Assignment: Economic Theories and Models in Health Care Worksheet

March 6, 2022

Assignment: Economic Theories and Models in Health Care Worksheet

Assignment: Economic Theories and Models in Health Care Worksheet

Assignment: Economic Theories and Models in Health Care Worksheet

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Economic Theories and Models in Health Care


Theories/Models
Description/Definition Example Related to Health Care Components
1.     Efficiency Health care organizations differ in goals, specializations, and resource capacity, among other factors. Despite these differences, the urge to excel is universal and depends on their efficiency. From a practice and management viewpoint, efficiency implies maximizing output by using the least input possible (Jaafaripooyan et al., 2017). More broadly, efficiency is an organization’s ability to do things right as far as resource utilization is concerned. Dividing outputs by inputs can reliably indicate the efficiency level. Hospital AD discharges 1,000 people at an average cost of $80,000, while hospital CB discharges the same number at an average cost of $50,000 but with a higher rate of readmissions and mortality. In this scenario, hospital AD is more efficient since it avoids the expensive costs associated with readmissions. Efficient systems reduce wastage and eventualities (Penner, 2017). a)     Productive efficiency

b)    Price efficiency

c)     Scale efficiency

d)    Management efficiency

2.     Supply and Demand This model forms the basis of introductory concepts in health care economics. It illustrates the connection between the buyers’ demand and preferences and the seller’s product or service. The demand-supply connection determines the market prices. A low-consumer earner seeks services from a public hospital instead of a private care facility. The consumer may not seek health care services at all at times. The consumer’s demand can only be addressed by what public facilities supply since the price of commodities is a critical factor in the demand-supply curve. a)     Price of commodities

b)    Competing goods

c)     Demand

3.     Economies of Scale

 

This economic model is based on the premise that health care organizations can achieve better outcomes by increasing their production scale. Like other organizations, health care organizations should implement strategies that enable them to earn more revenue. Economies of scale denote an organization’s cost advantage by increasing the output level (Freeman et al., 2021). Increased quantity reduces per-unit fixed cost. Applying the model is associated with increased profits, leading to a higher return on capital investments. The organization’s growth chances also increase significantly. A suitable example in health care settings is a capital investment. For instance, a health care organization may invest in mobile clinics or telehealth technologies to enable it to serve more people closer to their homes. This reduces the medical care charges, enabling the organization to serve more patients. a)     Scale of production

b)    Efficiency

c)     Cost-per-unit

d)    Fixed and variable costs

4.     Market Failure Market failure refers to the market’s inability to deliver optimal results. It is among the economic models that support government interventions to regulate the market. The dominant feature of market failure is the excess production of a product. In response, the government regulates through corrective taxes. The correction helps to overcome the challenges posed by the excess production. The most suitable example is rich doctors and poor patients’ connection. A dominant feature in developing countries, public health services are characterized by rising costs. Per capital cost of health care services is higher than the growth in per capita income. As a result, health care services are excessive since patients cannot afford them. a)     Inefficient resource allocation

b)    Negative externalities

c)     Excess public goods

 

References

Freeman, M., Savva, N., & Scholtes, S. (2021). Economies of scale and scope in hospitals: An empirical study of volume spillovers. Management Science67(2), 673-697. http://faculty.london.edu/nsavva/ScaleAndScope.pdf

Jaafaripooyan, E., Emamgholipour, S., & Raei, B. (2017). Efficiency measurement of health care organizations: What models are used?. Medical journal of the Islamic Republic of Iran31, 86. https://doi.org/10.14196/mjiri.31.86

Penner, S. J. (2017). Economics and financial management for nurses and nurse leaders (3rd ed.). Springer Publishing.

 

Assessment Description

Complete the “NUR-621 Economic Theories and Models in Health Care” worksheet. This assignment explores the efficiency and components of current health care models.

Your responses should be based on evidence. Include references to your textbook and one scholarly article.

While APA style is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.

You are required to submit this assignment to LopesWrite. A link to the LopesWrite technical support articles is located in Class Resources if you need assistance.

