22 Jul WRITE OUT ALL THE STEPS OF THE CALCULATION.
s patients are cov Show more You are the administrator for a medical practice. Assume all of your practices patients are covered by insurance. Insurance pays on average 80% of your fee for a physician visit for which your practice charge is $100. The patient is responsible for the $100 fee but receives 80% back from the insurer. Currently your practices volume for this service is 1500 per year. Estimate what would happen to the volume of services and the expected revenue to the practice should the areas health insurers increase patient cost sharing from 20% to 30% of this charge. Use the concept of price elasticity to make the projection. Use the elasticities given in Wedigs 1988 study: price elasticity for physician visits for patients in good or excellent health is 0.35 while the price elasticity for physician visits for patients in fair or poor health is 0.16. (Wedig G. J. (1988). Health status and the demand for health: Results on price elasticities. Journal of Health Economics 7 151163.) After a quick survey you decide that 65% of the practices patients are in at least good health and account for 1000 of the 1500 visits. The remaining patients are in fair or poor health. Write out all the steps of the calculation. Write answers separately for patients in each category of health statusexcellent good fair poorfor all patients. Show less
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