SU Applying Economic Principles in Health Care Decision Making Paper
ANSWER
Title: Using Economic Theory to Inform Healthcare Decisions
Briefly describe the relevance of the healthcare issue you highlighted in the Week 2 activity. The paper will examine how economic concepts can influence this situation’s decision-making.
Economic Theories and Their Applications:
- Describe the main economic theories that can be used to analyze the healthcare issue.
- For instance, talk about ideas like efficiency, opportunity cost, incentives, and scarcity.
- Describe how these principles can act as a guide for decisions regarding the allocation of resources, cost-effectiveness analysis, and the ranking of therapies.
Supply and Demand Curves:
- Describe how the healthcare issue is evaluated using supply and demand curves.
- Describe the potential effects of changes in supply and demand on the healthcare market.
- Give an illustration of the healthcare problem you have discovered, such as the effect of an aging population on the demand for healthcare services and the availability of healthcare experts.
Cost Curve Analysis:
- Talk about how the cost curve can be used to evaluate the healthcare issue.
- Describe how cost curves can be used to understand better the link between inputs and outputs in healthcare manufacturing.
- Give an illustration, such as how a hospital could utilize the cost curve to calculate the ideal staffing level depending on patient admissions.
Comparison of three healthcare payment methods: capitation, fee-for-service, and pay-for-performance. Point out their parallels and contrasts about rewarding providers, reducing costs, and enhancing care quality. Describe how each model might help with the cited healthcare problem.
Summarize the main ideas covered in the document in your conclusion. Stress the critical role that economic theories play in guiding healthcare choices. Mention how the identified healthcare issue can be resolved effectively and efficiently using economic techniques.
References: List the reliable sources you utilized to cite your essay. Per the Strayer Writing Standards (SWS), make sure to cite each source used in the essay.
Remember to adhere to your course and organization’s precise style and citation standards. You should be able to construct a well-structured 3–4 page Word document using this format that tackles each of the topics mentioned in your assignment’s instructions.
QUESTION
Description
instructions
Consider the health care issue that you identified in the Week 2 activity and address each of the following in a 3-4 page Word document:
Explain how economic principles can be applied to this issue to effectively guide decision making.
Demonstrate how supply and demand curves are used to accurately assess the issue.
Analyze how the cost curve can be used to assess the issue. Provide an example.
Compare capitation, fee for service, and pay-for-performance financing payment models to accurately reveal their similarities and differences.
Use at least three sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library or review library guides.
This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all support. Check with your professor for any additional instructions.
The specific course learning outcome associated with this assignment is:
Analyze health care issues using economic decision-making principles.
Evaluate health care cost and efficiency issues using economic tools.
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