This paper is for Economic
8-2 Short Paper: Economic Factors for Long-Term Care Facilities
Thus far in the course, the primary focus has been on hospitals within the healthcare industry. For this short paper you will consider the economic issues related to long-term care facilities.
In this assignment, consider the following questions related to long-term care facilities:
What are the factors that make long-term care unique compared to a hospital?
What is the effect of Certificate of Need (CON) on the economics of long-term care economic decision making and how is this different from that of a hospital?
What does the forecast of supply and demand for the long-term care industry look like for the next 25 years and how should that impact decision making?
Should the U.S. government cover the costs for the elderly in the middle and wealthy classes?
Our paper this week considers 4 main questions in relation to LTC. Please be sure to be specific in which economic principles you use in the paper. We have discussed many so far in class, so stating “economic principles” is very vague; whereas, the “demand theory” is more specific. Be sure to cite the majority of your sentences. Also, each question should also contain a well-developed example that explains the concepts you have chosen to discuss to answer the question. My comments are in purple and are meant to help guide you
What are the factors that make LTC unique compared to a hospital? For this question, there are many characteristics that illustrate the differences. Be sure to use your book or peer reviewed articles to answer this topic. This should be one well developed paragraph. A possible heading could be “Factors Than Make LTC Unique.”
What is the effect of the Certificate of Need (CON) on the economics of LTC economic decision making and how is this different from that of a hospital? The CON is a specific piece of legislation that helps to restrain HC costs (NCSL, 2016). Here is a link to one of many cites that explains this law- http://www.ncsl.org/research/health/con-certificate-of-need-state-laws.aspx. The 1st paragraph you should discuss the law
The 2nd paragraph is where you answer how the CON affects decision making and how this process is different from the hospital.
A possible heading for this section is “Certificate of Need.”
What does the forecast of supply and demand for the LTC industry look like for the next 25 years and how should that impact decision making? The first paragraph you get to practice forecasting! How do you see LTC in the future? Will we need more or less facilities and why? What else may be different or the same? Create your ideal future LTC environment. Feel free to be creative in this area. If you use any population counts or other information be sure to cite your data. Do not use 1st person such as “I think..” this is a factual based paper.
Then in the 2nd paragraph discuss how the future you developed will impact/effect/affect decision making and the rationale. Cite your rationale.
A potential heading for this section is “Future LTC and Decision Making.”
Should the US Government cover the costs for the elderly in the middle and wealthy classes? This section is a factual based presentation of yes, the government should or no, the government should not. Be careful to not use I language- such as “I think that…” this is a factual based paper, but make your argument clear. Be sure to not use terms such as “suffering.” These types of words are considered emotional provoking and creates writer bias in writing. This is a factual based presentation of facts for this question.
A potential heading could be “US Government Involvement in Care of the Elderly.”
And then wrap it all up in a short 3-5 sentence conclusion.
-Cite your sentences.
-Use peer reviewed articles, your book, or professional organizations. When using documents from professional organizations try and find the authors, if you are able to.
– The headings are suggestions. The headings will be centered, bolded and 1st letter capitalized for main words.
-Be precise in your language.
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