Current Trends in Healthcare Flashcards
Name the three things economic is a study of
how goods and services are distributed
how many types of services and goods are produced & consumed
typical economic market how is price set?
supply and demand and the value the consumer attaches to it
in healthcare how is price set?
by third party, not the person consuming it therefore payment is NOT generally tied to value being delivered
in a typical economic market, the price a buyer is willing to pay is determined by _____
value
the national economy influences quality of life through what?
macroeconomic policies
- monetary policy influencing the supply of money and the interest rate
- fiscal policy influencing taxes and government spending
name all the parts of this equation
GDP = C + I + G + (X-M)
GDP = consumption + investment + government spending + (exports - imports)
_____ is the monetary measure of the value of all final goods and services produced in a period
GDP
analysis of the effects of macroeconomic policies on individual industries like healthcare or hospitals
microeconomics
helps predict how markets will respond to macroeconomic policy and other influences
microeconomics
micro vs. macroeconomics
micro: individual industries
macro: national economy influences
the value or cost of choosing one product over another
opportunity cost
measure of satisfaction an individual gets from the consumption of comodity
utility
the ability of a seller to make the good or service more efficiently than another; can lead to specialization
comparative advantage
too many demands (wants) with limited supply
scarcity
the gains and losses of production of any goods is called what
economic cost
what is something you want to keep in mind if you want to operate at a positive economic cost?
opportunity cost: value of choosing one product over another (surgery vs. opioid)
______ _______ gives the ability for a seller to have less cost in production
comparative advantage
what is a good example of comparative advantage
technology: minimally invasive surgeries being less expensive.
availability of a good or service in a given economy is what
supply
needs and wants for a good or service in a given economy is what
demand
where supply meets demand is what? what does this have to with price in a perfect market
break even point: this is where the price will be set
in a perfect market there is a shift in ____ or ____ to change the price
supply or demand
healthcare scarcity is geographical and related to what?
uneven allocation of resources (insurance)
policies made on the macro or micro economic level are made to resolve scarcity issues in healthcare
macro
explain healthcare scarcity in the middle of a city
rural areas will have high demand and not enough supply
having more supply than demand
surplus (can be customer or producer surplus)
______ relationships involve consumers, producers, and payers and a subject is not evaluated in isolation
economic relationships
price has less influence on demand in healthcare, why?
the relationship btwn the buyer and seller is indirect
why is value based care in healthcare not the way price is set?
it is difficult for the consumer to judge the technical quality of the goods and services they recieve
true or false: in healthcare payment is generally tied to the value of the product being delivered
false! third party payers (insurance) so consumers don’t really get to weigh in on the value of it
two things that are characteristics of demand in healthcare
irregular
modulated by type of health insurance or lack there of
price time income quality health status education age insurance
are all factors of what
factors affecting demand
supply in healthcare has what kind of services? We know it is variable depending on insurance coverage, geographical area etc, but as far as reaching the customer
direct and indirect services
direct: doctors, hospitals
indirect: pharmaceuticals, electricity for operations etc/
value = ________/ _______
value = outcomes/cost
value is measured how?
outcomes achieved rather than the volume of services; this is the shift towards value based services.
economic evaluation method that measures the cost of a program or intervention and its effectiveness
cost effective analysis
CEA stands for what?
cost effective analysis
trend of opioids sold
still increasing although no change in the amount of pain americans report
the greatest indirect costs of opioid crisis
lost earnings and productivity from overdose death
overdose related healthcare costs since 2014
risen because medicare expanded. So deaths are less but costs are more
which direction is the cost of the opioid epidemic strending
up! still on the rise!
cost of the opioid epidemic places the largest burden on what kind of plans
individual private sectors: younger population
in general, the demand for PT is going which direction?
up
medical tourisms on the rise or fall?
rise: effectiveness and value of other countries is greater than USA
is telehealth on the rise or fall?
rise! 51% of respondents identified telemedicine as a top priority at their organization
telehealth related to supply or demand?
both!
is telehealth reimbursable for PT?
no!
for healthcare in general is reimbursement for telehealth inclining or declining?
inclining
33% growth in medicare claims
28% increase in medicare payments
where is competition for medical supplies coming from
amazon
we’re trying to decrease the growth rate of spending, is it working?
no there is a predicted 5.4% growth rate on how much we’re spending
direct reimbursement pressure is referring to what
high deductible plans: giving more of the cost to employer and the actual consumer
OP volumes increasing or decreasing?
increasing! Overall the growth factor is much higher in OP than IP
inpatient volumes toward what pt population?
neurosurgery
what kind of inpatient services are decreasing drastically?
cardiac!
orthopedic services are shifting IP or OP?
OP
what is happening to SNF and inpatient rehab setings?
decreasing, everything is shifting to OP
technology trend
increasing duh
retail clinic trending?
upwards!
emergency care trend?
out of ED and into minute clinic/urgent care center
urgent care is now being used more as what kind of care?
primary care than primary care physicians
employer based insurance programs, what shift is happening here and what is the cost to the consumer?
high deductible plans
this really shifts the cost to the employees/customer rather than the insurance
what happened with premiums and deductibles?
lower premiums (paying for plan)
higher deductibles
employers continue to offer what kind of plans?
high deductible health plans (HDHP)
increase or decrease in the demand for healthcare?
increase due to baby boomers
BUT
decrease due to large out of pocket expenses leading to deferral of care across services
explain seasonality shift
reaching OOP maximums at end of year
Trend in collections
reduced because of pts inability to pay OOP
increase or decrease of shopping around by patients
increase! price comparisons, shifting preferences to lower priced providers etc. patients get better value in OP (hospitals have a ton of overhead)
network plans are expanding or narrowing?
narrowing! only able to go to certain facilities (consumers can also vy for being reimbursed for where they would like to go; out of network authorizations can happen but it takes a lot of leg work)
