economics has gone through many changes over the years. With all of the changes health care organizations have had to adjust their financial strategies as well as their organizational strategies. The economy has had a lot to do with all of these changes. Healthcare organizations have so many demands put on them. Some of the changes that have occurred are due to the advances in medicine such as diagnostic, procedures and pharmaceutical. Insurance Payments over the years have changed. It used to be that you had health insurance and your bills would get paid over the years the payment system has changed and more and more is coming from the patient’s pocket. In this paper the focus will be these key terms supply and demand, microeconomics, microeconomics and elasticity. The issue is not how to fill or reuse empty beds. In this changing environment, hospitals and health systems must focus on streamlining and simplifying operational processes, facilitating case management, promoting the least costly setting for care delivery, and optimizing resource sharing among departments. When hospitals have addressed these issues, then solutions to the “bed problem” will be obvious.Cynthia Hayward, 1996(Marcinko, 2007). Division of economics focused on evaluating scarcity in health care systems in different economies. ("Health Economics"...
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...Economic Terms and Health Care History LaTasha Frost HCS/440 February 25, 2014 Instructor Name William Byrd Jr. Economic Terms and Health Care History Before the 1900’s healthcare had a different perception, now in the twenty-first century healthcare is an everyday thing to Americans. Economics is the science that contracts with the distribution, the material welfare of humankind, production, or the ad consumption of goods and services. Even though there are many different reasons why healthcare economics have changed over the years, the most effective reason is health care finance and the supply and demand of care. This paper will discuss the evolution of health care economics, the history and timeline of health care funding. [pic] Doctors had more power and were paid better than before in the early part of the twentieth century. Associations, for example American Hospital Association (AHA) and American Medical Association (AMA), started in the late 1800s, developed sturdier. Work unions then employers began offering a variety of aids to workforces, with funded health care. National health insurance became connected with collectivism and the idea became disliked in the United States, which opened entries to protect the increasing costs of medicinal care for secretive health insurance. Blue Cross was recognized at the end of 1920s and it was the first large medical insurance company established back then. The 1930s saw an increasing number of health...
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...Economic Terms & Healthcare History Economic Terms & Healthcare History This paper will entail the history as well as the development of healthcare economics, and health care funding. The significance and how it affects the world today. I will address how the history and development of health care economics and the timeline of health care funding has changed over the past years in the United States. What is the Meaning of Evolution of Health Care Economics? Development of health care economics, it is a changing system within the United States. It has become multifaceted and in the past two decades, the upheaval in health care in is largely in lieu of rising health care cost. It is a discipline that deals with the conception, distribution, and all intakes of goods and services. Over the past years, it has dealt with pricing of products and the structure of the economy, as the price-cost relationship of a whole medical firm. It relates to an uncaring conversion, when a demand fails to increase or decrease in percentage to a decrease or increase in price. The adjustment involves the total health care market price of all the goods and services created within the form of a country during an identified time ("Gross domestic Product, " 2014). However, the evolution of health care economics deals with a broad and general aspect of an economy income and investments of the United States as a whole. The history and development of health care economics have...
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...In this paper I will discuss the history and evolution of healthcare economics and the timing of healthcare funding. In the 21st Century healthcare is proven to be one the largest industries that generates a great deal of money in the world. Therehas been a dramtic change in healthcre the last last hundred years. As changes and progression are examined, it becomes clear that healthcare along with the economy has created an important part of the American life. Healthcare History Health care economics presents information where efficiency and equity goals are pursued. Furthermore, economics establishes a framework by maximizing benefits using resources at hand. Kenneth Arrow, the person responsible for mentioning the idea of health economics as a discipline, wrote an article titled “Uncertainty and the Welfare Economies of Medical Care” in 1963. The article discusses how the medical care industry benefits society compared to the “norm”. Furthermore, Mr. Arrow wrote about the significance of supply and demand. Arrow discussed that the average person has the characteristic of only seeking medical care when they are suffering from a critical injury or illness. Its not common for the average person to receive routine medical services on a regular basis. As Mr. Arrows discussed supply condition, he quoted “Entry to the health care profession is controlled by licensing. Licensing manages the supply which consequently increases the cost of medical care”. Medical care was expensive...
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...------------------------------------------------- Economic terms and health care history Woody Johnson HCS/440 June 12, 2013 During history, health care economics has changed considerably. The main reason that stimulus change in health care economic are technology and medical care, however a lot has to do with evolutionary changes that the U.S. endured from the beginning. It is very essential to comprehend health care cash flow system and economic history. Administrators use this data to help organize the future of the corporation. In this paper, I plan to use the terms to elaborate on the history and evolution of health care economics and the timeline of finance. Before the year of 1990, there was not a significant health care in America. American medical association was just starting, individual were using home remedy to treat illnesses, physician was making house call and trade service for good, clinic were just getting started, and there were no such thing as health insurance. However, among the age of 1901 and 1940 health care and treatment made some significant change. Clinic became more necessary Antibiotics were found, improvements were made in cleanliness, and individuals came up with ideas for employment benefit. Also, individuals came up with ideas for health insurance. In the year of 1960 social security has been carried out, Medicare & Medicaid contracted into law, and Health Insurance Company were coming up all over (PBS, 1960). In the year of 1970...
