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Health Care History Timeline Using Economic Terms

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Health Care History Timeline Using Economic Terms
Chenelle J. Hunter
Economics: The Financing of Health Care/HCS440
October 29, 2012
Professor John Branner

Health Care History Timeline Using Economic Terms The health care sector is just as synonymous to economics as the business and financial sector of the economy. Early 1900s mark the beginning of organized medicine. The American Medical Association (AMA) gains influence and power as the nation’s organization of state and local associations (The Leonore Annenberg Institute for Civics, n.d.). This paper aims to convey a historic look at the evolution of health care and health care funding in the United States as well as historic events that shape the current health care economy. Promotion of the concept of health insurance dates as early as 1912. Social insurance, including health insurance receives public notice when Teddy Roosevelt and his Progressive Party promote the economic issue during his campaign. A draft bill published and promoted by the American Association for Labor Legislation comes against derailed efforts as World War I begins (The Leonore Annenberg Institute for Civics, n.d.). It is not until 1929 that a model for health insurance is surfaces. Baylor Hospital, located in Dallas, Texas, offers a local teachers union a prepaid hospital insurance program creating what becomes the nation’s first illustration of contemporary health insurance. Economics defines as the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of mankind (Apollo Group, 2010). For more than a decade, from 1929 to 1940, American free-market economy failed to operate on a level that allowed many to attain economic success. With hard economic times at bay from the Depression, a new focus shifts to unemployment insurance and “old age” benefits.…...

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