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Why is the understanding of economics necessary for health care administrators or managers?

Why is the understanding of economics necessary for health care administrators or managers?

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Answer #1

ANSWER:

Understanding of economics is necessary for health care administrators because of the following reasons:

1. They direct the operation of the hospitals.

2. They are responsible for services , facilities , programs , staff and budgets.

3. They help in shaping the policy of the hospital.

4. They make necessary changes wherever needed in order to run the hospital whenever deemed appropriately.

Since the administrators are dealing with operating side of the hospital and not seeing the patients daily, therefore they need to know the cost effectiveness and the management.

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