Supply And Demand In Healthcare

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Supply and demand is considered to possibly be two of the most essential concepts of economics and it is the pillar of a market economy. Demand in economic terms is how much in terms of quantity of a service or product is desired by consumers. The amount demanded is the volume of a product people are open to purchase or use at a specific price; the relation between quantity and price demanded is stated as the demand relationship. Supply indicates how much the economy is able to offer of a product or service. The number distributed refers to the amount of a certain good, makers are willing to supply when accepting a particular price. The link between price and how much of a good or service is supplied to the economy is known as supply relationship. …show more content…

The Congressional Budget Office used the information from the Census Bureau to estimate that twenty-eight million more U.S citizens will have health insurance 2023. With an increase in population and the number of citizens with insurance rising and the aging population, this calls for an increase in doctor visits, emergency room visits, and specialty physicians used for procedures. The demand for primary care physicians and specialist will surpass the supply available to meet patient needs by the year 2025. Because of the aging population is has become more difficult for those patients to find doctors that will accept new Medicare patients. Geriatricians are in short supply and patients that are sixty-five and older are beginning to increase in …show more content…

The first provision that can be made begins with medical education. In order to gain interest back into the medical field as a doctor, rewarding those with financial support to lessen the debt that occurs with several years of school. In addition to making education more affordable, expanding the number of positions available for residency. In 1997, a cap was initiated for the number of slots available per residency, however, this cap has not kept up with the rise in demand for physicians. Making more openings available to medical students will prepare these students to become physicians by the time this shortage increases. A new implementation for the supply shortage is physicians becoming proficient in other medical areas as well. A physician that can specialize in more than one are will have a higher value and able to see more patients for various reasons. This would only help the physician shortage for a short amount of time because the patient number will still exceed the number of these physicians available. A physician can only see a number of patients in a day. Technology is proving to be a beneficial implantation, allowing for an improved way of self-diagnosis as well as online doctor visits. This may alleviate a crowded emergency room or booked doctor office. These new products and services again only provide temporary

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