Introduction
Emergency rooms have been incorporated in healthcare establishments as preliminary management stage for sicknesses and wounds. Persons with convoluted medical conditions were generally admitted into emergency rooms departments of the healthcare organizations.
The casualty units in healthcare institutions served as admission places for severely hurting patients. Emergency rooms were intended to serve patients twenty four hours a day and all week long. Based on emergency rooms work intensity, resources availability was considered prime. Equipments that were utilized in casualty department functions were suitably planned. The functional magnitude of emergency rooms in healthcare institutions prompted establishment of an industry.
Apparatus that assisted emergency room staff in their work had to be developed, thus, an equipment trade was created. Modern emergency rooms operations have been restricted by socio-economic factors. Functional hurdles have been experienced in most hospital casualty departments. The operational complexities were linked to patients and hospital’s financial constraints. Patients that visited healthcare emergency rooms demanded quality care at reduced prices.
On the other hand, costs of healthcare emergency room equipments were relatively high. A cost-benefit dilemma of providing healthcare in emergency rooms impacted negatively to healthcare provision. However, efforts that developed a cost friendly environment for emergency room patients were later constituted.
Healthcare provisions reforms were revised at the national level in the United States that curbed medical care costs. The American legislators sought to provide laws that streamlined healthcare cost and increased affordability of patient services. The proposed state law reforms had a direct effect on the emergency room equipments industry. This report sought to establish the profitability of emergency room equipments industry.
Literature Review
The global society had realized the need for an integrated healthcare provision industry. A major area of wellbeing services provision that required transformation was on the technological aspect. Equipments attached to healthcare services were thought to be critical in patient wellbeing provision.
Healthcare apparatus, in an emergency room, were categorized into different groups. Equipments ranged from diagnosis, administrative, therapeutic, and care apparatus among others. Technology advancements were necessitated by the increased demand for quality healthcare services.
American administration legislators valued the probability of a wellbeing data proficiency novelty. The creativity skills measures were aimed at persons concern and abridged charges. Medical health experts proposed that creativity in wellbeing data proficiency would be significant in update and development of healthcare structure (Nolan, 2009 p. 1).
Based on an augmented insist of quality healthcare, the medical care industry was compelled to establish avenues that provided excellent wellbeing services. Development of novel equipments was necessitated by the demand for quality healthcare. In the same way, the emergency room equipments industry sprung up to meet the enlarged order.
Multiple medical services sections benefited from the increased expansion of technology into healthcare provision (Nolan, 2009 p. 1). Patient diagnosis, medical health information, and therapy equipments were distinct sections of technological advancements. Entrepreneurs invested in development of emergency room equipments to equal the stipulated demand for medical care services. Emergency room equipment production and creativity resulted into an increased supply of apparatus.
Consequently, an amplified contention was created among emergency room equipment entrepreneurs. A large number of manufactures and traders invested in the casualty department equipments industry. Business effectiveness of trade in the emergency room equipment industry must have, probably, been impacted negatively. Increased equipments supply competition must have, possibly, reduced profitability of the trade (Mallon, 2003 p. 1).
Despite the demand for emergency room equipment, an equally high reaction was witnessed from apparatus supply entrepreneurs. Attraction to deliver emergency room equipments increased the supply curve hence, reduction in sales and prosperity. The economic principle of supply and demand impacted on the equipments purchased prices.
In recent decades, proficient manufactures have increased production of equipments that offered assistance to medical services providers. Individuals have been allowed access to healthcare data for personal benefit. Information on human wellbeing could be posted on an internet website for public knowledge. Majority of the web pages provided links to physicians and patients were able to contact a general practitioner (Nolan, 2009 p. 1). Information has been regarded as a critical aspect for decision making.
Having medical patient’s accessibility to health information provided them with facts about an ailment or health condition readily. Internet technology served as an avenue for physicians and medical patients to interact freely and privately. An increased provision of medical information and facts impacted profitability of the medical care industry. However, increased medical information created more demand for emergency room services hence; more casualty department equipments were required.
Individuals, generally, have discovered that healthcare information benefited them. A large majority of eight out of ten people have browsed the internet for medical health data. Wellbeing associated websites have re-established how medical patients exist with never-ending conditions (Nolan, 2009 p. 2).
Technological advancements assisted physicians and patients to access medical data readily. Supplies of information and constant updates ensured the equipment industry remained profitable. A knock on effect might have possibly occurred when more information was made available to medical patients. Facts on a medical condition might have compelled a patient to seek emergency room services hence; prosperity in the emergency equipments industry.
Generally, emergency equipment industry success, largely, depended on demand for urgent situation services. Technology advancements on several spheres elevated medical patient insight into wellbeing. Patients recognized a need for wellbeing despite a perceived healthy status.
A demand for medical services was created and, consequently, the need lifted emergency equipment industry profitability. A purchaser strength based on price was created in the increased supply situation. A spirited contention was developed among equipment delivery entrepreneurs, abridged product charges, and condensed prosperity. Trade dangers of fresh competitors and alternate inventions might work to benefit the industry.
Discussion
This report discovered that emergency room equipment industry was directly linked to medical patient’s demand for urgent situation medical services. An increased demand for emergency room services resulted in need for equipments. However, increased need for emergency room apparatus attracted more equipments suppliers. Consequently, supplies outstripped demand for emergency room services.
Purchasers force on cost of emergency room equipments was created by the increased supply of the apparatus. In a domino effect competition, cut charges, and diminished profitability resulted in an unsuccessful venture. Nevertheless, similar technological advancements created a new demand.
Medical information accessibility twisted a demand for emergency room services. The report realized that health fact made available to individuals prompted them to seek medical services. A large number of individuals sought for health related information from the internet.
The report deduced that from the awareness a demand for wellbeing services was developed by individuals. Therefore, expertise incorporation into the medical care industry equipped the industrial growth once again. Medical patient’s demand for emergency room services resulted into claim for equipment and, consequently, the process led to increased profitability in the equipments industry.
Analysis of the emergency room equipments industry revealed that the business can be profitable. The technological advancements in the casualty healthcare departments have been increased; therefore, augmented demand for healthcare services might be certain. The supplier power effect might possibly control the market. In addition, the purchaser power that lowered prices could possibly have been cushioned by increased demand.
Lucrative nature of the emergency room equipments industry might have attracted numerous competitors. Furthermore, technological improvements might have grown steadily. However, the emergency room equipments industry appeared to progress in a sustained business trend. The industry seemed to have a system that created its own demand. Probabilities of increased areas for technology progression were available based on the latest trends.
The report discovered that the emergency room equipment industry was dynamic and could possibly develop into a novel industry. The determinant factors that shape an industry worked to benefit the trade. The report analyzed potential industry threats and discovered that the dangers could probably work out as benefits. In the end, this report concluded that emergency room equipments industry was profitable and can be considered in an entrepreneurship venture.
Conclusion
The emergency room equipments industry was realized as a beneficial trade. The industry generated its own demand and equally met the claims. Medical patients were discovered to shun emergency room services based on costs. More so, medical patients demanded quality wellbeing services from the health care providers. Ultimately, it was discovered that the emergency room equipments industry could create demand and meet the needs. The unique aspect made the equipments industry to stand out as a lucrative venture.
Works Cited
Mallon, Chris. Porter’s Five Forces Analysis. articlesfactory. 2003. Web.
Nolan, Sean. Health care: It’s time for technology. Entrepreneur Corner. 2009. Web.