Demand Vs. Supply: The Electronic Medical Record System

Demand versus Supply
Mary Ridgeway - Bailey
HCS/552
February 17, 2014
Jayme Carrico

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
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 a reduction in care cost. Physicians are hesitant in regards to money spent on technology; they feel that the investment will not deliver a return of sufficient
Electricity and gas prices can regulated however, the price for medical care cannot. There is a relationship between demand and supply. “When supply and demand is equal the economy is said to be at equilibrium. The allocation of goods is at its most efficient because the amount of goods being supplied is exactly the same as the amount of goods being demanded” (Getzen, 2007). The demand for technology and the supply is high in the medical field. Technology such as the electronic medical record, telemedicine, e-mobile vans, mini computers, and my-chart are technologies in use today. Reports can be transmitted to electronic medical records and obtained by providers easily. Emotionally talking about health is hard, it is complex and cannot be seen as other industries. You’re doing something with the intent of helping a patient, but the patient is looking subjectively at the whole experience. You may properly treat an illness, but the patient may not like your bedside manner” (Horner, 2012). He also states that “you may be incapable of treating an illness, but the patient may still be satisfied with the way that you have delivered care. It is the peculiar nature of the products and services that come out of health care” (Horner, 2012). A firm can set the price they want, but it is up to the consumer whether they want to buy. Both firms and consumers experiment in order to obtain the greatest benefits they can and