Review the role that economics plays in healthcare and why is it important. Use supply and demand analysis to explain the impact of the following changes on the price and output of physician services: -An increase in malpractice insurance -The adoption of cost-enhancing medical technologies -An aging population and a more severe patient case mix -Declining consumer income -A lower market price for physician services and devaluing of services -Increase in the role of insurance dictating patient care -Decrease in reimbursement levels by Medicare and Medicaid -Using supply and demand analysis, show graphically and explain verbally some of the factors that may have led to rising healthcare costs in the United States from 1960 to the present day. Use support from at least three reputable Healthcare sources i.e. Course reading, professional association Web-based materials, and/or professional or peer-reviewed journal articles written in the last five years are required as sources.
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