Healthcare Economics Pertaining to Nursing

Healthcare Economics
Student's Name
Institutional Affiliation
Instructor
Date
Healthcare economics is a vital concept for nurses. This idea represents the study of how healthcare services, products, and resources are allocated, managed, and utilized by society. The economic principles that administer healthcare delivery directly affect the nursing profession (Sloan & Hsieh, 2017). Nurses are the primary providers of patient care in most healthcare settings. Hence, they are at the forefront of healthcare economics. The concept is relevant to nursing in multiple ways. Nurses must understand the healthcare economic landscape to allocate resources effectively and ensure that patient care is provided cost-efficiently. This discussion evaluates healthcare economics and gives a scenario related to the idea in the workplace.
Nursing officials must be familiar with the economic principles governing healthcare facilities' supply and demand and how shifts in these markets may impact patient care. Additionally, nurses must be informed of the costs of offering patient care, including staffing, equipment, and supplies, and how these expenses are impacted by the economics of healthcare (Nieswiadomy & Bailey, 2018). They should also understand the implications of healthcare economics on patients and their families. Healthcare costs may be a financial burden, and nurses must know how healthcare economics affect patient access and quality of care. Additionally, nurses must know how changes in healthcare economics impact the availability of services and resources.
A real-life scenario I have recently encountered at work is the implication of the COVID-19 problem on the operations and finances of the firm. The catastrophe has had a significant impact on our facility, and the effects have been felt a...