In gathering data for its pay policies, what product markets would a city’s hospital want to use as a basis for comparison? What labor markets would be relevant? How might the labor markets for surgeons be different from the labor markets for nursing aides?
The product markets that the hospital will use are as follows:
Private sector: The private sectors for healthcare include the companies or non-governmental organizations serving the public within the state to assure proper healthcare.
Public sector: The healthcare centers in the public sectors serve the citizen of the nation at the time of the natural disaster, terrorist attack, or infectious disease outbreak in the whole nation.
Geographical labor sector: Geographical labor sector of the hospital means grouping the hospitals across the geographical areas to adjust the variation in hospital wages.
The labor market that the hospital will relevant are as follows:
The health labor market includes the supply and demand of health workers. In the hospital, the authorities have to assure that the demand of workers can meet their supply so that the hospital can run properly.
The health worker market consists of health workers and social workforce. This also includes the investment needed to be made for the efficient and effective working of the healthcare system in the nation.
The demand and supply of other hospital staff should also be considered important as this staff plays an important role in the functioning of the hospital.
The differences between the worker market for doctors and nurses are as follows:
Demand: The doctors in the market have more demand as compared to those of the nurses. This is because a nurse can handle many patients all at once, but a doctor can handle only one patient at a time.
Qualification: A doctor needs highly qualified physicians because the doctor if not trained properly can cause danger to the life of an individual, whereas a nurse is a practitioner, who can be trained to take care of patients.
Domain: The domain of doctors has no restrictions as a specialized doctor can treat patients with specific diseases, whereas the domain of nurses includes direct patient care, patient education, and so on. This is because a nurse's job is to take care of patients.
Core.Ac.Uk, 2021, https://core.ac.uk/download/pdf/208823497.pdf.
Lee, Tom. "Medical Labour Supply and the Production of Healthcare." Wiley Online Library, 1 Dec. 2019, onlinelibrary.wiley.com/doi/full/10.1111/1475-5890.12198.
The product markets utilized by the hospital may be:
Private sector hospitals or non-governmental agencies
Public sector hospitals
Geographical labor sector grouping hospital based on areas
The labor market of a hospital is said to be the demand and supply of the health workers in the hospital. The labor market that would be appropriate for the hospital is as follows:
The health labor market that talks about the demand and supply of nurses and health workers
The health labor market that includes the social healthcare workforce such as doctors and physicians
The health labor market that includes other hospital staff such as receptionists and accountant
The differences between the worker market for doctor and nursing aides are as follows:
In case of doctors, there is more demand and less supply in the market, whereas the demand of nurses is lower than the supply.
The doctors need high qualifications, whereas the nurses need the training to handle patients.
The domain of the doctors has no restrictions, whereas the domain of the nurse is specified.
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