What is health economics and how does it impact your practice? Identify issues you think are important related to health economics and/or financing in health care. The readings for this week suggests our health care system is a failure or at least is in need of major overhaul. Do you agree or disagree? Develop an argument supporting your stance. Use several economic concepts introduced in the readings to explain/support your argument. Address how the current state of economic affairs affects the role of the APN. Why is it important for APNs to have knowledge of health economics and finance? STUDENT 1 ANSWERS What is health economics and how does it impact your practice? Identify issues you think are important related to health economics and/or financing in health care. Health economics impact my daily practice as a primary care provider in the financing of the clinic. One of our major challenges we see are the uninsured. People who cannot afford to pay for their healthcare but also heath wise cannot afford to go without it. Health economics in the way of basic economics is cost, efficiency and resources (Henderson, 20012). Such as people who do not have insurance or a means to pay may forego visits with primary care providers due to finances but, may walk into the ER for minor complaints as they do not require monetary payment at time of service. The cost of this is much higher than preventative health in the long term, it is not as efficient as they may receive higher charges for immediately resulted tests and it uses up a valuable resource that is emergency medicine. The readings for this week suggests our health care system is a failure or at least is in need of major overhaul. Do you agree or disagree? Develop an argument supporting your stance. Use several economic concepts introduced in the readings to explain/support your argument. The current health care system is in need of a major overhaul. Just based on the basic cost, efficiency and resource concept it is a failure. The cost is high and the efficiency is low. There are resources but it is questionable if they are used properly or accessible. As discussed in Fineberg (2012), the estimated waste in the system is hundreds of billions of dollars. Those estimated wastes are broken down into separate failures of the system including inefficiencies in prevention, and services that were unnecessary among other things. Address how the current state of economic affairs affects the role of the APN. Why is it important for APNs to have knowledge of health economics and finance? As health care in this country moves forward they will be looking for economically sounds options. Advanced practice nurses (APNs) can help serve this role. Being aware of the cause and effects of health economics and finance is critical to fixing the issues at hand. There is a potential that educating themselves in the needs of the system, the parts that work and the parts that need improved can make APN’s strong provider in moving forward with heath care system changes. If as APN’s they show fiscal responsibility, efficacy, they will provide a resource that would be a viable solution to disparities in the current system. By taking professional responnabiliy Fineberg (2012), and making this a priority APN’s can lead by example in health economics. PLESE SAY SOMETHING ABOUT THIS POSTING 300 WORDS. yes, answer 2 questions and say somethnig about the 2 posting Health economics is how health care resources are used in a profitable way. According to Spetz (2014), “The discipline of economics involves the study of how resources are allocated” (p. 22). How does it impact practice? Henderson (2012) states “Even when the expected benefit of a procedure is small, in most cases it will be demanded, because the patient’s share of the cost is small” (p. 9). I see a lot of breast lumps in practice at the family planning clinic. The majority of my patients are in their 20’s, with no risk factors for breast cancer. If they have insurance, I order a mammogram and an ultrasound every time. If they do not have insurance, I try to get them to pay for an ultrasound or give them reassurance. Unfortunately, I am practicing defensive medicine in most of these cases (Henderson, 2012). What is important to economics and financing in healthcare? Centers of Medicare and Medicaid Services estimate by 2020 the gross domestic product for the medical expenses in the United States will be almost 20%. The United States spends more on healthcare than any other country in the world (Penner, 2013). Is our healthcare system a failure?We disagree, it has succeeded in making capital. Hospitals are making more money than ever. I have seen higher prices for ultrasounds and medications and it is frustrating.We do not agree with Squires (2012) about regulating pricing. I think you could put a cap on medication pricing. The National Institute of Health would still continue research to improve disease outcomes. You could put a cap on provider salaries. You would still find providers who want to take care of people and communities. I do understand that it is only part of the problem. There should be universal clinical practice guidelines to prevent some of the wasteful spending that Henderson (2012) mentions. The Patient Protection and Affordable Care Act (ACA) is not perfect by any means. It has done some good things. I get $50 dollars off of my insurance premium every month if I exercise for 30 minutes 3 times per week.We also get 1 preventative visit with my provider per year without a copay. My kids get all of their vaccine visits covered. After reading Fineburg (2012), I think the wellness points that we earn at work come from the ACA. Though it has several positive attributes, I feel ACA needs major reform. It has taken healthcare responsibility away from the patient. For example, the gentleman that was in the ICU for 3 months “$75 is a lot of money”