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Relevance of Economic Concepts within the Healthcare Sector

Relevance of Economic Concepts within the Healthcare Sector

Sample Answer 

Relevance of Economic Concepts within the Healthcare Sector

Economics is the study of manufacture that aims at satisfying consumer needs while using the limited resources accessible in the economy. Health economics, on the other hand, involves the study of ways in which scarce resources are distributed for numerous purposes. Health economics is considered a branch of economics that deals with issues related to proficiency, usefulness, worth and performance during the manufacture and utilization of health and healthcare (Sloan & Hsieh, 2017). It involves using theories, concepts, and finance techniques in the health sector. Health economics deals with organization and financing of medical establishments where it applies the economic principles to the healthcare sector. The economic concepts that are within the healthcare sector are of great importance to the health department in a country. This journal entry will give an in-depth of the relevant economic concepts within the health sector.

Economic concepts present in any economy includes the supply, demand, monopoly, monopsony, moral hazards and the adverse selections. There are several ways in which these concepts relate or apply to the healthcare system of a country. In essence, health economics refers to demand by checking the factors affecting the market such as the preferences and individual’s income, how urgent treating a disease is and whether individuals prefer public or private medical care. The economic concepts help address the issues present in the medical care sector concerning demand by checking the appropriate funds they should allocate to treat some of the diseases that are a threat to the economy of a country. The health economic concepts also provide a framework that is used to address issues in a precise and reliable manner in a broader range; this has helped the government and all healthcare sector stakeholders make decisions that will solve the challenges experienced in the industry (Phelps, 2016).

Economic concepts are relevant to the health care system as it helps formulate the link between demand and the given supply of the sector in the economy at microeconomic medication level. The concepts are also important as they help find the source of health maintenance funding such as the social accounting system and self-insurance. The economic concepts within the healthcare sector also take part in the planning and budgeting system and inventory management by monitoring them. They help measure the healthiness, and it’s worth taking into account a possible disease through checking what influences its health. Implementing and using the economic concepts within the healthcare sector gives a useful insight into how medical care can be organized and financed. The economic concepts are also relevant in establishing the actual costs of providing medical care to patients while empowering them to examine the rate and advantages of the policies given.

In conclusion, in a bid to have a well-managed health system, the economic concepts have come in handy, and the current health system is desirable and of great value to the citizens. It is evident by the trust people have even on the public health systems of our country and quality services is offered.

References

Phelps, C. E. (2016). Health economics. Routledge.

Sloan, F. A., & Hsieh, C. R. (2017). Health economics. MIT Press.

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Question 


Relevance of Economic Concepts within the Healthcare Sector

Journal Details

Relevance of Economic Concepts within the Healthcare Sector

Relevance of Economic Concepts within the Healthcare Sector

For this Journal entry, demonstrate an understanding of the relevance of economic concepts within the healthcare sector. Your Journal entry should be at least 500 words, and cite appropriate references.

Please submit your Journal to the Unit 9 Journal Dropbox.

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