Demand versus Supply
Mary Ridgeway - Bailey
February 17, 2014
Demand versus Supply
The electronic medical record system (EMR) is a product which has proven to be very valuable. An electronic medical record is a digital version of a paper chart that contains all of a patient’s medical history from one practice. Demand is one of the concepts of economics, the desired quanlity of this product is referred to as demand; supply refers to the amount offered by the market. Supply and demand are distinct; there is a relationship between supply and demand which is reflected in price. These products are very expensive and in demand by physicians, hospitals, and clinics. Have you noticed that the way in which medical history has changed? The paper chart is almost not heard of. Electronic medical records have taken the medical industry in a fast moving storm. The network connects this digital record to be shared with other hospitals, physicians, and clinics. “With the popularity of the EMR, the access to patient information will be much quicker and easier, ultimately streamlining the relationship between patient’s and clinicians. It’s a win-win situation for everyone involved” (Medtech, 2013). Access includes such information as demographics, medication, radiology data, vital signs, immunizations, medical history, progress notes, and laboratory reports. This system makes the duties of clinicians faster, easier, and more efficient; but the actual benefits are to the patients, the real reason for the system. Benefits to patients include decision making for patients better, availability of information, less medical errors, and less duplication. “In regards to the new electronic health records, federal incentives will also be put in place via Medicare and Medicaid. These incentive programs will provide payments to eligible professionals and hospitals as they adopt and implement the system” (Medtech, 2013). Meaningful Use
Electronic medical records are in widespread demand in the United States. Once the benefits of this technology is experienced by patients nothing less will be demanded from their caregivers. Transition is not easy, thousands of physicians agree upon the benefits, but have reservations regarding information safety. According to Blumenthal “Congress and the Obama administration provided the health care community with a transformational opportunity to break through the barrier to progress” (Blumenthal, 2010). He also says that “HITECH’s goal is not adoption alone, but meaningful use of EHR’s that is their use by providers to achieve significant improvements in care” (Blumenthal, 2010). HITECH is trying to move health care upward in an attempt to improve effective and quality in the health care industry. Meaningful use has three stages and providers, hospitals, and clinics must be in accordance with them to be certified. Supply
“The law of supply demonstrates the quantities that will sell at a certain price. The supply relationship shows an upward slope, the higher the price, the higher the quantity supplied” (Heakal, 2010). An electronic medical record is an investment; this system is purchased and installed by vendors. With an EMR connection to patient information can be done using phones, tablets, pc as easy as 123. Patients can be involved in his or her health care, and improves efficiency, quality, and is cost effective. The supply for electronic medical records has tools that engage patients; patients can access lab results, educational offering, blood pressure readings, and their own health information. According to Microsoft “ getting the most out of an electronic medical record system means supporting it with infrastructure that is reliable, cost effective, and flexible enough to accommodate the data, organization, and user requirements providers have today and tomorrow”(Microsoft, 2012). There are many reasons to install an electronic medical record; the software can give...
References: Blumenthal, D. (2010). Electronic Medical Records. Retrieved from http://www.nejm.org/doi/full/10.1056
Blumenthal, D. (2010). The meaningful use regulations for electronic health records. Retrieved from http://www.nejm.org
Electronic Health Records. (2013). Retrieved from http://www.medtech.edu
Getzen, T. E. (2007). Health Economics and Financing (3rd ed.). Sudbury, MA: John Wiley & Sons.
Horner, P. (2012). Analytics and the future of healthcare. Retrieved from http://www.analytics.org
Morgan, D. (2013). Electronic Medical Records. Retrieved from http://www.microsoft.com/health
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