Exam (elaborations)
Healthcare Finance Exam 1 questions well answered graded A+
- Course
- Institution
Healthcare Finance Exam 1 questions well answered graded A+
[Show more]
Seller
Follow
BravelRadon
Reviews received
Content preview
Healthcare Finance Exam 1Reasons the healthcare system needs to change - correct answer ✔✔Fiscally unsustainable: taking more
domestic product every year, costs continue to rise in addition to the number of uninsured risings
Current health care costs consume how much of the GDP - correct answer ✔✔(GDP= Gross Domestic
Product) 17.1%
What happens to demand when price declines and spending increases? - correct answer ✔✔Demand
becomes elastic
Factors that shift demand for care - correct answer ✔✔Income, age of consumer, insurance coverage,
price of substitutes/complements, consumer "taste"
What happens to the supply curve when the cost of services dramatically increases? - correct answer
✔✔The supply curve goes up by shifting to the right
Number of uninsured people in the United States - correct answer ✔✔45-50 million
Biggest factor affecting healthcare in the future - correct answer ✔✔The elderly: strain on healthcare
system, ethical issues (assisted suicide), end of life/palliative care, chronic diseases
Why does the U.S. spend more on healthcare than any other developed country? - correct answer
✔✔Care costs more in the U.S. than in any other developed country due to:
*inflation
*increase in elderly population
*Emphasis on medical intervention rather than prevention
*Prices set by third party payers and don't reflect demand
*Research and development of new technology=expensive
*Population growth: especially the population that is eligible for medicaid
, *Increase in chronic illnesses (obesity)
*Market Failure: healthcare market is unique and exists outside other normal markets
*Administrative costs: government programs made to help those struggling in the recession, growth in
these programs as well--> need additional funding
*Fraud and Abuse: on massive scales, ex=scooter store
*Defensive medicine/malpractice: when doctors order lots of test/go overboard when it comes to a
diagnosis in order to avoid being sued in the future
Why is the Federal Budget Important? - correct answer ✔✔Through Medicare and Medicaid programs
the federal government is the largest purchaser of healthcare in the U.S.
What are the federally funded health programs? - correct answer ✔✔Medicare, Medicaid, SCHIP
What is the main cause(s) of the national debt? - correct answer ✔✔Bush tax cuts, unfunded wars,
spending exceeding income
Paul Krugman - correct answer ✔✔Noble Prize winner in economics
*Economist that as called for cuts in federal healthcare spending
What is Social Security Funded by? - correct answer ✔✔FICA: flat tax placed on employees each pay
period and is matched by your employer
Marine hospitals - correct answer ✔✔First federal involvement in healthcare ; people previously cared
for by family members and usually died.
*provided service to sailors based on the Commerce powers in the constitution in the late 18-19th
century
Almshouses/Poorhouses and Pesthouses - correct answer ✔✔18th century, funded by community/rich
people within the community
*Almshouses: for mentally ill, not well kept and offered minimal care
*Pesthouses: for those with infectious diseases, poor care quality, not well kept or funded
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for CA$18.87. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now