NURS 6211 – Relationship between healthcare reimbursement and Economics

Walden University NURS 6211 – Relationship between healthcare reimbursement and Economics

NURS 6211: Finance and Economics in Healthcare Delivery | Week 3
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NURS 6211: Finance and Economics in Healthcare Delivery
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Week 3: The Relationship Between Healthcare Reimbursement and Economics
Patients and the healthcare organizations caring for them share an obvious concern: the immediate care of the patient and treatment of the health issue. Beyond this, there are other similarly shared concerns, namely the scarcity of healthcare resources and the payment for health services rendered. NURS 6211 – Relationship between healthcare reimbursement and Economics

From both the patient and provider perspectives, economics plays a central role in these concerns. Economics is the study of how people, organizations, societies, and nations deal with scarcity and pay for resources. By studying economics, we can learn how such factors as supply and demand impact price and how all of these factors impact costs, payment and reimbursement, and organizational success. NURS 6211 – Relationship between healthcare reimbursement and Economics

This week, you will analyze current prevalent healthcare financial concerns faced by patients and healthcare providers. You will also consider economic fundamentals and relate current healthcare concerns to these fundamentals to analyze the impact of economic conditions on patients and the healthcare organizations providing for their care.

Learning Objectives
Students will:

Evaluate healthcare financing concerns
Analyze the economic forces that impact operations of healthcare organizations
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Discussion: 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. NURS 6211 – Relationship between healthcare reimbursement and Economics

Photo Credit: Getty Images/Cultura RF

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.
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.” NURS 6211 – Relationship between healthcare reimbursement and Economics
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 NURS 6211 – Relationship between healthcare reimbursement and Economics