Introduction
Healthcare managers are involved in activities that help their organizations forecast the demand and supply of healthcare services in the market. Various publicly available databases, such as those from the National Center for Health Statistics (NCHS), the Centers for Medicare & Medicaid Services (CMS), and the World Health Organization (WHO), can provide data for determining supply and demand curves. Utilizing the available data for the public can help improve the quality and costs of healthcare services.
Public Tools
The NCHS database and website provide healthcare providers and medical researchers with information on healthcare conditions and prevalence across the American population. The data is crucial in determining the demand levels for various care services needed in the country (Lee, 2019a). CMS, on the other hand, provides data on the expenditures for Medicare and Medicaid beneficiaries. Such data is significant in determining medical costs and the most demanded services. WHO collects global information on prevailing healthcare conditions and costs, which can also be used to determine the supply and demand curve.
Economic Indicators and Pricing
The consumer price index (CPI), inflation rate, and GDP growth are key indicators of healthcare costs. An increasing inflation rate negatively impacts hospital equipment costs and overall services (Lee, 2019b). Meanwhile, CPI allows healthcare providers to adjust their pricing to account for changes in the cost of living (Lee, 2019a). High GDP growth indicates an improved economy and affordable healthcare services.
Social-Cultural Implications of Value-Based Care
Value-based care focuses on delivering high-quality healthcare services at controlled costs to benefit patients. The approach promotes wellness among the financially vulnerable population. Improved patient-centered care and equitable healthcare are among the social and cultural impacts of value-based care (Lee, 2019c). The approach places the patients at the center of healthcare decisions, taking into account their needs and preferences. Moreover, emphasizing controlled costs promotes equitable access to healthcare services regardless of one’s cultural background.
Conclusion
The supply and demand curve is crucial when forecasting the performance of the healthcare industry. The data utilized can be extracted from online database tools, such as those provided by CMS, WHO, and NCHS. The extracted data helps understand the inflation rate, CPI, and GDP growth. Consequently, the indicators can be used to determine the prices of healthcare services and associated costs. Improved economic performance promotes the implementation of the value-based care approach, which has positive socio-cultural implications.
References
Lee, R. (2019a). Realizing the triple aim. In Economics for Healthcare Managers. Health Administration Press.
Lee, R. (2019b). Forecasting. In Economics for Healthcare Managers. Health Administration Press.
Lee, R. (2019c). Supply and demand analysis. In Economics for Healthcare Managers. Health Administration Press.