health economics

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Health Economics Institution Student Introduction Health economics is a unique branch of economics that applies the fundamental principle of demand and supply sparingly. A patient or government cannot value the healthcare service provided by a doctor or nurse, just because it’s a field that requires specialization. Only another doctor can judge the medication to be either appropriate or insignificant. Part A The key players in the healthcare industry include patients, providers, payers, vendors, and government. Patients are the demanders of the healthcare service. The patient is the sick person who seeks medical attention. Illness creates employment for doctors, nurses, pharmacists and vendors. Healthcare industry is crucial in every economy because it gives the sick an opportunity to be relieved their pain. This consequently results in prolonged lifespan in cases where death would have terminated one’s life. Providers are players who stand between the patient and the payer. Providers of healthcare services include the doctors, institutions, nurses, and other medical specialists. Hospitals are classified as profit-making (21 percent of all hospitals in the USA), non-profit hospices (58%) and government healthcare institutions (21%). The providers fall under small group or individual practitioners. Health specialists assess, evaluate and test according to his knowledge in the field. There are various experts in the medical sector (Muller et al., 2006). Some may only deal with teeth and nothing else, that is, dentists. Payers include insurance companies in which the patients have taken cover under, employers, government, family relative(s) and the

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