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Essay on technology in the healthcare industry today and its impact
Impact of technology on healthcare
Impact of technology on healthcare
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1.) Medical technology encompasses more than just sophisticated equipment. Discuss.
• It includes life-saving procedures, such as bone marrow and organ transplants, as well as curative procedures, such as hip replacements.
10.) How does technology-driven competition lead to greater levels of technology diffusion? How does technological diffusion, in lead to greater competition? How does technology-driven competition lead to duplication of services?
• Competition for insurance money causes facilities to increase their technology to attract the insured. Once one facility has increased its technology other facilities need to increase their technology to remain competitive.
13.) Provide a brief overview of how technology influences the quality
Competition is a widely known activity amongst health care marketers. Healthcare organizations are constantly in competition at some level from being the most patient centered to the amount of available specialist within their organization. In all industries Rivers & Glover (2008), competition among businesses has long been encouraged as a mechanism to increase value for patients. In other words, competition ensures the provision of better products and services to satisfy the needs of customers. (Rivers et.al 2008 p.627) Small town healthcare facilities are under more pressure than their larger counterparts to effectively compete in this increasing market.
Disease can damage blood marrow and tissue. In order to repair this damage, doctors can transplant the stem cells described above into the patient in need. There are a few different names for this kind of transplant procedure. They are: bone marrow transplant, a peripheral blood stem cell transplant, and a cord blood transplant (American Cancer Society, 2013). The process of transplanting these hematopoietic stem cells involves a number of complex steps. The first step involves the patient receiving chemotherapy and/or radiation, which kill the diseased cells. This “conditions” the area (Dana-Farber Cancer Institute, 2014). Next, healthy stem cells are infused into this conditioned area. “These transplanted stem cells will begin to grow and produce healthy red and white blood cells and platelets” (Dana-Farber Can...
1. What do you consider the biggest challenge(s) facing Americans as a result of the rapid changes that society experienced due to the market revolution? Why do you believe the way that you do?
... facilities. The medical scientists perform experiments on these donated organs, tissues, and bodies, in order to find cures and treatments for various complex medical conditions such as cancer, diabetes, etc. The newly found treatments further aid the medical practitioners in saving human lives (Dhillon, 2013).
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Topic A (oligopoly) - "The ' An oligopoly is defined as "a market structure in which only a few sellers offer similar or identical products" (Gans, King and Mankiw 1999, pp.-334). Since there are only a few sellers, the actions of any one firm in an oligopolistic market can have a large impact on the profits of all the other firms. Due to this, all the firms in an oligopolistic market are interdependent on one another. This relationship between the few sellers is what differentiates oligopolies from perfect competition and monopolies.
5) Competitive Rivalry: Competition among major players is extremely intense in many aspects. Switching costs are generally low, even though companies have tried to increase switching costs with the use of "frequent flyer" programs. Highly competitive industries generally earn low returns because the cost of competition is high. This can spell disaster when times get tough in the economy.
QUESTION 1: DESCRIBE TWO MAJOR WAYS IN WHICH A COMPANY CAN GROW.GIVE EXAMPLES TO ILLUSTRATE THE TWO WAYS OF GROWING.
Lastly, the company needed a long-term strategy for the company to survive the intense competition in the industry.
With the information technology side of things, this plays a huge part in how healthcare functions today. This is because with all the advancements in technology that is being made, this allows for the healthcare professionals to spend less time on the things that the technology can do for them, but comes at a cost. Which, this then leads into the finances aspect of healthcare systems. Healthcare as everyone knows has become very costly, and for some unaffordable. That cost rises when new technology is added to improve the hospital’s performance. This is a cause and effect cycle because the equipment that the hospitals need to provide patients with the quality of care they expect, comes at a cost. Due to the costs rising because of the new equipment, the cost of healthcare as a whole rises for the patients. These patients are essentially paying the rise for the new equipment and better healthcare. After having information technology and finance relate to the structure of healthcare delivery system, this brings in risk management and the issues that come along with. Risk management is the process of making and carrying out decisions that will help prevent adverse consequences and minimize the negative effects of accidental losses on an organizations (Carroll, 2001). With the costs rising for the new equipment to offer better healthcare, this essentially ensures the patients that there will be less accidental losses or mistakes that are going to be made. So not only is the patient receiving better quality of care from the technology the hospitals have, but they are expecting that the physicians and nurses provide the same level of care they deserve. This comes with complications because if the physicians and nurses are not exceeding the quality that the patients expect of them or they make any mistakes, this is where medical malpractice suits come into the
According to Porter’s article, revolution on information technology (IT) affects competition by changing the alignment of the industry and rules of competition. This makes competitive advantage in ways for companies to exceed their competitors and bring businesses in place. IT spread all through the value chain, which are activities performed in business at a low cost, and helped perform optimization functions for companies. This allowed the capture of information that wasn’t accessible before. The value chain are activities that have physical and information processing components. Technological advancements afflicted the physical components that businesses used and IT progressed in a way that was faster than other technologies, like physical
Therefore, if we were able to increase competitiveness between businesses it would be beneficial to all. Competitiveness, in engineering especially, allows for steady growth in the engineering field and society as a whole. It would vastly increase the quality of life of the average person. Competition, both in general and in mechanical engineering, is necessary for a healthy society and there are many ways to increase it to benefit our economy.
These procedures hold infinite possibilities in the practice of healing the sick. Of all of the procedures mentioned, cloning is the only method that has been given any amount of serious research. Cloning could do away with the need for organ transplants. Instead of a transplant, a new organ could be cloned, thus removing any chance that the body might reject the organs. Nano-robotics can be used to fight off foreign infections and repair internal wounds.
There is an intense rivalry due to lack of differentiation, excess capacity and slow industry growth. Once the quality threshold is reached, price becomes a major differentiator. This leads to zero sum competition and consequently, drives down industry profitability.
Firms that are not a cartel entering into the industry creates fresh competition which creates a disruption.