The Background of the Health Care and Social Assistance Industry and the Services Provided.
The health care and social assistance industry is a critical industry that offers basic and essential services to human beings. The industry is a combination of both social assistance services and healthcare services because the two are inseparable and rank high in the order of preference to human needs (Feldstein, 2015). Professionals in this industry can either decide to offer both, social assistance and health care services or choose to specialize in a certain service sector. Goods and services offered in this industry are basic health care, primary health care, emergency care, ambulatory health care services, nursing residential care service, and specialist care. For the social assistance programs, drug and substance abuse rehabilitation, counseling, social assistance, child daycare, vocational rehabilitation, relief services, community food banks, housing, and family or individual assistance services. Economic Principles Affecting this Industry and the Impact on Economic Concepts in Service Delivery The first principle of economics that affect the sustainability of the health care and social assistance industry remain the fact that a country's living standard is determined by its ability to produce services and related goods. In this regard, the flourishing of the healthcare industry will be determined by its ability to provide high quality, accessible and affordable social assistance and health care services to the citizens of a particular country (Penner, 2014). A country with high capability of providing such services will increase the supply of services in the market to accommodate the demand for such services. The second economic principle that relates to this industry is, the fact that people tend to respond to incentives in the market. …show more content…
When the health care and social assistance industry provide people with incentives, it changes the parameters of Porter's five forces which will, in turn, affect the overall state of the services in this industry (Penner, 2014). In essence, such incentives will affect the bargaining power of the consumers, suppliers, and the level of rivalry experienced in the industry. It will also assess the level of threats that substitutes oppose the services offered in the industry and the ease of new entrants getting into the industry. The third economic principle that affect the service delivery in the industry represent the fact that prices tend to rise when the government decides to print additional liquid currency. This will, in turn, impact on the level of PESTEL of the industry and general decision taken by the government (United States Department of Health and Human Services, 2018). When too much currency …show more content…
The government may decide to attract more physical health care organizations to set-up centers in the United States through tax amnesty, provisions of incentives and eliminations of barriers for trade (Penner, 2014). The government may also decide to raise the number of citizens under medical cover through fiscal policies and legislation, thus, increasing the accessibility, affordability, and demand for the service. Equally, increasing funding in this sector and encouraging more research and development will increase the supply of them in this industry (Bureau of Labor and Statistics, 2018). Through partnership, collaborations, regulation, accreditation, and licensing, the government may carry out decisions that would increase the quality and supply of health care and social services in the
The health care and social assistance industry is a critical industry that offers basic and essential services to human beings. The industry is a combination of both social assistance services and healthcare services because the two are inseparable and rank high in the order of preference to human needs (Feldstein, 2015). Professionals in this industry can either decide to offer both, social assistance and health care services or choose to specialize in a certain service sector. Goods and services offered in this industry are basic health care, primary health care, emergency care, ambulatory health care services, nursing residential care service, and specialist care. For the social assistance programs, drug and substance abuse rehabilitation, counseling, social assistance, child daycare, vocational rehabilitation, relief services, community food banks, housing, and family or individual assistance services. Economic Principles Affecting this Industry and the Impact on Economic Concepts in Service Delivery The first principle of economics that affect the sustainability of the health care and social assistance industry remain the fact that a country's living standard is determined by its ability to produce services and related goods. In this regard, the flourishing of the healthcare industry will be determined by its ability to provide high quality, accessible and affordable social assistance and health care services to the citizens of a particular country (Penner, 2014). A country with high capability of providing such services will increase the supply of services in the market to accommodate the demand for such services. The second economic principle that relates to this industry is, the fact that people tend to respond to incentives in the market. …show more content…
When the health care and social assistance industry provide people with incentives, it changes the parameters of Porter's five forces which will, in turn, affect the overall state of the services in this industry (Penner, 2014). In essence, such incentives will affect the bargaining power of the consumers, suppliers, and the level of rivalry experienced in the industry. It will also assess the level of threats that substitutes oppose the services offered in the industry and the ease of new entrants getting into the industry. The third economic principle that affect the service delivery in the industry represent the fact that prices tend to rise when the government decides to print additional liquid currency. This will, in turn, impact on the level of PESTEL of the industry and general decision taken by the government (United States Department of Health and Human Services, 2018). When too much currency …show more content…
The government may decide to attract more physical health care organizations to set-up centers in the United States through tax amnesty, provisions of incentives and eliminations of barriers for trade (Penner, 2014). The government may also decide to raise the number of citizens under medical cover through fiscal policies and legislation, thus, increasing the accessibility, affordability, and demand for the service. Equally, increasing funding in this sector and encouraging more research and development will increase the supply of them in this industry (Bureau of Labor and Statistics, 2018). Through partnership, collaborations, regulation, accreditation, and licensing, the government may carry out decisions that would increase the quality and supply of health care and social services in the