| Economic Term and Health Care History Essay
The knowledge of health care history and the timeline of health care funding are very important in the attempt to understand their evolution. Treatment of different diseases has changed drastically over the history. As doctors learned more about diseases, human body and effective treatments, the role of medicine and physicians has raised. Nowadays, health care economics and health care funding in the United States are the issues which are of the great concern of the public and the government. Health care economics helps individuals to act more efficiently and effectively.
The research has reported that in the past there were very few trained doctors in the colonized America. Due to the lack of knowledge of treatment, health care economics was not developed, and people were treated mainly by herbs and tonics. Patients preferred to be treated in their homes. Professional treatment was available only for wealthy people. In the early years of American colonization, treatment of different diseases mainly included purging, bleeding, and enemas (Marcelino, 2010). The evolution of health care economics was a historical process of development of medicine and discovery of different ways of treatments.
According to the available information, changes in the U.S. health care economics have taken place due to advances in technologies and medical assistance. Due to the rapid development and growth of the U.S. economics, technology, infrastructure, science and education, health care economics and the timeline of health care funding have improved greatly. The driving force of these changes is money, which were contributed to these systems. According to the economic approach to health care history, macro and microeconomic principles determine supply and demand, thus, influencing the prices and quantity of services.
In the past, the majority of population paid their medical bills from their own financial funds. Poor individuals had not opportunities to get highly professional treatment. The situation has drastically changed in the recent decades, when the government and business owners have established health care funds. Nowadays, insurance companies have substituted private people funds, which give the opportunity to receive free medical care and medicine. Price elasticity of demand plays an important role in prediction what may happen, when the prices will change.
The research asserts that in a single generation, health care economics and funding have changed from unorganized way of interactions between doctors and patients into a highly organized system with many corporate bodies (Getzen & Moore, 2007). The country`s health care system has overcome many difficulties and experiments during the history and evolution. While the quality of health care improved, the prices for health care services have changed. Inelastic prices evidence that change in price leads to smaller change in quantity. Demand is considered to be elastic, when change in price leads to larger change in quantity demanded. In the past, health care economics was not protected by the government and most people have to take care of their health individually according to their incomes. Therefore, in the historical process, health care funding in the United States of America has been developed into a complex mix of payments. This system is working due to the micro and macroeconomic principles, which involves microeconomics gross and domestic product. Microeconomics helps individuals to behave properly in order to maximize profits by calculating microeconomics gross domestic product, which is usually never stay stable. Thus, economy helps professionals and individuals to achieve their objectives in health care using economic principles and essential tools.
Getzen, T. & Moore, J. (2007) stated that health care economics is an important evidence of the country`s welfare and protection of its citizens. Being a highly developed country, the USA in the process of its history and evolution has shown a great concern about its people in different spheres of life. A healthy nation has been established due to the proper development of the health care economics and the timeline of health care funding.
In conclusion, it is worth mentioning that knowledge of macro and microeconomic principles is an important tool for individuals and organizations to act effectively in order to get higher demands and supply in health care. The concept of elasticity helps to operate in the health care market more sophisticated.
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