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Economic History And Health Care Funding

836 words - 4 pages

Economic History and Health Care Funding

Monica Williams

HCS/440

July 1, 2013
GEOFFREY SUSZKOWSKI

Economic History and Health Care Funding
The paper that is being written is covering the history of economics and how the economy and health care funding has changed. The paper will reveal how the two compare in today’s society. It will evaluate the money used to fund certain health care services such as Medicaid/ Medicare, HMO’s, and how places like hospitals and nursing homes receive compensation for taking care of patients. The paper will also go into detail of how elderly pay to have certain services such as home health services provide ...view middle of the document...

Health care economics and the flow of funds system can be easily understood due to the fact that financial managers are sufficiently prepared for any and most future plans. We should all understand that when one mentions the term “economics” in health care, money is what comes to mind. We should also remember that it plays and important part in the accomplishments and development of the health care field. Getzen (2007) stated, “The flow-of-funds approach to health care economics allows us to follow the trail of money through the health care system to study the financial transactions that take place between patients, doctors, hospitals, and third parties, such as private insurers and the government. Who pays for what has changed dramatically in the past 60 years. Whereas in the past, the majority of individuals paid their medical bills with private funds, today insurance companies and other third parties cover the majority of payments, with individuals paying only a small fraction of the total flow of funds with private money. Just as the source of funds has changed, so has the use of those funds.” (p. 3).
Health Care Funding Timeline
A system was developed that allowed financial managers to be able to trail the money through the health care system known as The Flow of Funds. It has changed from past years. If one were to look at history it would show that many physicians would often trade services for items like food, grain, cotton, livestock,...

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