Economic Concepts in The Healthcare

Economic Concepts in The Healthcare

 

FM004: Economic Concepts in the Healthcare Industry: Apply key economic concepts and theories in the healthcare context. Assessment Rubric Rubric Criteria Needs Improvement Meets Expectations Exceeds Expectations Leadership Orientation Pamphlet on Healthcare Financial Management Learning Objective 1.1: Define healthcare economic concepts. Pamphlet does not define, unclearly or inaccurately defines the following healthcare economic concepts: • Cost benefit analysis • Cost effectiveness • Quality-adjusted life year • Value of life (payments) Pamphlet does not include references to academic/professional resources and examples to demonstrate the application of the concepts, or the resources and examples are not relevant. Learning Objective 1.2: Explain the importance of economic concepts to healthcare administrators in relation to © 2021 Walden University Pamphlet does not explain or unclearly or inaccurately explains the importance of economic concepts to healthcare administrators in relation to healthcare spending and healthcare economic policies to control spending. Pamphlet clearly and accurately defines the following healthcare economic concepts: • Cost benefit analysis • Cost effectiveness • Quality-adjusted life year • Value of life (payments) Pamphlet includes references to academic/professional resources and examples to demonstrate the application of the concepts. Pamphlet clearly and accurately explains the importance of economic concepts to healthcare administrators in relation to healthcare spending and healthcare economic policies to control spending. Pamphlet demonstrates the same level of achievement as “Meets,” plus the following: Pamphlet provides at least one specific example of how each of these concepts apply to their specific healthcare setting or one in which they are familiar. Pamphlet demonstrates the same level of achievement as “Meets,” plus the following: Pamphlet provides specific examples of how healthcare administrators 1 Rubric Criteria healthcare spending and healthcare economic policies to control spending. Learning Objective 1.3: Describe the role of supply and demand in healthcare. Needs Improvement Meets Expectations Pamphlet does not include references to academic/professional resources, or the resources are not relevant. Pamphlet includes references to relevant academic/professional resources. Pamphlet does not describe, unclearly or inaccurately describes the role of supply and demand in healthcare and its usefulness as a tool for the healthcare administrator. Pamphlet clearly and accurately describes the role of supply and demand in healthcare and its usefulness as a tool for the healthcare administrator. Or pamphlet does not include the demonstration of supply and demand in healthcare through the use of at least one example of goods, services, and labor markets. Pamphlet does not include references to academic/professional resources, or the resources are not relevant. Learning Objective 1.4: Describe the relationship between income © 2021 Walden University Exceeds Expectations apply economic concepts and policies to control healthcare spending. Pamphlet demonstrates the same level of achievement as “Meets,” plus the following: Pamphlet includes the demonstration of supply Pamphlet includes the and demand in healthcare through the use of more demonstration of supply and demand in healthcare through than one example of the use of at least one goods, services, and labor example of goods, services, markets. and labor markets. Pamphlet includes references to relevant academic/professional resources. Pamphlet does not describe, or Pamphlet clearly and unclearly or inaccurately describes accurately describes the the relationship between income and relationship between income healthcare utilization and the impact and healthcare utilization and of price subsidies that Medicaid the impact of price subsidies provides to increase service that Medicaid provides to increase service utilization Pamphlet demonstrates the same level of achievement as “Meets,” plus the following: Pamphlet includes a specific example to 2 Rubric Criteria and healthcare utilization. Learning Objective 1.5: Describe how the Patient Protection and Affordable Care Act (PPACA) has impacted healthcare coverage. © 2021 Walden University Needs Improvement utilization among low-income populations. Meets Expectations among low-income populations. Pamphlet does not include references to academic/professional resources, or the resources are not relevant. Pamphlet does not explain, unclearly or inaccurately explains how the PPACA has impacted the following aspects of healthcare coverage: • Economics, • Supply and demand, and • Cost to individuals. Pamphlet includes references to relevant academic/professional resources. Pamphlet clearly and accurately explains how the PPACA has impacted the following aspects of healthcare coverage: • Economics, • Supply and demand, and • Cost to individuals. Pamphlet does not include references to academic/professional resources, or the resources are not relevant. Pamphlet includes references to relevant academic/professional resources. Exceeds Expectations illustrate the relationship between healthcare utilization and low-income populations and the impact of this relationship on the delivery of care. Pamphlet demonstrates the same level of achievement as “Meets,” plus the following: Pamphlet includes a specific example to illustrate how PPACA impacts economics, supply and demand, and cost to healthcare organizations as well individuals. 3 Overview This Assessment requires submission of one (1) document. Save the file as FM004_firstinitial_lastname (for example, FM004_J_Smith). Instructions You are presenting a leadership orientation on the topic of economics looking through the lens of healthcare. To begin the Assessment, create a pamphlet describing the following concepts to which members of leadership can refer after the presentation. Be sure when addressing each of the items below to include references and examples to help demonstrate the concepts: 1. Explain the definition of each of the concepts for Healthcare Economics: cost benefit analysis; cost effectiveness; quality-adjusted life year; value of life (payments). 2. Explain why these economic concepts are important to healthcare administrators as it relates to healthcare spending and current healthcare economic policies to control spending. 3. Describe the role of supply and demand in healthcare as demonstrated through use of an example of good, services, and labor markets. Why would a supply and demand analysis be a useful tool as a healthcare administrator? 4. Medicaid provides price subsidies that increase service utilization among lowincome populations. Describe the relationship between income and healthcare utilization. 5. Describe how the PPACA (Patient Protection and Affordable Care Act) has impacted the economics, supply and demand, and the cost to individuals for healthcare coverage. 6. Describe an healthcare decision that was influenced by economics. Then explain the role economics had on the decision that was made. Finally, describe how economics impacted the delivery of healthcare due to the decision that was made.

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