¶ … Supply and Demand theory show up in your company's strategies?
In sharp contrast to the need for health care services, demand is associated with the costs of health care services. It is therefore reasonable to suggest that Smith's (2011) assertions concerning the demand for health care increasing if its costs were reduced is accurate, and it also reasonable to conclude that companies of all sizes and types can become more competitive by reducing their costs. Indeed, it health care could be provided cheaply enough, there would be no need for health care insurance because pocket change would cover a visit to the emergency room and no one would have to forego other necessities of life such as food or heat in order to have a prescription filled. According to Smith (2011), "Such a world could only be achieved by changes on the supply side. Health care would have to become cheaper to produce" (para. 3).
The research to date confirms that companies that become complacent in their operations and ignore changes in consumer preferences risk losing market share to their competitors that do, and the health care...
Nevertheless, most consumers do not necessarily want the cheapest health care services that are available, at least for those who can afford it and whose condition warrants expert care. Shopping for a heart or cancer specialist is a far different enterprise than shopping for an alarm clock or even a car or house. In many cases, health care consumers are afflicted with life-threatening diseases and the demand for the best practitioners will continue to outpace supply unless and until innovations in health care technology produce the type of "Star Trek" gadgetry conceptualized by Smith with the "Universal Health App" and consumers become comfortable using these technologies in lieu of a visit to their primary health care provider.
2. Do you agree or disagree with the author's conclusion as to the reason why health costs have not declined? Why?
In truth, Smith makes a number of valid conclusions concerning the reasons health care costs have not declined despite the integration of information and communications technologies (ICT) in virtually all types of health care settings. Certainly, these ICT solutions have provided the health care industry with enormous cost savings by automating previously manual operations and introducing additional securities for the administration of pharmaceuticals and rehabilitative therapies. Despite these innovations, the…
Technology on Health Care Services: There are several promising breakthroughs that have been made in the health care sector in the past decade. These promising breakthroughs have emerged due to the influence of information technology in this field. The main goal of these improvements in health care is to enhance the possibility of prolonging and improving people's lives amid the rise in the occurrences of diseases. Some of the recent
Therefore in the economic sense many institutions have been viewed to lay back. Knowledge and Expertise in Telemedicine Another challenge has to do with the limited knowledge and expertise in telemedicine as well as the need for enhanced and modified telemedicine systems. In this sense, little knowledge currently exists among medical practitioners on how to effectively and practically use various forms of telemedicine. This knowledge gap on insight into telemedicine, in
It could be argued that modern technology created the need for healthcare insurance in the first place: before technology, including new medications, became effective, to go to a hospital was regarded as a death sentence and the wealthy died at home, under the care of their personal physicians. Life spans were shorter, and patent medicines of dubious value were the main ways of treating illnesses. "What we recognize as modern
Healthcare Reform PPACA Determine how this Federal law will affect market-driven and non-market driven decisions. One of the industries that has felt the effects of the Patient Protection Affordable Care Act most immediately and intensely was the insurance industry in the United States. One of the chief reasons that the Patient Protection Affordable Care Act was introduced and passed into American legislation was the effect of rising health care costs attributed to
This can lead to both autonomy and cooperation within the group, as no member will feel that his or her skills are not utilized to an optimal level. It is also possible that non-constructive conflict can arise from the diversity within a group if not managed effectively. Jokes that are not meant to be so may for example be taken as offensive by certain members of the group. Other members
Figure 1 portrays the state of Maryland, the location for the focus of this DRP. Figure 1: Map of Maryland, the State (Google Maps, 2009) 1.3 Study Structure Organization of the Study The following five chapters constitute the body of Chapter I: Introduction Chapter II: Review of the Literature Chapter III: Methods and Results Chapter IV: Chapter V: Conclusions, Recommendations, and Implications Chapter I: Introduction During Chapter I, the researcher presents this study's focus, as it relates to the
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