Excerpt from Document Review:
Supply and Demand theory show up within your company’s approaches?
In well-defined contrast to the need for medical care services, require is linked to the costs of health care services. It is therefore fair to claim that Smith’s (2011) assertions concerning the demand for medical increasing if its costs were lowered is exact, and it also affordable to conclude that companies of most sizes and types can become more competitive by reducing their costs. Indeed, that health care could be provided cheaply enough, there is no need for medical care insurance because pocket sized change would cover a visit to the emergency room with no one would have to forego other necessities of life just like food or perhaps heat in order to have a pharmaceutical drug filled. According to Johnson (2011), “Such a world could only be attained by changes within the supply side. Health care would have to become less costly to produce” (para. 3).
The research to date confirms that companies that become complacent in their procedures and disregard changes in consumer preferences risk losing business to their competition that do, as well as the health care industry is no exception to this regulation. Nevertheless, most consumers will not necessarily wish the cheapest health care services available, at least for those who can afford it and whose condition warrants professional care. Buying heart or cancer professional is a considerably different organization than looking for an noisy alarms or even a car or residence. In many cases, health care consumers are afflicted with life-threatening conditions and the demand for the best experts will carry on and outpace supply unless and until improvements in healthcare technology produce the type of “Star Trek” gadgetry conceptualized by simply Smith with all the “Universal Wellness App” and consumers become comfortable employing these technology in lieu of a visit to their particular primary health care provider.
2 . Do you really agree or perhaps disagree with the author’s realization as to the good reason that health costs have not decreased? Why?
In reality, Smith makes a number of valid conclusions regarding the reasons medical costs have not declined regardless of the integration of information and communications technologies (ICT) in virtually all types of health care configurations. Certainly, these kinds of ICT alternatives have supplied the health proper care industry with enormous cost savings by robotizing previously manual operations and introducing added securities for the operations of pharmaceutical drugs and rehabilitative therapies.
