Health Care Market Paper

850 words - 4 pages

A Residential Managed care treatment facility is a community based residence facility designed to treat adolescents and individuals 18 years and older, displaying symptoms of mental illness and in need of a controlled living environment. Many of these types of facilities are overwhelmed, because of the bureaucracy they go through to run the facility, and the patients care is suffering because of it. This paper will examine the problems facing the Healthcare market.

Stakeholders in this market

The stakeholders in this market consists of community based individuals According to SAMHSA's National Mental Health (n.d.) such as consumers, family members, advocates, Federal ...view middle of the document...

Medi-Cal is the greatest resource the state run facilities have to keep the doors open, and if it is eliminated the facilities will no longer be able to keep the doors opened. The stakeholders, biggest challenge, and choice will be to convince the governor to re-examine his finance precedence, and offer a budget that is in the best interest of Californians in dire need of help from RTF’s.

Economic forces (supply, demand, government policy)
Affected by the health care market

“Government policy-makers use health technology assessments, which are based largely on economic evaluations, to shed light on the economic implications of new interventions”
(Philip Jacobs, PhD John Rapoport, PhD, 2002, p. 374). When the government does not intervene in the healthcare industry and prevent prices from skyrocketing instead of adjusting naturally to the supply and demand of the business, it can have an adverse effect. Introduction of the Healthcare Reform bill and implementing a government policy to stabilize a failing economic healthcare industry was a great idea, contrary to the pessimist’s beliefs.

Are the pricing decisions for this market elastic or inelastic and how does that affect the decisions
According to Business Dictionary (2010), elastic demand is defined as: increases or decreases (stretches or contracts) as the price of an item goes down or up, and inelastic demand is where the demand for a product does not increase or decrease correspondingly with a fall or rise in its price (Business Dictionary, 2010). If health care professionals provide what they judge that the patient "needs" regardless of cost, and if the patient is unable to object or is fully insured or both, then demand...

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