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Introduction to SituationThis paper is based on a fictional case study in which a young woman is considering becoming a physician. Prior to fully committing to this decision, she desires to attain prudent financial information about its repercussions. Specifically, she is seeking to identify the return on investment that her decision could potentially generate. This involves both qualitative and quantitative factors, the former of which pertains to personal gain derived from aiding people in a much needed professional setting. The latter relates to the finances she can generate from practicing medicine.
This financial data is stratified into a number of different categories corresponding to the market for doctors in terms of supply and demand, elasticity, production costs, pricing, and normal profit. These factors will help her to decide in which state it is beneficial to practice. The focus of this paper, then, is to identify how these factors relate to this young woman's decision and to advise her of the value that she can derive from it. Therefore, it is necessary to evaluate this financial data both individually and holistically to truly discern its impact on the future of this young woman.
Relevant Economic Principles
There are a number of germane economic principles that one must consider in order to provide truly prudent advice for a young woman in the aforementioned situation. One of the most basic concepts that will play a determining factor in this situation is the economic notions of supply and demand. Analyzing these factors will shed a considerable degree of insight into where, if at all, this woman should attempt to practice medicine so that she can optimize the financial yield gained from it. Market elasticity is another factor to consider, particularly as it relates to supply and demand. Depending on the elasticity of a particular market, some of the rudiments of supply and demand may greatly or modestly affect the actual market for doctors. The realities of supply and demand are also mitigated by a host of additional factors, which can potentially affect the decision-making process of the young woman. These include variables such as production costs and pricing,...
The reality is that there are several factors attributing to the increase of demands for physicians. There have been numerous advances in technology and medicine in the past several years, which are resulting in the fact that people are living longer than they ever have before. Thus, there is a predominance of baby boomers who are significantly contributing to an aging population. Servicing the elderly is a prominent concern for the healthcare space (U.S. Department, 2006, p. 2). Additionally, there are legal determinants that are affecting the demand for physicians. The Patient and Affordable Care Act has made it mandatory for people to get health insurance. In the wake of this legislation there is a greater demand for doctors (Health Resources, 2016) than there ever has been before.
Because of the wide-sweeping nature of this legislation, in addition to the inescapable reality that the increasingly elderly population is becoming more prominent in the medical field and its expenses, there is a particular demand for primary care physicians. According to Health Resources and Services Administration (2013), "If the system for delivering primary care in 2020 were to remain fundamentally the same as today, there will be a projected shortage of 20,400 primary care physicians." Viewed from this perspective, the factors that are contributing to the demand for physicians is pointing to the specialization in the primary care physician role, which could prove potentially lucrative for a young woman looking to become a part of this workforce.
Finally, it is worth noting that there is a strong demand for primary care physicians in Texas. That demand is partially predicated on the fact that there was a large uninsured population in this state, that was one of the more sizable in the nation (Conway, 2010, p. 1). There are additional reasons for the growing demand in Texas, which is related to the elasticity of the market for physicians in this state. Legislation was…
Physician-Assisted Suicide: The Right to Die Abstract More and more patients in and end-of-life phase are expressing a desire for physician-assisted suicide (PAS) as an option that allows them to die with dignity and forego the pain and suffering associated with their disease and deteriorating condition. Yet in most states in the U.S., physician-assisted suicide remains illegal. The policy of this paper would be for lawmakers to be encouraged to pass a
Economics of Healthcare The Economics of Health Care The healthcare in the United States is a system of economics that has been referred to as a Ponzi scheme and most assuredly, the economics of the U.S. healthcare system are unsound at best. The United States is the only industrialized nation in the world that fails to provide universal access to basic health care and according to the work of Kilchevsky (2004), 'the
Economic Issue in Health Care Inflation affects all the segments of an economy; including individuals, businesses, and governments in a number of ways. The healthcare industry also takes its impacts on each and every aspect of its operations; like consumer spending, costs of operations, demand and supply of medical treatments, medicines, and general healthcare services, etc. The purpose of this paper is to evaluate the impact of an important economic issue,
Since its inception, the Food and Drug act developed into the Food and Drug Administration, which is responsible for oversight and administration of the rules. Once an application to test a new drug compound has been approved, it must pass a series of tests. Only about 23% of all drug compounds that enter into Phase I ever make it through this phase and into the second phase (Scherer, 2000). This
C. revealed some factors affecting healthcare costs. This includes (Francis, 2003). Drug companies who are spending roughly as much on advertising and promotion - $20 billion a year - as they do on research and development of new drugs. American pharmaceutical firms employing one sales person for every physician in the country. They also pick up the tab for doctors to attend seminars promoting their products. New technology - from diagnostic devices to
Thus, the longer a woman delays becoming pregnant, the more she is susceptible to suffering psychological ramifications. Of course, the biological clock, or that which determines the best period of time in a woman's life to become pregnant and experience a successful pregnancy, plays a major role in fertility treatments. However, some young women, due to a lack of education early in life, may not realize that such a thing