Economics for Healthcare Managers, Third Edition
3rd Edition
ISBN: 9781567936766
Author: Robert H. Lee
Publisher: Health Administration Press
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Chapter 9 Solutions
Economics for Healthcare Managers, Third Edition
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- Demand studies in health care have provided estimates of both income and price elasticity. Estimates of income elasticity are usually above +1.0. Estimates of price elasticity typically range between -0.1 and -.75 (with hospital services at the lower end and elective services at the upper end). What information do these estimates convey? What does the price elasticity of demand estimates imply for government policymakers, insurance companies, and medical providers' decisions? What does the income elasticity of demand estimates imply for government policymakers, insurance companies, and medical providers' decisions?arrow_forwardWhat effects would joining a MCO have on your clinic regarding staffing, patient volume, and financial stability?What policies and procedures should be used by the MCOs to reduce costs for their clientele?arrow_forwardSuppose that a study finds that the price elasticity of demand for MRI's is 0.3 (in absolute value). If the price of care were to ___ by 3%, we would expect the quantity of preventative care consumed to fall by ____%. Suppose that a study finds that the price elasticity of demand for MRI's is 0.3 (in absolute value). If the price of care were to ___ by 3%, we would expect the quantity of preventative care consumed to fall by ____%. a. fall; 0.3% b. rise; 0.9% c. rise; 0.3% d. fall; 0.9%arrow_forward
- Define the roles of the Chief Information Officer (CIO) and Chief Technology Officer (CTO) in health-care businesses. Make one (1) suggestion on how they can apply their knowledge to improve employee and patient satisfaction. Provide examples of such expertise in action to back up your claim.arrow_forwardSuppose the income elasticity of demand for health care insurence is 0.3. If the level of income decreasesd by 1 percent , The demand for health insurence will 1.rise By.29 percent 2.rise by 0.3 percent 3.Fall by .29 percentarrow_forwardHow do economic evaluations in Healthcare inform policy and other decision makersarrow_forward
- What does price elasticity of demand mean for insurance companies and medical providers for making a decision?arrow_forwardAssume a consumer's demand for a medical service is as follows: Q = 100 - Pp where Pp is the out-of-pocket price she actually faces. She is considering four different insurance options: uninsurance, full insurance, a 50% coinsurance plan, and a copayment plan with a $25 copay. Assume this service has a list price of PL = $70. Calculate Q under each insurance plan. Please fill in the final answer without showing the middle steps (a number only, without any extra space, symbol, word, etc.) If the customer is uninsured, Q= • If the customer is fully insured, Q= • If the customer has a 50% coinsurance plan, Q= • If the customer has the copayment plan, Q=arrow_forwardPlease no written by hand and no image How do you do this in excel? Suppose you are collecting data from a country like Japan where the government sets the price of health care. Each prefecture in Japan has a different set of prices (for example, Tokyo has higher prices than rural Hokkaido). Data for 1999 is displayed in Table 2.12. Table 2.12. Outpatient utilization in Tokyo and Hokkaido, 1999. RegionOut patient visitsPrice/visitsTokyo1.25/months20Hokkaido1.5/months10 A) What is the arc price elastic of demand for health care consumers in Japan (using only this data)? B) Suppose that incomes are generally much higher in Tokyo than Hokkaido. Is your answer to the last question an overestimate or underestimate of price elasticity? Justify your answer. [Hint: It may be helpful to plot the data points from Table 2.12 and consider likely demand curves for Tokyo and Hokkaido.] C) Using your estimated elasticity, what would the demand for health care be if the price in Tokyo were raised to…arrow_forward
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