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...Economic History and Health Care Funding Monica Williams HCS/440 July 1, 2013 GEOFFREY SUSZKOWSKI Economic History and Health Care Funding The paper that is being written is covering the history of economics and how the economy and health care funding has changed. The paper will reveal how the two compare in today’s society. It will evaluate the money used to fund certain health care services such as Medicaid/ Medicare, HMO’s, and how places like hospitals and nursing homes receive compensation for taking care of patients. The paper will also go into detail of how elderly pay to have certain services such as home health services provide care in their place of residence. One must wonder what economic history and health care funding is. Well economic history is the way people with supply and demand which is how the price of a commodity or commodities are determined; the cost of the production of a product that is being made, wealth and the level of income, and the structure and operation of overseas trade. Some would believe that Health care funding is how most people can afford health care, seeing that the cost of receiving it is very high. With that being said, the government did not fund health care like they do now. There were no health care programs like the ones that are available today. Back in the old days people would be able to afford health care only if they could pay their doctor in food or whatever little money...
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...Running Header: Economic Terms & Health care History Paper Economic Terms & Health care History Paper Dina Mayo-Jones HCS/440/ Economics: The Financing of Health care Tina Rivenbark, B.S., M.H.A. August 1, 2011 The economics of health care has been experiencing transformations throughout the course of our country’s history. The catalyst in the world of health care economics is money, . In 2010, health care costs were roughly 17.68% of the country’s gross domestic product (GDP) with a projected growth to 19.8% by 2020 (Cummins, 2011). Spurs in higher utilization, advancements in medical care, and the ever increasing population are the major contributing factors influencing such a change. This paper will look at the birth and evolution of health insurance, while diving into the microeconomics and supply versus demand aspect of healthcare. History- The Birth of Health Insurance From the bartering of the early 1800s to the development of the health care reform bill, methodologies in the funding of health care services have been forever changing with an increasing price tag. In the early part of the 20th century, the country’s knowledge of medicine began to grown and with it so did the fees associated with this knowledge. Poverty drove the need for the development of a functioning health care economic system. Labor conditions and illnesses related to immigration created an environment in which individuals could no longer predict their impending...
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...History and Evolution of Health Care Economics Kimberly Geeter HCS/440 March 28, 2011 Pranab Rout History and Evolution of Health Care Economics Health care economics have changed so much during the course of history. While a lot has to do with the evolutionary changes that the U.S. underwent since inception, the major factors that have influenced change in healthcare economic are medical care and technology. It is important to understand healthcare economic history, and the cash flow system, managers are able to use this information to help prepare the company for its future. It is very important to remember that the drive behind health care economics is money, money helps run health care organization and it’s the key to success “Who pays for what has changed dramatically in the past 60 years. Whereas in the past, the majority of individuals paid their medical bills with private funds, today insurance companies and other third parties cover the majority of payments, with individuals paying only a small fraction of the total flow of funds with private money” (Getzen & Moore, 2007, p. 3, para. 1). History shows that physicians would trade medical services for non-money items (such as cotton, grain, and livestock) as forms of payment if a patient was unable or couldn’t afford the services. As the US advanced in historical factors such as the World Wars, the Great Depression, and technology, a new system had to be used to help the U.S. population with...
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...Economic Terms and Health Care History Evelyn Olson January 28, 2013 Instructor: Eric Oestmann Throughout the years economics of health care has changed. With the election and the reelection of President Obama economics in health care has become an important issue again for the economist, health care professionals and managers. In the United States before the 1920’s doctors didn’t know much about diseases to provide people with much useful care and therefore charges for their services were very affordable. Many people before the 1900’s that received health care were treated for their illnesses at home. Payments were often made by the exchange system which most people offered doctors whatever they were able to afford at the time, often it would be a meal of some type, grain, cotton or livestock. As the United States advanced in historical factors such as WWI and WWII, the Great Depression, and technology a new system was used to assist the United States population in medical services. Today, those days are gone we are no longer a undersized group of individuals needing a small amount of medication that seemed to be in those days a cure for almost any type of sickness. The United States is a now a nation that consists of millions of numerous physicians, nurses, and many other health care professionals to choose from to provide care. Along with many access to healthcare services the United States has advanced in healthcare technology making available many levels of care...
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...2011 Economic Terms and Health Care History Health care economics has gone through many changes over the years. With all of the changes health care organizations have had to adjust their financial strategies as well as their organizational strategies. The economy has had a lot to do with all of these changes. Healthcare organizations have so many demands put on them. Some of the changes that have occurred are due to the advances in medicine such as diagnostic, procedures and pharmaceutical. Insurance Payments over the years have changed. It used to be that you had health insurance and your bills would get paid over the years the payment system has changed and more and more is coming from the patient’s pocket. In this paper the focus will be these key terms supply and demand, microeconomics, microeconomics and elasticity. The issue is not how to fill or reuse empty beds. In this changing environment, hospitals and health systems must focus on streamlining and simplifying operational processes, facilitating case management, promoting the least costly setting for care delivery, and optimizing resource sharing among departments. When hospitals have addressed these issues, then solutions to the “bed problem” will be obvious.Cynthia Hayward, 1996(Marcinko, 2007). Division of economics focused on evaluating scarcity in health care systems in different economies. ("Health Economics", 2012). The currents state of our economy is a prime example. Health economics seeks to identify...
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