consider a scenario and apply economic healthcare concepts and principles to craft a presentation to inform decision makers regarding a proposed hospital expansion.
Preparation
PowerPoint Preparation
In this assignment, you are asked to create a PowerPoint presentation that includes speaker notes. If you need information on creating effective PowerPoint slides, you can review the following:
Getting Started with PowerPointLinks to an external site..
Add Speaker Notes to Your SlidesLinks to an external site. [Video].
Research Preparation
As you research labor supply and the demand and supply of health insurance for your presentation, you may want to visit your state’s healthcare workforce data. Below is an example resource for the state of Georgia.
State of Georgia Healthcare WorkforceLinks to an external site..
Scenario
Due to the increasing patient demand for emergency medical care in your community, you are considering the possibility of opening a new urgent care center. In order to secure funding for your project, you will need to present some key information to your lenders. You have been specifically asked to analyze market structure, monopolies, and monopsonies. You have also been asked to provide information on the demand for health insurance and the supply of health insurance along with factors that influence the healthcare labor market.
Instructions
Develop a PowerPoint Presentation with a minimum of 12 slides, including the title and sources slides that contain the following information. Note that PowerPoint slides must include detailed speaker notes.
Create an overview of the healthcare market structure that includes at least three current key players in your area (Examples: Other hospitals, urgent care centers, physician offices).
Analyze in detail, monopolies and monopsonies in the selected market area.
Assess the demand for health insurance and supply of health insurance from the public and private sector healthcare markets.
Create an overview of healthcare labor supply and factors that influence labor demand for healthcare workers.
Use at least three sources to support your writing. Choose sources that are credible, relevant, and appropriate.
Full Answer Section
Slide 2: Introduction
- Briefly introduce the increasing demand for emergency medical care in your community.
- Highlight the need for a new urgent care center to address this growing demand.
Speaker Notes Our community has experienced a significant rise in demand for emergency medical services. This surge places a strain on existing emergency rooms, leading to longer wait times and potentially compromising the quality of care. A strategically located urgent care center can alleviate this pressure by providing timely and efficient care for non-life-threatening conditions.
Slide 3: Market Structure Overview
- Image: A map of your community highlighting key healthcare providers
- List at least three current key players in your area (Examples: Other hospitals, urgent care centers, physician offices)
Speaker Notes Understanding the competitive landscape is crucial. This map showcases existing healthcare providers in our community. Our primary competitors include [List competitor names and briefly describe their services]. A new urgent care center would offer a convenient and cost-effective alternative for patients seeking prompt medical attention for minor illnesses and injuries.
Slide 4: Market Power Analysis: Monopolies & Monopsonies
- Define monopolies and monopsonies in the healthcare context.
- Analyze the presence (or absence) of monopolies and monopsonies in your local healthcare market.
Speaker Notes A monopoly exists when a single provider dominates a market segment. In our community, [Analyze - Is there a single hospital system or insurance company? How does this impact pricing and service availability?]. A monopsony occurs when a single buyer holds significant power over sellers. For example, [Analyze - Do a few large employers have significant bargaining power with health insurance companies?]. Understanding these dynamics is essential for strategic decision-making.
Slide 5: Demand for Health Insurance
- Briefly explain the factors influencing the demand for health insurance.
- Use a graph (source permitting) to illustrate the relationship between price and quantity demanded for health insurance.
Speaker Notes The demand for health insurance is influenced by factors like income, age, health status, and the perceived value of health insurance. Generally, as the price of health insurance increases, the quantity demanded decreases (following the law of demand). Our new urgent care center can potentially make health insurance more appealing by offering preventive care options and reducing overall healthcare costs for policyholders.
Source: [Insert source for health insurance demand graph]
Slide 6: Supply of Health Insurance
- Briefly explain the factors influencing the supply of health insurance.
- Discuss the role of private and public health insurance providers.
Speaker Notes The supply of health insurance is influenced by factors like government regulations, competition, and the overall profitability of the insurance market. Private insurers and government programs like Medicare and Medicaid are the primary suppliers of health insurance. Our urgent care center can collaborate effectively with both private and public insurers to ensure our services are accessible to a wide range of patients.
Slide 7: Healthcare Labor Supply
- Image: A diverse group of healthcare professionals (doctor, nurse, technician)
Speaker Notes A skilled and dedicated workforce is vital for the successful operation of any healthcare facility. Our presentation now focuses on the healthcare labor market.
Slide 8: Factors Influencing Healthcare Labor Demand
- List and explain at least three factors influencing the demand for healthcare workers.
Speaker Notes The demand for healthcare workers is driven by several factors, including: *
Aging population: An aging population requires more healthcare services, leading to increased demand for healthcare professionals. *
Technological advancements: New medical technologies often require specialized skills, creating demand for workers with specific training. *
Expansion of healthcare facilities: The opening of new hospitals and urgent care centers creates new job opportunities for healthcare professionals.
Slide 9: Strategies to Attract and Retain Healthcare Workers
- List and explain at least three strategies to attract and retain qualified healthcare workers.
Speaker Notes Attracting and retaining top talent is crucial for the success of our urgent care center. We will implement several strategies to achieve this, including: *
Competitive salaries and benefits: Offering competitive compensation packages that are attractive to qualified healthcare professionals.