History and Evolution of Health Care Economics Essay

History and Evolution of Health Care Economics University of Phoenix History and Evolution of Health Care Economics Health care economics have drastically changed over the course of history in the United States. While some can contribute these changes due to the evolutionary changes the US has undergone since her inception, the major contributing factors that influence the changes in health care economics are advances in technology and medical care. By understanding the history of health care economics, and identify the flow of funds system, financial managers are able to be more adequately prepared for the future. It is essential to remember that the driving force behind health care economics is money, and it plays an†¦show more content†¦Another contributing factor to this rise is due to changes in supply and demand. In Melcher’s article, she discusses how American’s in the past were more modest in terms of seeking medical care. With advances in medical technology, American’s are demanding more (in terms of medical services) while not wanting to pay more for tho se services. According to Melcher (2010), â€Å"In the U.S. today, about 17 percent of GDP goes towards health care; for countries with universal coverage, 10 percent is the norm† (para. 29). To decrease this percentage, Melcher identifies that the only possible solution is to decrease health care expenses, but this could lead to negative results (i.e. someone is not going to be given enough funds for medical services). This form of economics is called macroeconomics (while there are some note to microeconomics in terms of who pays for what in the health care industry), which is integral part to understand when working with health care economics. Essentially, funding is necessary to compete with the increase in demand for medical services (due to technological advances) and effective flow of funds is needed to maintain the health care industry. According to Merriam-Webster (2010), elasticity is defined as â€Å"the responsiveness of a dependent economic variableShow MoreRela tedHistory and Evolution of Health Care Economics Essay873 Words   |  4 PagesHistory and Evolution of Health Care Economics Lauren Michaud HCS/440 Eric Oestmann August 12,2012 History and Evolution of Health Care Economics Healthcare economics has drastically changed over the years. It makes up for one sixth of American budget (Johnson, 2009). Health care economics has drastically changed partly due to new advances in technology over the years. Money is the factor of health care economics. Money drives economics and makes up health care and how far it can go. 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