Demand Versus Supply
Demand Versus Supply: Home Health Care Services
It is not a secret the health care industry in the United States is highly competitive, that demand for medical services and products grows faster every year, and that supply in certain areas is shortening. The demand for health care products and services is the result of the society’s desire of living longer and maintaining a better health status. In the present, patients are very interested in learn about the new alternatives the market offers to improve their wellbeing and suppliers are more alert of the population’s wants and needs.
Additionally, the multiple advances in technology have created a whole new scenario for delivering health care increasing the demand and supply of technologic advanced goods (products and services). Population’s requirements for better services in terms of quality and effectiveness are also crucial determinants of the trends in the demand and supply of certain health care goods. A service that has become highly demanded not only for the reasons aforementioned but also because the increasing of the aging population and the government needs of cutting health care expenditures, is the home health care.
As its name indicates it is an array of services that patients receive in their home as part of an illness, chronic condition or injury treatment. Services include -but not limited to- medical care such as physical and occupational therapy, nursing care, pharmaceutical services (medication/infusion therapy administration), and speech therapy. It also includes transportation, housekeeping, and care from home health aides (Elkin, 2012).
Consumer Demand
The home health care market is mostly driven by the rapid growing of the aging population in the country, specifically by the Baby Boomers, who according to Fisher (2012), constitute about 70% of the patients who receive health services at home. Baby boomers are the approximately 77 million of babies born in the United States
It is not a secret the health care industry in the United States is highly competitive, that demand for medical services and products grows faster every year, and that supply in certain areas is shortening. The demand for health care products and services is the result of the society’s desire of living longer and maintaining a better health status. In the present, patients are very interested in learn about the new alternatives the market offers to improve their wellbeing and suppliers are more alert of the population’s wants and needs.
Additionally, the multiple advances in technology have created a whole new scenario for delivering health care increasing the demand and supply of technologic advanced goods (products and services). Population’s requirements for better services in terms of quality and effectiveness are also crucial determinants of the trends in the demand and supply of certain health care goods. A service that has become highly demanded not only for the reasons aforementioned but also because the increasing of the aging population and the government needs of cutting health care expenditures, is the home health care.
As its name indicates it is an array of services that patients receive in their home as part of an illness, chronic condition or injury treatment. Services include -but not limited to- medical care such as physical and occupational therapy, nursing care, pharmaceutical services (medication/infusion therapy administration), and speech therapy. It also includes transportation, housekeeping, and care from home health aides (Elkin, 2012).
Consumer Demand
The home health care market is mostly driven by the rapid growing of the aging population in the country, specifically by the Baby Boomers, who according to Fisher (2012), constitute about 70% of the patients who receive health services at home. Baby boomers are the approximately 77 million of babies born in the United States