The electronic medical record system (EMR) is a product which has proven to be very valuable. An electronic medical record is a digital version of a paper chart that contains all of a patient’s medical history from one practice. Demand is one of the concepts of economics, the desired quanlity of this product is referred to as demand; supply refers to the amount offered by the market. Supply and demand are distinct; there is a relationship between supply and demand which is reflected in price.
These products are very expensive and in demand by physicians, hospitals, and clinics. Have you noticed that the way in which medical history has changed? The paper chart is almost not heard of. Electronic medical records have taken the medical industry in a fast moving storm. The network connects this digital record to be shared with other hospitals, physicians, and clinics. “With the popularity of the EMR, the access to patient information will be much quicker and easier, ultimately streamlining the relationship between patient’s and clinicians.
It’s a win-win situation for everyone involved” (Medtech, 2013). Access includes such information as demographics, medication, radiology data, vital signs, immunizations, medical history, progress notes, and laboratory reports. This system makes the duties of clinicians faster, easier, and more efficient; but the actual benefits are to the patients, the real reason for the system. Benefits to patients include decision making for patients better, availability of information, less medical errors, and less duplication.
“In regards to the new electronic health records, federal incentives will also be put in place via Medicare and Medicaid. These incentive programs will provide payments to eligible professionals and hospitals as they adopt and implement the system” (Medtech, 2013). Meaningful Use Electronic medical records are in widespread demand in the United States. Once the benefits of this technology is experienced by patients nothing less will be demanded from their caregivers. Transition is not easy, thousands of physicians agree upon the benefits, but have reservations regarding information safety.
According to Blumenthal “Congress and the Obama administration provided the health care community with a transformational opportunity to break through the barrier to progress” (Blumenthal, 2010). He also says that “HITECH’s goal is not adoption alone, but meaningful use of EHR’s that is their use by providers to achieve significant improvements in care” (Blumenthal, 2010). HITECH is trying to move health care upward in an attempt to improve effective and quality in the health care industry.
Meaningful use has three stages and providers, hospitals, and clinics must be in accordance with them to be certified. Supply “The law of supply demonstrates the quantities that will sell at a certain price. The supply relationship shows an upward slope, the higher the price, the higher the quantity supplied” (Heakal, 2010). An electronic medical record is an investment; this system is purchased and installed by vendors. With an EMR connection to patient information can be done using phones, tablets, pc as easy as 123.
Patients can be involved in his or her health care, and improves efficiency, quality, and is cost effective. The supply for electronic medical records has tools that engage patients; patients can access lab results, educational offering, blood pressure readings, and their own health information. According to Microsoft “ getting the most out of an electronic medical record system means supporting it with infrastructure that is reliable, cost effective, and flexible enough to accommodate the data, organization, and user requirements providers have today and tomorrow”(Microsoft, 2012).
There are many reasons to install an electronic medical record; the software can give a reduction in care cost. Physicians are hesitant in regards to money spent on technology; they feel that the investment will not deliver a return of sufficient funds. According to Morgan “the truth is EMR’s do not eliminate paper use altogether, and truly paperless practices do not exist. But an electronic medical record can significantly reduce the need for paper, driving monthly hard cost down and leaving money in the budget for other expenses” (Morgan, 2012).
Chapter two, states that “time is important to supply because suppliers must, but cannot always, react quickly to a change in demand or price. So it is important to try and determine whether a price change that is caused by demand will be temporary or permanent” (Getzen, 2007). Supply versus Demand With technology improving the cost of medical care has increased. Electricity and gas prices can regulated however, the price for medical care cannot. There is a relationship between demand and supply.
“When supply and demand is equal the economy is said to be at equilibrium. The allocation of goods is at its most efficient because the amount of goods being supplied is exactly the same as the amount of goods being demanded” (Getzen, 2007). The demand for technology and the supply is high in the medical field. Technology such as the electronic medical record, telemedicine, e-mobile vans, mini computers, and my-chart are technologies in use today. Reports can be transmitted to electronic medical records and obtained by providers easily.
Emotionally talking about health is hard, it is complex and cannot be seen as other industries. You’re doing something with the intent of helping a patient, but the patient is looking subjectively at the whole experience. You may properly treat an illness, but the patient may not like your bedside manner” (Horner, 2012). He also states that “you may be incapable of treating an illness, but the patient may still be satisfied with the way that you have delivered care. It is the peculiar nature of the products and services that come out of health care” (Horner, 2012).
A firm can set the price they want, but it is up to the consumer whether they want to buy. Both firms and consumers experiment in order to obtain the greatest benefits they can and remain on budget. Before reading chapter two I had never really thought very much about demand and supply in the medical field. The electronic medical record was something I used on a daily bases at Henry Ford Hospital, not thinking about the demand, supply or cost of this product. While watching a movie on television title John Q, supply and demand really focused with me.
An eight or nine year old little boy needed a heart transplant, the demand and supply was there however, the administrator placed money above the child’s life. The parents needed to make a down payment of 75,000 dollars just to place his name on the donor list. They had no insurance to cover expenses and received the run around from the state. Although there was a happy ending for the young man, but it showed me how at times price is placed before human life. Electronic medical records along with other technology used in the medical field have been discussed.
This system is important in the medical industry and is very expensive. Both demand and supply are available. There is a relationship between supply and demand which reflects in price. Many doctors still use the paper chart method; they seem to be holding out on electronic medical records even today. Many say the system is too expensive and they are uncertain of the security. But, I believe everyone will eventually follow the trend of electronic records and new technology.