Even though Virginia did experience a rise in foreclosures and a decline in home sales in early 2008, housing prices did not vary considerably. According the Virginia Association of Realtors and the GMU Center for Regional Analysis, an evaluation of average home sales prices in the first quarter of 2007 and 2008 exposed very little alteration; average home sales prices continued at about $300,000 (Bishop, 2011)
At this point, there is no shortfall in the budget (Sherfinski, David. (2011)
Subsequent deep cuts that rolled state spending back to 2006 levels, legislators will spend the session revising the state's budget throughout 2012 with a bit more breathing room, as the economy moves forward and tax revenues recuperate. At this point, there is no shortfall in the budget (Sherfinski, David
Like with any other debate, there are two stands to the issue. For once, there are those argue against drug price control, believing that the political intervention would disrupt the supply-demand equilibrium within the market, and would also reduce the competition within the industry (Morton)
Health Care Economics In economics, cost-benefit analysis assists in evaluating the costs of an approach in terms of resources spent while cost-effective analysis evaluates the costs as achieving some sort of benefit which is not evaluated in monetary terms. Moreover, cost-benefit study examines several aspects including net-present value, present value of benefit, and present value of costs; in line with this, if a project indicates that the monetary outcome is greater than initial costs, the project will be initiated (Amartya, 2000)
Question 2 Cost effective and cost utility analyses when used in health settings, they often result in different results. In this regard, the cost effective analysis looks at economic decision making to weigh up the costs and effects of a particular economic action (Black, 1990)
Healthcare is funded by either taxes or premium; individuals pay for the premiums to insurance companies and the taxes to the federal government which in turn pay for health care services. Aid in the employers often pay for a large share of insurance premiums and taxes, the amounts paid by employers are passed on to individuals and households through lower wages for the employees, higher prices to consumers for the employers' goods or services, or lower returns to investors on capital (Getzen, 1997)
Therefore, cost effectiveness analysis is used in choosing the treatment method to use often leading to unprecedented outcomes. On the other hand, cost utility analysis involves looking at whether an action should be undertaken by comparing the cost of the action to increase in utility (Neumann & Weinstein, 2010)
The hospitals are free to select the procedures they view as medically necessary for each patient and how much will be paid. In line with this, the insurance and government payers' lays out what is necessary for each patient and informs the provider as to which costs will be paid for and which will not (Phelps, 1992)
To promote organizational change within health care institutions, leaders are needed who understand the human values at work within organizations and who can communicate a vision of health care that aligns individual provider values with those of the institution. Physician referral process for the model health care setup should be upheld according to the required standards to minimize conflicts between patients and physicians as well as the implications of referral for quality of care and cost to the patient (Shortell & Anderson, 1971)
Starting with the beginning of the twenty first century however, the health care sector commenced to better realize and implement the principles of demand and offer in the provision of medical services. In other words, the turn of the twenty first century revealed an increasing focus on "health care financing and organizational structure" (Cox, Pacala, Vercellotti and Shea, 2004)
With the rise in unemployment, providers are finding more patients are not able to pay for services. While EMTALA laws dictate that patients will not be refused care, providers are looking to cut cost in order to manage the rising uncompensated care" (McConnell, 2012)
Quality, resources and costing health care The modern day health care providers are subjected to incremental pressures. They are for instance required to best respond to the changing health care issues of the contemporaneous population, to the growing demands and expectations of the stakeholders -- patients, partners, the public, governmental and non-governmental agencies and so on (Wolper, 2004) -- and to do all of this with as little resources as possible
Americans should be able to count on receiving the care that meets their needs and is based on the best scientific knowledge. Yet there is strong evidence that this frequently is not the case" (Institute of Medicine)
The following lines explain each of the concepts in the context of the health care sector. At the most simplistic level, quality is defined as the feature of an item of being good or bad, and the degrees of its feature of good and bad (Longman Dictionary of Contemporary English)
Thus, there are tremendous long-run economic benefits to not only increasing government bargaining power but increasing insurance coverage levels among the working poor. It should be noted, however, that increased coverage for the working poor does not necessarily mean better outcomes as is so often assumed (Katz & Hofer, 1994)
The need to balance different interests seems to be a theme, which is why national health insurance does not exist -- some of the entrenched interests have fought very hard to avoid this. But the call for national health insurance has often come down to analysis against countries that have such a system, and manage to deliver better health outcomes at a lower cost (Lasser, Himmelstein & Woolhander, 2008)
The structure of the political system is such that politicians are dependent on financing to get elected, and that this financing comes from corporate backers and interest groups. The regulation that a politician supports will reflect the interests of those groups, as their money essentially aligns the politician with their interests (Peltzman, 1989)
is a pretty dramatic outlier on health care costs per capita. Free market advocates operate with the assumption that corporations are inherently more efficient than government, but the numbers do not support this at all (Woolhander, Campbell & Himmelstein, 2003)