Course Objectives for Assignment: Explain the basic terminologies of healthcare

Course Objectives for Assignment:
Explain the basic terminologies of healthcare economics and analyze how healthcare supply and healthcare demand work to construct a model of the fundamental economic factors that impact the delivery of healthcare.
Assess the key economic drivers that impact the delivery of healthcare in order to inform effective future decision-making.
Assume that you just started working as a Health Services Manager in a Company within one of the following healthcare industries. First, choose an industry below, then discuss the questions that follow based on your choice:
Ambulatory Surgery center
Pharmacy
Physician’s Office
Cosmetic Surgery Center
Laser Eye Center
Dental Office
My Topic is
Pharmacy
Your boss has asked you to write a Memo detailing how the demand for your product(s) is impacted by various economic factors. In writing your memo, be sure to include your name and in the subject line identify the healthcare entity you chose above. In order for your boss to easily review your memo, please include section headers to correspond to the questions below.
Answer the following questions relying primarily on the course readings and other resource material presented in this class (do not cite any other outside sources).
Describe a product or service your company provides to your patients
Describe the relationship between the price of your service/product and the quantity demanded of your service/product.
Identify whether demand is sensitive (e.g. elastic) or less sensitive (e.g. inelastic) to changes in the price
Provide the reasons why this relationship might occur.
Discuss how the existence of health insurance would impact the elasticity of demand for your service/product.
What are “substitute” goods?
What are potential substitutes for your product/service? How does the existence of a substitute impact the demand for your product/service?
What are “complement” goods?
What are potential complements for your product/service? How does the existence of “complement” goods impact the demand for your product/service?
What are the factors that might lead to a shift in the demand curve for your product/service?
Economics Theory through Applications – Supplemental Reading: A Helpful Course Resource
PPT- HMGT 435 Summary A Helpful Course Resource PPT