Explain how economic principles can be applied to the issue

Reference no: EM133466303

Assignment: Applying Economic Principles & Tools to a Health Care Issue

Consider the health care issue that you identified in the activity and address each of the following in a 3 to 4 pages Word document:

Question A. Explain how economic principles can be applied to this issue to effectively guide decision making.

Question B. Demonstrate how supply and demand curves are used to accurately assess the issue.

Question C. Analyze how the cost curve can be used to assess the issue. Provide an example.

Question D. Compare capitation, fee for service, and pay-for-performance financing payment models to accurately reveal their similarities and differences.

Activity: Aging Population

The world's older population continues to rise at an extraordinary rate. Reports show that by 2030, one in six people in the globe will be sixty years or above. At this time, this population will increase to 1.4 billion. Similarly, the overall population of individuals aged sixty years and older will reach 2.1 billion by 2050 (World Health Organization, 2022). Further, the population of individuals aged eighty years and more senior is more likely to reach over 420 million by 2050. Biologically, aging occurs due to the accumulation of cellular and molecular damage. This leads to a gradual reduction in mental and physical abilities, increased risk of diseases, and death. Several factors have contributed to the increasing aging population. These include increasing longevity, declining fertility, and internal migration. The aging population is driving change in healthcare. Due to the increasing population, a staffing shortage is expected globally. Also, there will be an increased demand for healthcare services, including in-home care, hospice care, palliative care, and nursing homes. Furthermore, population aging will increase healthcare costs due to the increased use of age-related treatments and procedures. Lastly, with the increasing aging population, certain healthcare conditions are expected to challenge the healthcare system. These include dementia, diabetes, chronic obstructive pulmonary disease, arthritis, and cancer. Reports have shown that over sixty percent of older adults will have more than one chronic illness by 2030 (Garza, 2016). Managing these conditions will increase the cost of healthcare, considering the increased physician visits and many hospital admissions among older adults.

References

Garza, A. (2016). The Aging Population: The Increasing Effects on Health Care. Pharmacy Times.

World Health Organization. (2022). Ageing and health. World Health Organization.

Reference no: EM133466303

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