FNU Week 8 Healthcare Regulation and its Costs Discussion Please reply to the professor 100 words one reference
As we continue talking about “Microeconomics in the Hospital Firm”.
Can you explain what is health care regulation and what are some of its cots?
Dr. De La Cruz
The professor’s question is in reference to this week discussion, see bellow
Define Microeconomics, and what has to do with nursing?
Microeconomics is a branch of economics that focuses on the study of the behavior of firms and individuals in decision making concerning the allocation of limited resources and the interactions among these firms and individuals. In nursing, firms make decisions such as cutting costs so that they make profits. Such decisions include cutting operation costs so that they make profits. Since the inception of Obamacare, the money that hospitals receive is significantly low hence making hospitals decide on which costs to cut (Center et al., 2017).
Provide a brief explanation of the Relationship of the Accounting Disciplines
Other disciplines that accounting is related to include mathematics, statistics, management, and also nursing. Accounting deals with numbers, and it relates to mathematics since they both involve computational mathematics. Accounting involves the interpretation of presentation of financial information through graphs and tables hence its relationship to statistics. Management refers to the administration of a business or an organization that involves the organization and control of business affairs (Patgar, 2020). Accounting is used in management to provide accounting information that aids in the process of decision making. Accounting is involved in nursing as money is involved in hospitals; hence the relationship between nursing and accounting.
Are hospitals competing on the basis of price, quality, or both? Explain
Hospitals compete based on both price and quality. Hospitals are organizations, and organizations run to make profits. Therefore, to attract the market, that is, people requiring health care, they reduce the prices to serve a larger market to make more profit. Reducing the prices sure attracts customers in any business concept, and this applies to the health care system as well. Based on quality, hospitals strive to provide the best quality to their patients to improve patient care and also attract more individuals requiring health care.
Center, H., Woods, C. A., Manchikanti, L., & Purdue Pharma, L. P. (2017). A critical analysis of Obamacare: Affordable care or insurance for many and coverage for few. Pain Physician, 20, 111-138.
Patgar, Y. (2020). Accounting Relationship with Other Disciplines. Retrieved from https://www.scribd.com/document/366804263/Accounting-Relationship-With-Other-Disciplines
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