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What are Domestic and Medical Economic Indicators?

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By Staff Writers

There are 12 leading, 6 lagging and 4 co-incidental indicators for the United States economy. And, there are 3 macro-economic medical indicators for physicians and the healthcare industrial complex. Their purpose is to help evaluate which period of the business cycle is in play. 

Leading Economic Indicators:  

1. Average workweek for manufacturing production workers

2. Layoff rate in manufacturing

3. New orders for consumer goods

4. Vendor performance and slow/on-time deliveries

5. New business formation

6. New building permits for private housing *

7. Contracts and orders for plants and equipment

8. Net changes in inventories

9. Change in sensitive prices

10. Change in total liquid assets

11. Stock prices

12. Money supply 

Co-incidental Economic Indicators: 

1. Employees on non-agricultural payrolls

2. Personal income

3. Industrial production

4. Manufacturing and trade sales 

Lagging Economic Indicators:

1. Average duration of unemployment

2. Manufacturing and trade inventories

3. Labor costs per unit of output

4.  Average bank prime interest rates

5. Commercial and industrial loans outstanding

6. Ration of consumer installment dent to personal income [* Often considered the leading, leading economic indicator]. 

Specific Medical Economic Indicators for Physicians 

1. Medical Labor Production is a measure of medical professional output per hour, or per each unit (patient) of labor. Managed care has decreased labor production cost in medicine.
2. Unit Medical Labor Costs represent the cost of physician labor (treatment), per unit (CPT code) of output.
3. Capacity of Medical Utilization is a percentage of the maximum rate at which a medical office, clinical hospital or surgical center can operate under normal conditions. At the rate nears 100 percent, efficiency declines due to mechanical breakdowns, burnout of doctors and employees, and less experienced medical care extenders and para-professionals, etc.

Like domestic economic indicators, these evaluate the macro-economic healthcare business cycle which may be entering the depressed state. And so, what do you think; doctor colleagues and laymen, alike?

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com  or Bio: www.stpub.com/pubs/authors/MARCINKO.htm

Our Other Print Books and Related Information Sources:

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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Filed under: Health Economics | Tagged: Health Economics |