Assignment 1: Discussion Assignment The discussion assignment provides a forum for discussing relevant topics for this week based on the course competencies covered. For this assignment, make sure you post your initial response to the Discussion Area by Saturday, July 27, 2013. To support your work, use your course and text readings and also use outside sources. As in all assignments, cite your sources in your work and provide references for the citations in APA format. Start reviewing and responding to the postings of your classmates as early in the week as possible. Respond to at least two of your classmates. Participate in the discussion by asking a question, providing a statement of clarification, providing a point of view with a rationale, challenging an aspect of the discussion, or indicating a relationship between two or more lines of reasoning in the discussion. Complete your participation for this assignment by Wednesday, July 31, 2013. Price Elasticity You are the administrator for a medical practice. Assume all of your practice’s 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 practice’s volume for this service is 1,500 per year. Answer the following question in regard to this assumption: Estimate what would happen to the volume of services and the expected revenue to the practice, should the area’s 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 Wedig’s, 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. After a quick survey, you decide that 65% of the practice’s patients are in at least good health and account for 1,000 of the 1,500 visits. The remaining patients are in fair or poor health. In light of this survey, write out all the steps of the calculation. Write answers separately for patients in each category of health status—excellent, good, fair, and poor—for all patients. Share your answers with your classmates. Comment on the responses posted by your classmates. Reference: Wedig, G. J. (1988). Health status and the demand for health: Results on price elasticities. Journal of Health Economics, 7(2), 151–163. Retrieved from http://ideas.repec.org/a/eee/jhecon/v7y1988i2p151-163.html The formula for a price elasticity would be EP = (dQ/Q)/(dP/P):
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