Demand and Supply

Medical advances can range from witching over to Electronic Record keeping, to the use of Tell-health. The need for this is as diverse as the products and services themselves. One of the options that are currently available is home care. As the baby boomer population ages, the elderly population will increase the demand for home health services due to financial and emotional factors. The continuum or availability of home care programs will be greatly needed in the present years to come. Supply & Demand Factors Many factors contribute to the demand and supply of healthcare products and services.The concept of demand versus supply In home health care can never be testified. No one health care facility can meet all the demands of medical services. As individuals are living longer and hospital admittance costs seems to increase while providing quality care seems to decrease, consumers are seeking to manage chronic illnesses within the comfort of their own home. As the population ages we are seeing many Individuals coming down with diseases that are either not curable or that has ran Its' course In the body and there Is nothing that can be done to prolong life.Hospice care Is palliative care given to Individuals who are terminally Ill, with an expected survival of six months or less. This is when this type of service is needed and many of individuals, especially the minorities do not know that these services exist either because they contribute this to high cost service or think that it is not covered by their insurance. Another factor contributing to an increase in demand for home healthcare services are advances in medical technology which make it possible to manage conditions in a home setting that would previously have required hospitalizing or the services of a skilled nursing facility.Consumers have easy access to home care services, they have a choice among providers, and consumers are currently selecting he best service based upon a variety of options. The r ange of those Interested In from moderate to severe. The many options available range from skilled nursing, Occupational [physical therapy, rehabilitative [social services and personal ODL assistance can be provided at within the confines on one's home. Home health care helps prevent the need for higher-cost care. Home health care helps prevent the need for higher-cost care.Hospitals can reduce the cost and save on providing medical treatment and equipment items such as; medical professionals' time, disposable syringes, catheters, and dressing changes and other supplies to treat the attain. â€Å"The problem in healthcare is that the consumer often pays little or nothing for services, despite the current reality of deductibles and co-payments. When this is the case, price stops being a factor in demand and demand increases to virtually unlimited levels† (Salesman, 2009, p. L).Economic Cost Nationally, the median hourly cost for homemaker services and home health aide services is $18 and $19, skilled nursing $40, TO & APT $65-$75; administrators, $32, directors $38. Nationally the median annual cost for care in an assisted living facility by comparison, is $39,600. Nationally, Private nursing homes medium annual sectional cost, over the past five years, rose 4. 3 percent annually to $81 ,030. While the average home-care visit costs Medicare $150 per visit. The average hospital stay costs Medicare $1500.Medicare expenditures in 2008 totaled $324 billion, slightly more than 2. 2% of gross domestic product (GAP). Medicare home health covers about 3. 3 million beneficiaries resulting in $16. 5 billion in total Medicare payments in 2008 (SMS, Data Compendium, 2009). Access and Supply Consumers have easy access to home care services, they have a choice among providers, and consumers are currently selecting the best service based upon a rarity of options. The range of those interested in home care is vast. Depending upon the situation, the need for services can range from moderate to severe.The many services that are available range from skilled nursing, Occupational [physical therapy, rehabilitative [social services and personal ODL assistance. Other services consist of transportation, medical equipment such as diagnostic and incontinence supplies, diapers, gloves, bed covers, commodes, wheel chairs, lifts, meal programs, etc. , can be provided all within the confines on one's home. Home health care helps prevent the need for higher-cost care. Most insurance's, such as Medicare and Medicaid, cover the costs of many home care services.Consumers can seek out services through the referral of a Physicians approval. Once approved, consumers can begin to enjoy the many services available to help themselves regain independence of their physical abilities. Services will last until consumer is able to remain in a residence with assistance of primary caregiver/support from community agencies. Conclusion The United States aging population will requ ire a lot more out of health care services than ever before, this is mainly due to the longer life span of the elderly with heroic illnesses. According to the U.S. Administration on Aging, by 2030 the number of Americans aged 65 and older will more than double to 71 million, that's roughly 20 percent of the U. S. Population. In some states, as much as a quarter of the population will be aged 65 and older. Being that health care is on the verge of change, the certainty that these services will still exist in the near future remains order to fulfill the demand of elderly services the supply of home care organizations needs to expand to accommodate physical emotional and financial factors of these nonusers.