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In a system of free-market healthcare, prices for healthcare products and services are set freely by agreement between patients and health care providers, which are subject to the laws and forces of supply and demand and free from any intervention by a government, price-setting monopoly, or other outside authority.
The demand for healthcare is a derived demand from the demand for health. Healthcare is demanded as a means for consumers to achieve a larger stock of "health capital". The demand for health is unlike most other goods because individuals allocate resources in order to both consume and produce health. [citation needed]
However, when a greater proportion of a country's resources are allocated to health care with limited returns, it has an impact on efficiency. Furthermore, induced demand for care might cause significant economic loss on a national scale, particularly if the government provides subsidies for pharmaceuticals and medical services.
The Affordable Care Act opened the floodgates in 2012 to increased demand for care services — especially in lower-income populations — which meant more insured patients seeking care, resulting ...
The Grossman model of health demand is a model for studying the demand for health and medical care outlined by Michael Grossman in a monograph in 1972 entitled: The demand for health: A theoretical and empirical investigation. The model based demand for medical care on the interaction between a demand function for health and a production ...
The demand for physician services is influenced by the local job market (e.g. the number of job openings in local health care facilities), the demographics and epidemiology of the population being served, the nature of the health policies in place for health care delivery and financing in a jurisdiction, and also the international job market (e ...
[136] [137] Of each dollar spent on healthcare in the US, 31% goes to hospital care, 21% goes to physician/clinical services, 10% to pharmaceuticals, 4% to dental, 6% to nursing homes and 3% to home healthcare, 3% for other retail products, 3% for government public health activities, 7% to administrative costs, 7% to investment, and 6% to other ...
Supply chain as connected supply and demand curves. In microeconomics, supply and demand is an economic model of price determination in a market.It postulates that, holding all else equal, the unit price for a particular good or other traded item in a perfectly competitive market, will vary until it settles at the market-clearing price, where the quantity demanded equals the quantity supplied ...