Post your responses to the Discussion based on the course requirements.

Note: Initial postings must be 350 words (not including references).

To prepare for this Discussion, complete the readings in your Learning Resources. Look online for recent news articles related to supply and demand in the health care industry.

Post a comprehensive response to the following:

Using examples from your Learning Resources and personal or professional experience, explain how health care is a market. In your answer, please be sure to address the following:

• Discuss aspects of the health care marketplace in terms of the specific provisions that define a market.

• How do the principles of managed care influence the business of health care?

• Highlight how health care is different from the typical business market with a more tangible product (like applesauce)?

• How do recent (within the last 18 months) supply and demand shifters (political, economic, social factors, etc.), exert influence on the supply or demand of health care goods or services?

Be sure to support your work with specific citations from this week’s Learning Resources and/or additional scholarly sources as appropriate. Your citations must be in APA format.

Required Resources
Media

• Interactive Media: Laureate Education, Inc. (Executive producer). (2011). Good Samaritan Hospital organizational chart—Week 1: Economics in health care. Baltimore, MD: Author.

Good Samaritan Hospital in Baltimore, MD, is a 300-plus-bed community hospital offering a wide range of medical and surgical services. This interactive organizational chart illustrates many of the health care finance and economic principles and concepts being covered in this course and can be found by clicking the image below.

The chart provides a visual model of the administrative structure for a representative health care organization. For most weeks of the course, the chart also provides brief video programs that include remarks about the week’s topics from several of the hospital’s key administrators. Detailed instructions appear when you open the organization chart.

This week, President Jeff Matton, Vice President of Finance Deana Stout, Vice President of Strategic Planning and Business Development Jennifer Weiss Wilkerson, and Vice President of Operations T. J. Senker discuss how their individual roles in health care management impact the economics and finances at Good Samaritan Hospital.

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Good Samaritan Hospital’s Organizational Chart Description and Video Transcripts (zip file)
Readings
• Course Text: Penner, S. J. (2004). Introduction to health care economics & financial management: Fundamental concepts with practical applications. Philadelphia, PA: Lippincott Williams & Wilkins.

 Chapter 1, “Fundamental Principles of Health Care Economics
• Health care is an important segment of the U.S. economy. How do factors like supply, demand, and price affect health care goods and services? This chapter will introduce you to the principles of health care economics.
o Chapter 2, “Fundamentals of Insurance and Managed Care”

Health insurance and managed care are critical to funding the business operations (and patient care) of most health care settings. This chapter introduces the role of incentives as patients and providers work to “buy and sell” health
• Course Text: Ittelson, T. R., (2009). Financial statements: A step-by-step guide to understanding and creating financial reports. Revised and expanded edition. Franklin Lakes, NJ: Career Press.

o Read pp. 3–14
• Running a health care setting is like running a business. The only difference between health care and other businesses is the product. In this text, the product of the company is applesauce. The product in health care is healthy people. All else is the same. Business and health care both have customers and suppliers. And both use economics and finance every day to determine if they are running effectively and efficiently.

• Article: Scott, R. D., Solomon, S. L., & McGowan, J. E. (2001). Applying economic principles to health care. Emerging Infectious Diseases, 7(2), 282-285. Retrieved from the Walden Library databases.
Health care presents numerous challenges because it lacks the characteristics commonly used to determine a market price. Yet health care managers must make decisions about resource allocation on a regular basis. This article explains the principles of perfect and imperfect markets as they apply to health care settings.
Optional Resources
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