UMUC HMGT435 2021 October Complete Course Latest (Full)

HMGT435 Healthcare Economics

Week 1 Discussion

Respond to one question by this Saturday midnight and then respond to TWO of your classmates’ responses (in an area different than your initial response) by Tuesday midnight.  Please try not to replicate other’s responses and include the topic you are responding to at the beginning of your post.

1) Why is the demand for healthcare different than other economic goods?

2) Why is the supply of healthcare different than other economic goods?

3) Find a news story about microeconomics?   How do you know that it is about microeconomics?  Can you identify a microeconomic healthcare issue?

4) What is the marginal principal? Provide an example in healthcare.

5) What is the opportunity cost? Why is it important to health care economics?

6) Given the article and data tables on National Health care spending and forecast in this week’s reading, which components of health care do we spend the most dollars? And which area is the fastest growing segment?

7) Given the article and data tables on National Health care spending and forecast in this week’s reading, What is the major driver of health care spending by 2025?

 

HMGT435 Healthcare Economics

Week 2 Discussion

Respond to one question by this Saturday midnight and then respond to TWO of your classmates’ responses (in an area different than your initial response) by Tuesday midnight.  Please try not to replicate other’s responses and include the topic you are responding to at the beginning of your post.

What exactly is the law of demand? Why does the demand curve generally slope downward?

Explain the price elasticity of demand?  Why is this important when looking at the demand for health care?

What does it mean if a good has inelastic demand?  Provide an example of an inelastic good?

What factors lead to a shift in the demand curve for healthcare?

What do we mean when we say goods are substitutes? Provide an example related to health care.

What do we mean when we say goods are complements? Provide an example related to health care.

Economists agree that the healthcare market is characterized by “asymmetric information,” what does this mean exactly?

What does diminishing marginal utility mean?

Health care has both a consumption component and investment component? What is the investment component and can you provide an example?

 

 

 

 

HMGT435 Healthcare Economics

Week 3 Discussion

Respond to one question by this Saturday midnight and then respond to TWO of your classmates’ responses (in an area different than your initial response) by Tuesday midnight.  Please try not to replicate other’s responses and include the topic you are responding to at the beginning of your post.

What is the definition of moral hazard? How do insurance companies reduce its influence?

Discuss the impact of copays and deductibles on demand for health care services for insured individuals

Based on this week’s readings “Consumer Demand for Health Insurance,” what happens if the price of health insurance is too high and how sensitive are consumers to the price of health insurance?

What is adverse selection? How do insurance companies minimize its impact on premiums?

What is expected value? Using expected value to set premiums, what premium would someone who is risk adverse be willing to pay?

Identify at least three factors that impact the demand for health insurance?

What premium would a risk neutral person be willing to pay?

Why is health insurance linked to employment (e.g. group insurance) in the United States? Explain.

 

HMGT435 Healthcare Economics

Week 4 Discussion

Respond to one question by this Saturday midnight and then respond to TWO of your classmates’ responses (in an area different than your initial response) by Tuesday midnight.  Please try not to replicate other’s responses and include the topic you are responding to at the beginning of your post.

What are the characteristics of a perfectly competitive market?

What is the difference between variable and fixed costs, how do they change in short-run vs. long-run? Provide an example in healthcare.

What does increasing returns mean in the short-run? Provide an example of increasing returns?

From an economic perspective, at what point does a firm decide to shut-down? Explain.

When a market is perfectly competitive what does this imply about the supply curve and the price charged for a particular good?

What is the level of profits in the long-run in a perfectly competitive market? Explain why.

What is the difference between an economic and accounting profit?

What is the principle of diminishing marginal return?

 

 

 

 

 

HMGT435 Healthcare Economics

Week 5 Discussion

Respond to one question by this Saturday midnight and then respond to TWO of your classmates’ responses (in an area different than your initial response) by Tuesday midnight.  Please try not to replicate other’s responses and include the topic you are responding to at the beginning of your post.

In this week’s readings the Health Affairs article on Proposed Payer Mergers, what does the article say will happen to the commercial insurance market in insurers are allowed to merge?

What conditions must exist for a firm to be able to price discriminate?

What is the Herfindahl Index?

What factors allow a firm to have monopoly profits?

What are the pros and cons of merger activity? Why would the government want to prevent mergers?

What are the characteristics of monopolistic competition?

Why is understanding market structure important in health economics, what does it impact?

What is a Nash Equilibrium?

 

HMGT435 Healthcare Economics

Week 6 Discussion

Respond to one question by this Saturday midnight and then respond to TWO of your classmates’ responses (in an area different than your initial response) by Tuesday midnight.  Please try not to replicate other’s responses and include the topic you are responding to at the beginning of your post.

 1. What factors must exist for there to be an efficient market?

2.   What does it mean when there is market failure? Give an example of market failure in the healthcare market?

3.  What is the economic impact of government price controls? Provide an example of price controls in the healthcare area.

4.  What economic rationale supports the government provision of health insurance to the poor?

5.   What are the characteristics of a “public good”? Why is it difficult for a private company to provide a public good?

6. Do you think licensing of physicians increases quality of health care?

7. What is the impact of physician licensing on the quantity of physicians, does licensing increase or decrease the quantity?

