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Essay Available:
Pages:
4 pages/≈1100 words
Sources:
2 Sources
Style:
APA
Subject:
Health, Medicine, Nursing
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 17.28
Topic:

Major Economic Trends in Healthcare

Essay Instructions:

By this point in the course, you have developed an understanding of the relationship between economics and the costs of health care. Furthermore, market trends and demands differ from locality to locality, and it is advantageous for health care administrators to be aware of the particular drivers of demand impacting their facilities.
Review the SWOT analysis you completed for your organization. Applying your knowledge of economic principles, analyze how economic concepts impact the opportunities or threats facing your organization.
Write a 1,225- to 1,575-word report of your organization’s SWOT and how economics in your market impact the strategy and future of your organization. Include the following:
Summarize the major economic trends in your market.
Evaluate whether these trends benefit or harm your organization’s strategic goals. Provide a rationale for your response.
Evaluate whether the economy in your market presents opportunities or threats for your organization, or both. Describe them and how they apply to your organization.
Examine whether your organization can influence the economics in your area. Explain your perspective.

Essay Sample Content Preview:


598 SWOT Analysis
Student’s Name
Institution
Course Name and Number
Lecturer’s Name
Due Date
Major Economic Trends
The healthcare market is characterized by various major economic trends. One of the trends is the wide range of services. This strategy is behind the industry’s increasing revenue. Providing a wide range of services allows the organization to attract many patients through referrals, preference, and loyalty. This allows the organization to expand and grow its revenues.
Another economic trend is the emphasis on quality care. Healthcare organizations are increasingly recognizing the benefit of maintaining quality care. Their fiscal success is attributed to their commitment to quality. This is evident in organizations such as Centra Health which focuses on top-tier training programs and the unwavering pursuit of best practices which demonstrate its commitment to achieving clinical excellence (Rudolph, 2023). By focusing on quality care, Centra can potentially reduce the burden of expensive treatment for chronic conditions.
Another economic trend is competition. The healthcare industry is facing stiff competition due to the emergence of new providers that aim to offer improved services at affordable costs (Rivers & Glover, 2022). The emerging technology and innovation also drive competition in this market. As a result, healthcare organizations are adopting strategies to adapt to new technologies and offer quality services to remain afloat in the industry. Competition is a primary economic aspect of a healthcare organization because it determines the growth or decline of the industry (Yeganeh, 2019). Simply put, it has both positive and negative impacts on the healthcare industry.
Another key economic trend is technology adoption. The healthcare market is experiencing significant technological advancements that are shaping healthcare delivery. Electronic healthcare records (EHR), telemedicine, wearable devices, Artificial intelligence (AI), and digital innovations are some of the technologies that are transforming the healthcare industry (Yeganeh, 2019). These technologies significantly 

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