Economic Principles and Health Care

Paper Summary:

This paper contends that conventional economics cannot be applied to the modern day health care system because of the complexity of the payment system that has become so vast throughout time. The paper cites examples of this, and further offers solutions to this problem.

From the Paper:

"Within the health care payment system there are a wide variety of entities that are considered. Patients, providers, insurance companies, and governmental health insurance all play a significant role in the health care payment system. This complex system, therefore, would be difficult to generalize in economic terms because of the vastness of the elements that affect health care every day. William F. Jessee (2003) describes the health care payment system as "multiple combinations of co-payments and deductibles, multiple coverage policies, multiple billing requirements, multiple coding policies, and multiple fee schedules..." (p. 19). This description can be considered in terms of the patient first. Each patient arrives within the health care system with different financial circumstances. Some patients may have insurance through their employment, or HMOs, and PPOS. Other patients may have government health insurance, such as Medicaid, or Medicare."

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