8. What market failure does the regulation of nursing home quality issues address?

 

HMGT435 Healthcare Economics

Week 7 Discussion

Respond to one question by this Saturday midnight and then respond to TWO of your classmates’ responses (in an area different than your initial response) by Tuesday midnight.  Please try not to replicate other’s responses and include the topic you are responding to at the beginning of your post.

What kinds of treatments will comparative effectiveness research compare?

Should comparative effectiveness research include measures of cost?

What are the concerns if comparative effectiveness findings are used to make coverage decisions?

Will comparative effectiveness research save money for the health care system?

Identify and discuss a method for determining benefits under a cost-benefit analysis.

What are the pros and cons of using clinical trials in comparative effectiveness research?

What are the pros and cons of using medical claims data in comparative effectiveness research?

 

HMGT435 Healthcare Economics

Week 8 Discussion

Respond to one question by this Saturday midnight and then respond to TWO of your classmates’ responses (in an area different than your initial response) by Tuesday midnight.  Please try not to replicate other’s responses and include the topic you are responding to at the beginning of your post.

Identify one area in which ACA addresses market failures in the private insurance market, discuss how it works.

Why does ACA require individuals to purchase health insurance?

 Why do smaller firms face higher premiums than larger firms? What does ACA do to address this issue?

How does ACA help low income individuals purchase insurance?

What economic issues do the private health insurance exchanges address?

 

HMGT435 Healthcare Economics

Assignment 1

Applying Economic Concepts Relevant To Health Care Spending

As you learned in Week 1, health care spending is growing faster than overall growth in the economy (as measured by GDP) and by 2026 is expected to consume 20 percent of GDP.  In Week 2, the article by Hartman (et. al.) states that “the trade-offs required to finance health care spending have become increasingly challenging for both private and public payers.”

Given what you have learned from the course material in Week 1 and 2, discuss these trade-offs and how to evaluate them from an economic perspective.

Specifically, do the following:

From an economic perspective, explain why health care spending cannot grow greater than overall growth in the economy for an extended period of time without adverse consequences.

Identify what economic constraints overall and in the healthcare industry will occur if this happens.

Identify TWO Economic concepts that can be used to evaluate the trade-off between health care and other economic goods and services. In doing this:

Define the economic concept completely

Apply the economic concept to the current issue of rising health care spending and trade-offs

Evaluate the unique characteristics in health care that complicate this analysis.

This briefing report should be at least four double-spaced pages. Reference and cover pages are not part of the page count.  In writing your report, you should rely largely on reference material in the course readings and summary slides in Week 1 and Week 2.

 

HMGT435 Healthcare Economics

Assignment 2

Economic Analysis of the Demand for a Product/Service in Healthcare Sector

You just started working as a Health Service Manager within one of the following health care industries.  First choose an industry below to discuss the questions that follow:

Ambulatory Surgery Center

Pharmacy

Physician’s Office

Cosmetic Surgery Center

Laser Eye Center

Dental Office

Your manager has asked you to write a report detailing how the demand for your product(s) is impacted by various economic factors.  In writing your report, be sure to clearly identify the health care entity you chose above. In order for your manager to easily review your report, 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.

Evaluate the demand curve for your product and relationship between the price of your service/product and the quantity demanded.

In this evaluation, be sure to identify:

Whether demand is sensitive (e.g. elastic) or less sensitive (e.g. inelastic) to changes in the price and

Evaluate why this relationship might occur.

Include a discussion of how the existence of health insurance would impact the elasticity of demand.

Define “substitute” goods and identify potential substitutes for your product/service. Evaluate how does the existence of a substitute impact the demand for your product/service.

Define “complement” goods and identify potential complements for your product/service. Evaluate how does the existence of complement goods impact the demand for your product/service.

Identify and discuss the economic factors that might lead to a shift in the demand curve for your product/service?

 

HMGT435 Healthcare Economics

Assignment 3

Economic Analysis of Supply and Market Structure of Healthcare Industry

You just started working as a Health Service Manager for a health care company within an industry below.  First choose an industry below to discuss the questions that follow:

Pharmaceutical (generic drugs)

Pharmaceutical (patented drug)

Any physician specialty (e.g. cardiology, ophthalmology, etc.)

Hospital (National Network)

Small rural hospital

Your manager has asked you to write a report detailing the factors impacting the supply of your product or services and how the market structure of your impacts the quantity supplied and the pricing of your product or service. 

Answer the first four questions (and Q6) below relying primarily on the course readings and other resource material presented in this class. You can use external UMGC library resources to research Q5  below in order to research government regulations impacting your industry.  Cite and refer all resources used whether internal or external.

Describe the product or service you supply to your patients.

Identify the market structure of your industry and the analyze the key characteristics of your industry that lead to your identification of this market structure.

Given this market structure, evaluate how prices charged for your services/products are determined.

Evaluate how does the existence of private and public insurance influence the revenues you receive for this service/product.

Given the government regulations impacting the health industry that have been discussed in this class, identify and discuss a government regulation that has been implemented in this industry.

Identify a market failure(s) discussed in class that the government regulation attempted to address.

In writing your report be sure to identify the health care entity you chose above. In order for your manager to easily review your report, please include section headers to correspond to the questions below. The report should be at least 4 double-spaced pages (excluding the cover and reference pages).

 

 

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