Attachments

NUR-621 Economic Theories and Models in Health Care

The purpose of this assignment is to describe economic theories and models in health care. Include your responses in the worksheet listed below and base your responses on evidence. Include references to your textbook and one scholarly article. The four theories/models are listed below.

 


Theories/Models
Description/Definition Example Related to Health Care Components
1.     Efficiency
2.     Supply and Demand
3.     Economies of Scale

 

4.     Market Failure

 

Question Description
I’m studying and need help with a Nursing question to help me learn.

Complete the “NUR-621 Economic Theories and Models in Health Care” worksheet. This assignment explores the efficiency and components of current health care models.

Your responses should be based on evidence. Include references to your textbook and one scholarly article.

While APA style is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.

You are required to submit this assignment to LopesWrite. Refer to the LopesWrite Technical Support articles for assistance.

You must proofread your paper. But do not strictly rely on your computer’s spell-checker and grammar-checker; failure to do so indicates a lack of effort on your part and you can expect your grade to suffer accordingly. Papers with numerous misspelled words and grammatical mistakes will be penalized. Read over your paper – in silence and then aloud – before handing it in and make corrections as necessary. Often it is advantageous to have a friend proofread your paper for obvious errors. Handwritten corrections are preferable to uncorrected mistakes.

Use a standard 10 to 12 point (10 to 12 characters per inch) typeface. Smaller or compressed type and papers with small margins or single-spacing are hard to read. It is better to let your essay run over the recommended number of pages than to try to compress it into fewer pages.

Likewise, large type, large margins, large indentations, triple-spacing, increased leading (space between lines), increased kerning (space between letters), and any other such attempts at “padding” to increase the length of a paper are unacceptable, wasteful of trees, and will not fool your professor.

The paper must be neatly formatted, double-spaced with a one-inch margin on the top, bottom, and sides of each page. When submitting hard copy, be sure to use white paper and print out using dark ink. If it is hard to read your essay, it will also be hard to follow your argument.

ADDITIONAL INSTRUCTIONS FOR THE CLASS

Discussion Questions (DQ)

Initial responses to the DQ should address all components of the questions asked, include a minimum of one scholarly source, and be at least 250 words.
Successful responses are substantive (i.e., add something new to the discussion, engage others in the discussion, well-developed idea) and include at least one scholarly source.
One or two sentence responses, simple statements of agreement or “good post,” and responses that are off-topic will not count as substantive. Substantive responses should be at least 150 words.
I encourage you to incorporate the readings from the week (as applicable) into your responses.
Weekly Participation

Your initial responses to the mandatory DQ do not count toward participation and are graded separately.
In addition to the DQ responses, you must post at least one reply to peers (or me) on three separate days, for a total of three replies.
Participation posts do not require a scholarly source/citation (unless you cite someone else’s work).
Part of your weekly participation includes viewing the weekly announcement and attesting to watching it in the comments. These announcements are made to ensure you understand everything that is due during the week.
APA Format and Writing Quality

Familiarize yourself with APA format and practice using it correctly. It is used for most writing assignments for your degree. Visit the Writing Center in the Student Success Center, under the Resources tab in LoudCloud for APA paper templates, citation examples, tips, etc. Points will be deducted for poor use of APA format or absence of APA format (if required).
Cite all sources of information! When in doubt, cite the source. Paraphrasing also requires a citation.
I highly recommend using the APA Publication Manual, 6th edition.
Use of Direct Quotes

I discourage overutilization of direct quotes in DQs and assignments at the Masters’ level and deduct points accordingly.
As Masters’ level students, it is important that you be able to critically analyze and interpret information from journal articles and other resources. Simply restating someone else’s words does not demonstrate an understanding of the content or critical analysis of the content.
It is best to paraphrase content and cite your source.
LopesWrite Policy

For assignments that need to be submitted to LopesWrite, please be sure you have received your report and Similarity Index (SI) percentage BEFORE you do a “final submit” to me.
Once you have received your report, please review it. This report will show you grammatical, punctuation, and spelling errors that can easily be fixed. Take the extra few minutes to review instead of getting counted off for these mistakes.
Review your similarities. Did you forget to cite something? Did you not paraphrase well enough? Is your paper made up of someone else’s thoughts more than your own?
Visit the Writing Center in the Student Success Center, under the Resources tab in LoudCloud for tips on improving your paper and SI score.
Late Policy

