You just started working as a Health Service Manager for a health care company within a health industry or sector below:
- Pharmaceutical (generic drugs)
- Pharmaceutical (patented drug)
- Any physician specialty (e.g. cardiology, ophthalmology, etc.)
- Hospital (national Network)
- Small rural hospital
(A) First, choose a health industry or sector above and then answer the questions that follow below.
(B) Your boss has asked you to write a memo (not just a standard essay) detailing the factors impacting the supply of your product or services and how the market structure of the industry you selected impacts the quantity supplied and the pricing of your product or service.
Answer Question #1 through #4, and Question #6 below relying primarily on the course readings and other resource material presented in this class. You can use external UMUC library resources to research government regulations impacting your industry in answering Question #5. Cite and reference all resources used whether internal or external.
- Describe the product or service you supply to your patients.
- Identify the market structure of your industry and analyze the key characteristics of your industry that lead to your identification of this market structure.
- Given this market structure, evaluate how prices charged for your services/products are determined.
- Evaluate how does the existence of private and public insurance influence the revenues you receive for this service/product.
- Given the government regulations impacting the health industry that have been discussed in this class, identify and discuss a government regulation that has been implemented in this industry.
- Identify a market failure(s) discussed in class that government regulation attempted to address.
In writing your memo, be sure to include your name, and the health care industry or sector that you chose in the subject line. In order for your boss to easily review your report, please include section headers to correspond to the questions above. The memo should be at least 4 double-spaced pages (excluding the cover page and reference pages).
Apply the APA style format that you learned in HMGT 300. The grading rubrics are the same as that used to grade Assignments 1 and 2.