Get Full Essay Get access to this section to get all help you need with your essay and educational issues. Over the course of the last century health care industry has evolved to multi-billion dollar industry. This evolution can be attributed to managed care and third party payee systems.
From the way health care is delivered to the way it is funded, health care is constantly changing and advancing. This essay will explore the terms and methods associated with health care funding and the history that led to our current world of health care today.
We will write a custom essay sample on Economic Terms and Health Care History or any similar topic specifically for you Do Not Waste HIRE WRITER In basic general terms, economics is the term given to the science that explains the relationship and correlation between the production, distribution, and consumption of goods and services, as well as the welfare of humankind.
Our expanding knowledge of economic trends and principles is what had guided us into the future of health care.
One of the most basic principles of economics is the rule of supply and demand. This law states that when the supply of a product or services increases, the demand for it decreases. Adversely, if the supply were to decrease, the demand would therefore increase.
The demand of any given product or service determines the price the average person is willing to pay to receive it.
For example, a person would be willing to pay more for a product that is low in supply because it is high in demand. This rule of supply and demand is what has allowed us to learn how to manipulate our economy and control the different ways in which we are able to market goods and services.
Our economy has gone through many stages with regard to health care over the past several decades. One of the biggest concerns discussed in health care today is the amount of funding being absorbed by our health care system.
Over the course of the past decade, The United States has been faced with a recession that has resulted in higher unemployment rates and lower income levels for a large percentage of Americans.
This recent trend in economic stability has focused more attention on the amount of money spent on health care and affordability for the American people. The national healthcare expenditure is currently at an all time high in the history of the country.
It is expected to continue to grow at a rate faster than the growth rate of national income in the near future.
Medicare, which provides coverage to the elderly and people with disabilities, has seen a significant increase in enrollment due to the aging of the large baby boom generation. Medicaid enrollment has risen drastically as well, providing health care coverage for those struggling with limited income due to the recession.
These increases in Medicare and Medicaid enrollment have caused a dramatic increase in government spending as a result, which has put a heavy strain on both federal and state budgets. The Health care expenditures account for According to a report released by the Center for Medicare and Medicaid Services CMSthe national health expenditure is expected to escalate on an average of 6.
During this same ten-year projection period, spending on Medicare alone is expected to grow an average of 6. The cost of prescription drugs is estimated to increase by 6. Health spending projections for — Health care reform at the close of the 20th century. N Engl J Med.
TheAmerican health care system—health insurance coverage.Economic Terms and Health Care History Earlene J Patton HCS/ Saturday, May 21, George James University of Phoenix Economic Terms and Health Care History When writing this paper, the topics covered will be the history and evolution of healthcare economics and the timeline of healthcare funding, using the defined terms.
Sample of Economic Term and Health Care History Essay (you can also order custom written Economic Term and Health Care History essay). Economic Terms and Health Care History In this paper the author will describe the history of health care economics along with the evolution and timeline of health care funding.
Gaining insight from economical terms can assist with understanding the history and future changes; terms such as, elasticity, inelasticity, supply and demand. Economic Terms and Health Care History Essay. The American Medical Association (AMA) was founded when healthcare was still getting started with doctors and hospitals (American Medical Association, ).
During the beginning stages doctors would see patients using a bartering system. Topic: Economic Terms and Health Care History • Complete the Economic Terms Exercise located in Week One of the student website.
• Describe the history and evolution of health care economics and the timeline of funding, using the defined terms. The history and economics in health care can be traced back to the late ’s, but became prevalent in the ’s.
Over the course of the last century.