History and Evolution of Health Care Economics

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History and Evolution of Health Care Economics
Lauren Michaud
HCS/440
Eric Oestmann
August 12,2012

History and Evolution of Health Care Economics

Healthcare economics has drastically changed over the years. It makes up for one sixth of American budget (Johnson, 2009). Health care economics has drastically changed partly due to new advances in technology over the years. Money is the factor of health care economics. Money drives economics and makes up health care and how far it can go. Economics will continue to change and financial advisors who have more education on health care economic advances will be beneficial to keep with changes in economics. Economics focuses on market. Market is like the buyer buys a product or …show more content…

It is possible that in some ways health costs, in medications for instance, will go down in demand and prices will go down causing individuals to buy more of the product because they can afford it. Costs of health care define health care. This has never changed for health care. When an individual needs health care they will find a way to afford and find someone to care for them. In early days, there were usually one or two doctors to a town. They had limited resources and had to settle for health care they could get. Today, people drive to the best doctor they can find, especially when it is a specialty. With advances in health care, economics has drastically changed over a period of time. Supply and demand has been a factor in this changing economics, as well as the income of individuals and the “out of pocket” costs they have to pay. It was normally the patient’s responsibility to pay for health care and now we have insurance and governmental agencies to assist.

References
Johnson, L., (2009). Q&A: Why health care's economic impact matters. Retrieved from http://www.usatoday.com/news/health/2009-06-19-health-economy_N.htm
Getzen, T. Moore, J. (2007). Wiley Pathways Health Care Economics (1st ed.). John Wiley & Sons.
Merriam-Webster (2012) Definition of Economics. Encyclopedia Britannica

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