Economic Analysis of Supply and Market Structure of Healthcare Industry

User Generated

yrbazp32

Economics

Description

Instructions

You just started working as a Health Service Manager for a health care company within an industry below. First choose an industry below to discuss the questions that follow:

  1. Pharmaceutical (generic drugs)
  2. Pharmaceutical (patented drug)
  3. For-profit health insurers
  4. Not-for profit health insurers
  5. Any physician specialty (e.g. cardiology, ophthalmology, etc.)
  6. Hospital (national Network)
  7. Small rural hospital

Your boss has asked you to write a memo detailing the factors impacting the supply of your product or services and how the market structure of your impacts the quantity supplied and the pricing of your product or service.

Answer the first four questions (and Q6) below relying primarily on the course readings and other resource material presented in this class. You can use external UMUC library resources to research Q5 below in order to research government regulations impacting your industry. Cite and refer all resources used whether internal or external.

  1. Describe the product or service you supply to your patients.
  2. Identify the market structure of your industry and the analyze the key characteristics of your industry that lead to your identification of this market structure.
  3. Given this market structure, evaluate how prices charged for your services/products are determined.
  4. Evaluate how does the existence of private and public insurance influence the revenues you receive for this service/product.
  5. Given the government regulations impacting the health industry that have been discussed in this class, identify and discuss a government regulation that has been implemented in this industry.
  6. Identify a market failure(s) discussed in class that the government regulation attempted to address.

In writing your report be sure to include your name and in the subject line identify the health care entity you chose above. In order for your boss to easily review your report, please include section headers to correspond to the questions below.

1)The first text for this course is written by Mayer, "Everything Economics".

Access the text via the following link (copy and paste into browser)

http://ezproxy.umuc.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=nlebk&AN=418083&site=eds-live&scope=site&profile=edsebook

The second textbook is: Economic Theory Through Application

And can be found at:

https://saylordotorg.github.io/text_economics-theory-through-applications/

1) Mayer Chapter 9: Government in the Marketplace

2) Regulation of Healthcare Markets: http://hsr.sagepub.com/content/8/4/193.full.pdf

3) Economic Theory Through Application- 16.3 Government Policy (as it relates to healthcare) p. 730 to 740

4) Legislating Low Prices: Cutting Costs or Care? http://thf_media.s3.amazonaws.com/2013/pdf/bg2834.pdf

5) "Licensing Doctors: Do Economists Agree?" download at: http://econjwatch.org/articles/licensing-doctors-do-economists-agree

6) "How Government Regulation Made Healthcare So Expensive," https://mises.org/blog/how-government-regulations-made-healthcare-so-expensive

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Explanation & Answer

Answer posted please confirm.Kindly go through the work and let me know incase of anything unsatisfactory or if you need anything rectifiedIf the work is okay,looking forward to work with you again.Thanks

Running Head: MEMORANDUM

1

Economic Analysis of Supply and Market Structure of Healthcare Industry: Memorandum
Name
Institutional Affiliation

MEMORANDUM

2

To:
From: Health Service Manager
Date:
Subject: Factors Impacting Supply of Product and Services and the Market Structure Limitations
Rural Americans lack the basic healthcare needs. Health care provision in rural areas cannot be
compared to the provision of health care in rural centers. In this memo, the supply of healthcare
equipment and hospital resources will be addressed. With an aim to improve the level of
healthcare in the rural areas comprehensive approaches have to be adopted. Rural small hospitals
have the inability to access all the resources and hospital equipment th...


Anonymous
Great content here. Definitely a returning customer.

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