Supply and demand considerations in health and medical care
|🤔 Poverty, Health Insurance, Innovation, Medicine, 💵 Finance
Healthcare as a public good has an extensive market that is characterized by factors such as demand and supply. The demand for medical healthcare is raised when there are a societal and individual needs of health services. It affects the supply which implies the rate of delivery of the healthcare services in the society or to individuals. This paper thus seeks to discuss the trends that have taken place in healthcare for the last five years and describing the economic, social and economic factors behind them.
One of the trends in healthcare is technological advancement. There have been many changes in technology in delivering healthcare services. The reasons towards this factor include an increase in demand for healthcare that is experienced worldwide. There is also an increase in data demands that has contributed to the adoption of systems such as electronic medical records that are used to keep data. However, the increase in technology has also been enhanced with the need of competition among the health care organizations in the delivery of quality healthcare services (Thakur, & Fontenot, 2012).
Interest in population healthcare management is also another trend which is characterized by the need of the community and public health. It has been influenced by an increase in demand for healthcare in most of the communities. However, the trend has also been affected socially by an increase in population that has led to a creation of wider market and rise in demand. There has also been a need to save lives and reduce mortality and death rates that occur due to insufficient healthcare in the states (Feldstein, 2012).
Improvement of health care quality has also been emphasized on in the last five years. It has been influenced by high demand rates and needs to supply more quality healthcare to the population. It has also been impacted by the need for competitiveness and maximization of profits by the healthcare organizations. It has therefore led to enhancement of the healthcare quality deliverance in most of the healthcare organizations (Naidu, 2009).
In conclusion, insurance policies have also increased as most of the patients nowadays seek health insurance to help in covering their health expenses and status. The insurance policies have helped individuals in reducing health care expenses that are economical to them. There has also been a lot of collaboration and support of healthcare facilities by the insurance firms who support health care organization financially (DeNavas-Walt, 2010).
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- Thakur, R., Hsu, S. H., & Fontenot, G. (2012). Innovation in healthcare: Issues and future trends. Journal of Business Research, 65(4), 562-569.