Health Care Economics

This student has learned a lot from this health care economics class. The content of this class can help this student in a profession as a Health service administrator by playing a crucial role in making critical decisions every day that help improve their patients’ lives. They are responsible for the planning of health services, directing and coordinating while working closely with medical staff to improve the quality of patient care (Vieira, 2016). Being responsible for ensuring that the health institutions have funds and well organized, the economics knowledge helps the administrators in making critical decisions on how to raise fund for health, reduce barriers to accessing fund, and ensure efficient and equitable use of funds (WHO, 2018).

The knowledge of the alternative forms of financing and organizing of health services further helps administrators in organizing different kinds of cost-effective projects that can be undertaken by the institution. Moreover, the information can also be used in making decisions regarding the cost of health service provided by a health facility in an effort of ensuring that the services offered are of high quality and affordable to all. Further, a clear understanding of the socioeconomic factors such as the level of education, income, and unemployment rates is essential in enhancing proper resource allocation which will ensure that patients get quality services irrespective of their socioeconomic

For example, apart from the fact that stress is linked to cardiovascular disease, research reveals that other diseases can be attributed to the mental condition including issues with the nervous, endocrine, and the immune systems. A better understanding of such factors by the health service administrator helps in making crucial decisions on the quality of the service provided by the institution depending on demographic data that reveals the trends in individuals’ status. Also, the administrator can use the information the health trends of communities to efficiently allocate resources to various units. In the US, the economic institutions are a competitive market and the Federal Reserve System (Cohen & Pisani-Ferry, 2015). A good understanding of the economic institutions helps a health service administrator in making development and organizational decisions such as determining the volume and timing of purchasing medical