20 Feb Research current healthcare financing concerns prevalent in the United States.
The Nurse Leader as Economist
What do a parking place, a picture of two men playing cards, a bird feather, and an old automobile have in common?
Surprisingly, each of these items are on the list of the most expensive items in the world. A parking spot in New York City, a painting titled “The Card Players” by artist Paul Cezanne, a feather from the extinct huia bird, and a 1963 Ferrari GTO will each set you back more money than most of us care to spend in a lifetime, let alone in a single purchase.
There is another characteristic that these items share, and it helps explain the price tags. Each of these items is rare; so rare that they are difficult to find. Their low supplies drive their demand and, subsequently, their prices. This relationship between supply, demand, and price is a fundamental economic concept.
For this Discussion, you share thoughts about prevalent healthcare financing concerns and consider how these concerns are impacted by economic principles such as price, supply and demand, and need.
Resources
Be sure to review the Learning Resources before completing this activity.
Click the weekly resources link to access the resources.
WEEKLY RESOURCES
Learning Resources
Required Readings
Knighten, M. L.,& Waxman, K. (2024). Penner’s economics and financial management for nurses and nurse leaders (4th ed.). Springer Publishing Company.
Chapter 1, “Economics of Healthcare” (pp. 2–24)
American Hospital Association. (2022). AHA releases new report highlighting significant financial challenges facing hospitals and health systems that are jeopardizing access to careLinks to an external site.. https://www.aha.org/system/files/media/file/2022/09/aha-releases-new-report-highlighting-significant-financial-challenges-facing-hospitals-and-health-systems-that-are-jeopardizing-access-to-care-bulletin-9-14-22.pdf
Lewis, C., Horstman, C., Blumenthal, D., & Agrams, M. K. (2023). Value-based care: What it is, and why it’s neededLinks to an external site.. The Commonwealth Fund. https://www.commonwealthfund.org/publications/explainer/2023/feb/value-based-care-what-it-is-why-its-needed
Pollack, R. (2022, May 13). Perspective: Climbing costs and rising Inflation challenge Hospitals’ ability to provide careLinks to an external site.. https://www.aha.org/news/perspective/2022-05-13-perspective-climbing-costs-and-rising-inflation-challenge-hospitalsLinks to an external site.
Singh, A. (2023, March 3). The top financial challenges in healthcare industryLinks to an external site.. https://www.investmentpedia.org/financial-challenges-in-healthcare/
Required Media
Health Economics and Reimbursement
As the economic model of healthcare delivery has changed, perhaps now more than ever the nurse executive must implement effective strategies to enhance nursing practice. In what ways might these strategies affect patient care and positive health outcomes? (5m)
To Prepare
Research current healthcare financing concerns prevalent in the United States.
Reflect on these or any other healthcare financing concerns that you have observed and/or that your healthcare organization currently experiences.
Consider how these concerns relate to fundamental issues of economics, such as “price,” “supply vs. demand,” “scarcity of resources,” or “needs and wants.”
Consider how these concerns relate to the healthcare product or service solution you have proposed for your organization.
By Day 3 of Week 3
Post an explanation of what you believe to be the three most important healthcare financing concerns in the United States today. Be specific and provide examples. Then, explain how these three concerns relate to fundamental economic issues, such as “price,” “supply vs. demand,” etc. Explain how any of these concerns relate to the healthcare product or service solution you have proposed for your healthcare organization in Module 1.
By Day 6 of Week 3
Read a selection of your colleagues’ responses and respond to at least two of your colleagues on two different days by suggesting a possible strategy that their organization might pursue to address the stated economic concern(s). Be specific and provide examples.
Note: For this Discussion, you are required to complete your initial post before you will be able to view and respond to your colleagues’ postings. Begin by clicking on the “Post to Discussion Question” link, and then select “Create Thread” to complete your initial post. Remember, once you click on Submit, you cannot delete or edit your own posts, and you cannot post anonymously. Please check your post carefully before clicking on Submit
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