Understanding the Impact of Economics on Healthcare Systems

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Southern New Hampshire University *

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620

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Economics

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Nov 24, 2024

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docx

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Reflection Journal LaAshlee N. Valentin Southern New Hampshire University IHP 620 Professor Ondo July 21, 2024

The relationship between economics, legislative changes, and policies are important to the overall delivery of healthcare systems because their application can ensure funding is readily available, increase accessibility, increase services/treatments that are provided, and short-term and long-term decision-making is informed. If the overall economy is doing poorly, as within any other industry funding may become scarce, services may be suspended or terminated, and demand may decline due to individuals not being able to afford care or items associated with care such as co-pays. Economic principles also address healthcare issues such as scarcity, choice, efficiency, and supply and demand (Henderson, 2018). Although they can be beneficial, they have the potential to adversely impact healthcare by shifting the focus toward cost effective strategies which can result in limiting or denying costly services (Parkin, 2017). Legislative and policy changes can increase accessibility and mitigate healthcare attainment barriers as is seen with the Affordable Care Act (ACA) (AMA, 2024). They can also have negative implications, especially amongst non-profits such as deterring donors by reducing tax incentives or implementing increased oversight pertaining to donations (Ehrenfried, 2022). Steps I can take to become active in shaping economic legislation or policies that impact the healthcare industry closely following and researching upcoming and newly enacted legislation or policies, getting know my local politicians and gaining a better understanding of their platforms pertains to various public health issues we have here in Georgia, collaborate with individuals and organizations whom I issues of interest with to mobilize and advocate for the necessary policies, and becoming a more informed voter to rally behind candidates who are willing to initiative positive change regarding health care accessibility, improving health equity, and optimizing care for all. Economics will inform the decision making in my future position as

a public health educator because the funding and resources at my disposal, and the number of individuals I can reach will influence me to examine everything from a financial lens and be mindful that implementations and resources created are cost effective, efficient, and beneficial, therefore I will need to implement evaluation methods early on to ensure that the decisions align with the goals. What I thought I knew about the economics of healthcare was that there are always government funds available to keep facilities operational, that physicians and care providers maintained ethical practices, and remained patient centered. I had no idea that government insurers like Medicaid and Medicare paid so little questionable practices such as cost shifting and cream skimming, were at times needed to keep facilities in business. What I learned in this course that I identify as being significant to my professional life is the effect marketing has on market behavior. Each time I composed a mock implementation for a course, I always recommended using television or social media to increase awareness because that is where most of the population goes to gather information. I learned that healthcare focused marketing encourages providers to educate themselves on the latest technology, medication, etc., but it also facilitates conversation between patient and provider, giving them the opportunity to be transparent and present that they truly want the best for those they care for.

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References American Medical Association. (2024). Understanding the affordable care act . American Medical Association. https://www.ama-assn.org/health-care-advocacy/access-care/understanding- affordable-care-act#:~:text=The%20Affordable%20Care%20Act%20(ACA,to %20the%20health%20insurance%20market . Ehrenfried, S. (2022, July 22). Legislative roundup – key legislation before Congress impacting the nonprofit sector: Giving USA . Giving USA | A public service initiative of the Giving Institute. https://givingusa.org/legislative-roundup-key- legislation-before-congress-impacting-the-nonprofit-sector/ Henderson, J.W. (2018). Health Economics and Policy (7th ed.). Cengage Learning Inc. Parkin, D. (2017). Principles of Health Economics including: The notions of scarcity, supply and demand, distinctions between need and demand, opportunity cost, discounting, time horizons, margins, efficiency and equity. Principles of health economics including: the notions of scarcity, supply and demand, distinctions between need and demand, opportunity cost, discounting, time horizons, margins, efficiency and equity | Health Knowledge. https://www.healthknowledge.org.uk/public-health-textbook/medical-sociology- policy-economics/4d-health-economics/principles-he

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