The university’s policy on late assignments is 10% penalty PER DAY LATE. This also applies to late DQ replies.
Please communicate with me if you anticipate having to submit an assignment late. I am happy to be flexible, with advance notice. We may be able to work out an extension based on extenuating circumstances.
If you do not communicate with me before submitting an assignment late, the GCU late policy will be in effect.
I do not accept assignments that are two or more weeks late unless we have worked out an extension.
As per policy, no assignments are accepted after the last day of class. Any assignment submitted after midnight on the last day of class will not be accepted for grading.
Communication

Communication is so very important. There are multiple ways to communicate with me:
Questions to Instructor Forum: This is a great place to ask course content or assignment questions. If you have a question, there is a good chance one of your peers does as well. This is a public forum for the class.
Individual Forum: This is a private forum to ask me questions or send me messages. This will be checked at least once every 24 hours.

Health Care Reimbursement Training Plan – Rubric

Training Summary and Focus

Criteria Description

Training Summary and Focus

5. Target

15 points

The training summary and central focus are detailed and comprehensive.

4. Acceptable

13.8 points

The training summary and central focus are detailed.

3. Approaching

13.2 points

The training summary and central focus are adequate.

2. Insufficient

12 points

The training summary and central focus are incomplete.

1. Unsatisfactory

0 points

The training summary and central focus are insufficient or not provided.

Objectives

Criteria Description

Objectives

5. Target

15 points

The objectives are measurable, specific, and detailed.

4. Acceptable

13.8 points

The objectives are measurable and specific.

3. Approaching

13.2 points

The objectives are measurable.

2. Insufficient

12 points

The objectives are not clearly written or measurable.

1. Unsatisfactory

0 points

The objectives are not sufficiently written.

Training Outline

Criteria Description

Training Outline

5. Target

30 points

The training outline provides a detailed and comprehensive description of how Medicare, Medicaid, and private insurance reimburse health care organizations.

4. Acceptable

27.6 points

The training outline provides a detailed description of how Medicare, Medicaid, and private insurance reimburse health care organizations.

3. Approaching

26.4 points

The training outline provides a description of how Medicare, Medicaid, and private insurance reimburse health care organizations.

2. Insufficient

24 points

The training outline does not clearly describe how Medicare, Medicaid, and private insurance reimburse health care organizations.

1. Unsatisfactory

0 points

The training outline does not sufficiently describe how Medicare, Medicaid, and private insurance reimburse health care organizations.

Resources, Materials, Equipment, and Technology

Criteria Description

Resources, Materials, Equipment, and Technology

5. Target

7.5 points

Resources, materials, equipment, and technology are innovative and enhance the lesson.

4. Acceptable

6.9 points

Resources, materials, equipment, and technology are appropriate for the lesson.

3. Approaching

6.6 points

Resources, materials, equipment, and technology are included.

2. Insufficient

6 points

Resources, materials, equipment, and technology are not clearly described.

1. Unsatisfactory

0 points

Resources, materials, equipment, and technology are insufficient or are not described.

Mechanics of Writing (includes spelling, punctuation, grammar, and language use)

Criteria Description

Mechanics of Writing (includes spelling, punctuation, grammar, and language use)

5. Target

3.75 points

The writer is clearly in command of standard, written, academic English.

4. Acceptable

3.45 points

Prose is largely free of mechanical errors, although a few may be present. The writer uses a variety of effective sentence structures and figures of speech.

3. Approaching

3.3 points

Some mechanical errors or typos are present, but they are not overly distracting to the reader. Correct and varied sentence structure and audience-appropriate language are employed.

2. Insufficient

3 points

Frequent and repetitive mechanical errors distract the reader. Inconsistencies in language choice (register) or word choice are present. Sentence structure is correct but not varied.

1. Unsatisfactory

0 points

Surface errors are pervasive enough that they impede communication of meaning. Inappropriate word choice or sentence construction is employed.

Documentation of Sources

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