Hospital Services Industry

In: Business and Management

Submitted By snuess69
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Hospital Services Industry

Hospital Services Industry
The hospital services industry has grown exponentially in the recent decades to become a major employer and income generator that can also effect the local and regional economic scenes. This extremely fast-growing sector of the United States has every reason to continue the current trend. This paper will analyze the current hospital services industry from an economic perspective and focus on potential points of improvement.
Discussion
The United States increased expenditures in the hospital services industry is growing at a concerning rate and isn’t showing any signs of slowing down. According to the National Health Center for Statistics, the national health expenditure as a percent of gross domestic product (GDP) has grown from 12.1 percent in 1990 to 17.4 percent in 2013 (National Health Center for Statistics, 2014). Economic growth can be measured by using the GDP and the United States’ GDP ratio allocated to health care has continued to rise faster than most other developed nation (Hockenberry & Thorpe, 2014). The continuous growth and comparison to other developed nation is the primary concern for economists.
In order to obtain a clear picture of the growth it is beneficial to analyze health care data over the course of several decades. In the table below several data components are analyzed including: the total health expenditures, per capita health expenditures, health as a percent of GDP, health sector employment, and average increase in employment percentage are shown to give an idea of the overall increase in this sector from 1970 to 2007.

Table 1 Year | Total Health Expenditures ($Billions) | Per Capita Health Expenditures | Health as % of GDP | Health Sector Employment (000) | Avg. Increase in Employment % | 1970 | $74.9 | $356 | 7.2% | 3,052 | | 1980 | 253.4 | 1,100 | 9.1 |…...

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