Current Trends in Healthcare

Question 1

Name the three things economic is a study of

Answer 1

how goods and services are distributed

how many types of services and goods are produced & consumed

Question 2

typical economic market how is price set?

Answer 2

supply and demand and the value the consumer attaches to it

Question 3

in healthcare how is price set?

Answer 3

by third party, not the person consuming it therefore payment is NOT generally tied to value being delivered

Question 4

in a typical economic market, the price a buyer is willing to pay is determined by _____

Answer 4

value

Question 5

the national economy influences quality of life through what?

Answer 5

macroeconomic policies

• monetary policy influencing the supply of money and the interest rate
• fiscal policy influencing taxes and government spending

Question 6

name all the parts of this equation

GDP = C + I + G + (X-M)

Answer 6

GDP = consumption + investment + government spending + (exports - imports)

Question 7

_____ is the monetary measure of the value of all final goods and services produced in a period

Answer 7

GDP

Question 8

analysis of the effects of macroeconomic policies on individual industries like healthcare or hospitals

Answer 8

microeconomics

Question 9

helps predict how markets will respond to macroeconomic policy and other influences

Answer 9

microeconomics

Question 10

micro vs. macroeconomics

Answer 10

micro: individual industries
macro: national economy influences

Question 11

the value or cost of choosing one product over another

Answer 11

opportunity cost

Question 12

measure of satisfaction an individual gets from the consumption of comodity

Answer 12

utility

Question 13

the ability of a seller to make the good or service more efficiently than another; can lead to specialization

Answer 13

comparative advantage

Question 14

too many demands (wants) with limited supply

Answer 14

scarcity

Question 15

the gains and losses of production of any goods is called what

Answer 15

economic cost

Question 16

what is something you want to keep in mind if you want to operate at a positive economic cost?

Answer 16

opportunity cost: value of choosing one product over another (surgery vs. opioid)

Question 17

______ _______ gives the ability for a seller to have less cost in production

Answer 17

comparative advantage

Question 18

what is a good example of comparative advantage

Answer 18

technology: minimally invasive surgeries being less expensive.

Question 19

availability of a good or service in a given economy is what

Answer 19

supply

Question 20

needs and wants for a good or service in a given economy is what

Answer 20

demand

Question 21

where supply meets demand is what? what does this have to with price in a perfect market

Answer 21

break even point: this is where the price will be set

Question 22

in a perfect market there is a shift in ____ or ____ to change the price

Answer 22

supply or demand

Question 23

healthcare scarcity is geographical and related to what?

Answer 23

uneven allocation of resources (insurance)

Question 24

policies made on the macro or micro economic level are made to resolve scarcity issues in healthcare

Answer 24

macro

Question 25

explain healthcare scarcity in the middle of a city

Answer 25

rural areas will have high demand and not enough supply

Question 26

having more supply than demand

Answer 26

surplus (can be customer or producer surplus)

Question 27

______ relationships involve consumers, producers, and payers and a subject is not evaluated in isolation

Answer 27

economic relationships

Question 28

price has less influence on demand in healthcare, why?

Answer 28

the relationship btwn the buyer and seller is indirect

Question 29

why is value based care in healthcare not the way price is set?

Answer 29

it is difficult for the consumer to judge the technical quality of the goods and services they recieve

Question 30

true or false: in healthcare payment is generally tied to the value of the product being delivered

Answer 30

false! third party payers (insurance) so consumers don't really get to weigh in on the value of it

Question 31

two things that are characteristics of demand in healthcare

Answer 31

irregular modulated by type of health insurance or lack there of

Question 32

``` price time income quality health status education age insurance ``` are all factors of what

Answer 32

factors affecting demand

Question 33

supply in healthcare has what kind of services? We know it is variable depending on insurance coverage, geographical area etc, but as far as reaching the customer

Answer 33

direct and indirect services direct: doctors, hospitals indirect: pharmaceuticals, electricity for operations etc/

Question 34

value = ________/ _______

Answer 34

value = outcomes/cost

Question 35

value is measured how?

Answer 35

outcomes achieved rather than the volume of services; this is the shift towards value based services.

Question 36

economic evaluation method that measures the cost of a program or intervention and its effectiveness

Answer 36

cost effective analysis

Question 37

CEA stands for what?

Answer 37

cost effective analysis

Question 38

trend of opioids sold

Answer 38

still increasing although no change in the amount of pain americans report

Question 39

the greatest indirect costs of opioid crisis

Answer 39

lost earnings and productivity from overdose death

Question 40

overdose related healthcare costs since 2014

Answer 40

risen because medicare expanded. So deaths are less but costs are more

Question 41

which direction is the cost of the opioid epidemic strending

Answer 41

up! still on the rise!

Question 42

cost of the opioid epidemic places the largest burden on what kind of plans

Answer 42

individual private sectors: younger population

Question 43

in general, the demand for PT is going which direction?

Answer 43

up

Question 44

medical tourisms on the rise or fall?

Answer 44

rise: effectiveness and value of other countries is greater than USA

Question 45

is telehealth on the rise or fall?

Answer 45

rise! 51% of respondents identified telemedicine as a top priority at their organization

Question 46

telehealth related to supply or demand?

Answer 46

both!

Question 47

is telehealth reimbursable for PT?

Answer 47

no!

Question 48

for healthcare in general is reimbursement for telehealth inclining or declining?

Answer 48

inclining 33% growth in medicare claims 28% increase in medicare payments

Question 49

where is competition for medical supplies coming from

Answer 49

amazon

Question 50

we're trying to decrease the growth rate of spending, is it working?

Answer 50

no there is a predicted 5.4% growth rate on how much we're spending

Question 51

direct reimbursement pressure is referring to what

Answer 51

high deductible plans: giving more of the cost to employer and the actual consumer

Question 52

OP volumes increasing or decreasing?

Answer 52

increasing! Overall the growth factor is much higher in OP than IP

Question 53

inpatient volumes toward what pt population?

Answer 53

neurosurgery

Question 54

what kind of inpatient services are decreasing drastically?

Answer 54

cardiac!

Question 55

orthopedic services are shifting IP or OP?

Answer 55

OP

Question 56

what is happening to SNF and inpatient rehab setings?

Answer 56

decreasing, everything is shifting to OP

Question 57

technology trend

Answer 57

increasing duh

Question 58

retail clinic trending?

Answer 58

upwards!

Question 59

emergency care trend?

Answer 59

out of ED and into minute clinic/urgent care center

Question 60

urgent care is now being used more as what kind of care?

Answer 60

primary care than primary care physicians

Question 61

employer based insurance programs, what shift is happening here and what is the cost to the consumer?

Answer 61

high deductible plans this really shifts the cost to the employees/customer rather than the insurance

Question 62

what happened with premiums and deductibles?

Answer 62

lower premiums (paying for plan) higher deductibles

Question 63

employers continue to offer what kind of plans?

Answer 63

high deductible health plans (HDHP)

Question 64

increase or decrease in the demand for healthcare?

Answer 64

increase due to baby boomers BUT decrease due to large out of pocket expenses leading to deferral of care across services

Question 65

explain seasonality shift

Answer 65

reaching OOP maximums at end of year

Question 66

Trend in collections

Answer 66

reduced because of pts inability to pay OOP

Question 67

increase or decrease of shopping around by patients

Answer 67

increase! price comparisons, shifting preferences to lower priced providers etc. patients get better value in OP (hospitals have a ton of overhead)

Question 68

network plans are expanding or narrowing?

Answer 68

narrowing! only able to go to certain facilities (consumers can also vy for being reimbursed for where they would like to go; out of network authorizations can happen but it takes a lot of leg work)