...5064: Cost and Economic Analysis 23 April 2013 Abstract In 2010, there were approximately 50 million uninsured Americans. In March 2010, President Obama signed into law a piece of legislation that reformed American’s healthcare industry. The legislation is coined as “Obamacare.” Supporters argue Obamacare provides coverage for our nation’s uninsured while boosting economy. Opponents argue Obamacare will increase healthcare costs and in turn, add to the deficit. The research supports the belief that improving the health status of the American citizens does result in economic expenditures for the United States. There is a relationship between affordable healthcare and the economy. The impact Obamacare has on the economy can be viewed through a simple math equation, a return on investment analysis. The return on investment analysis revealed a positive return on investment. The results suggest American has invested wisely. Investing in the healthcare of the American citizens will improve productivity, is cost effective, and reduces healthcare care costs. The Impact of Obamacare on the Economy In 2010, there were approximately 50 million uninsured Americans. This means that 16.9% of American’s population is uninsured. The numbers are overwhelming and reveal healthcare in American is not affordable. Many argue that the cost of healthcare has doubled in recent years (Department of Health and Human Services, 2011). Most Americans receive healthcare insurance through...
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...Hospital Collaboration and Healthcare Costs Apparently, U.S.A is one of the countries with the highest level of health care expenditure constituting over $ 8000 of the country’s annual per capita income. This health care cost is on the rise and have to be addressed from a distinct health perspective. Hospital merging refers to acquiring of one hospital by another and undertaking its activities either fully or in part to minimize costs and other operation limitations that they face in the American health sector (Ho 2007). Thus, many hospitals merge to boost their market share, acquire more patients with a view of expanding their operations and achieving greater profit margins than those firms that are run separately. Effects of hospital mergers on healthcare costs A number of researches have been conducted on the American health expenditure using a sample of American hospitals from hospitals association in the country. In comparison, independent hospitals were useful as a control sample. These two groups of hospitals gave divergent information that was weighed against national hospital expenditure records. Findings of such studies reveal that merging of hospitals have the potential to cut down on costs of operation in similar to hospitals that operate in isolation but manage their costs effectively (Kaiser Family Foundation 2004). Additionally, very little proceeds accrue from merging of hospitals let alone not increasing influx of patients in merged hospitals. Moreover, hospitals...
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...Benefiting Women and Children: Umeed Foundation in Punjab, India Non-Governmental Organizations or NGO’s are organizations that are neither a part of a government nor conventional for-profit businesses. Usually set up by ordinary citizens, NGOs may be funded by governments, foundations or businesses or run by volunteers (Wikipedia). In this paper I will discuss the Umeed Foundation, based in Punjab, India and focused on rural development of the Punjab region through economic empowerment and healthcare programs benefiting many women and children of the area. I will cover the core values of this foundation, the programs the foundation creates and supports as well as the impact to the community and my commentary of the resources they provide. The Umeed Foundation was created by Chairman Arvind Khanna in 1997 as a way to work with the impoverished region of Sangrur in the Punjab region of India which was a locally marginalized area that had been wrecked by years of terrorism, fighting in the region and lack of development by state resources. Local residents were unable to earn a fair wage and were thereby unable to support themselves and help develop future generations and that system was creating a long term poverty cycle for the area that was unlikely to be broken. Khanna believed in working to empower the local inhabitants through a small loan program and skill development training as well as by setting up a more reliable healthcare system. Umeed’s mission is stated as:...
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...Healthcare Spending Ngozi Ofolomah HCS 440 Bruce Peterson September 17, 2012 Healthcare Spending Healthcare spending is a key factor to any country’s economic expansion. It provides many job opportunities for high skilled workers residing in rural areas. Additionally, further advancements in drugs and medical technology lead to the new innovations, products and new areas of marketing. Health spending is essential because it fulfills personal and social needs for medical service that are set in place to better health, increase productivity, and save lives (Squires, 2012). In comparison with the many other sectors of the economy, a significant portion of the health care is publicly funded. When viewing other countries, we notice that they have adopted a universal healthcare system. This means that the systems are financed through taxes. In the United States, there are systems in place such as Medicare and Medicaid (Squires, 2012). Medicare is an insurance program for persons who are either elderly or disable. Medicaid is insurance coverage for families who have low-income. It is public funds that assist people with health care in these two insurance programs. There are also tax policies that promote and provide support to employer-based health insurance and delivery systems such as, Veterans Health Administration. Due to the fact that the public sector has a lot of pull in regards to healthcare, it has become had to make sure that we are gaining...
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...Implications of Economics and Policy for Health Professionals Daveen Wilkin Walden University Health Policy & Economics/MMHA-6135-4/Assignment Week 1 According to the World Health Organization (2015), health policy can be defined as a group of decisions, plans and/or actions that may be undertaken with the objective of obtaining specific health care goals within society. Health economics refers to the study of economics and how it relates specifically to the field of health (Teitelbaum & Wilensky, 2013). Policies made with regard to health are often formulated after extensive analysis of how said policy will impact the nation’s economy on a whole. The Importance of Understanding Health Economics Healthcare can be considered a business (Laureate Education Inc., 2010). It is therefore important that healthcare professionals understand that economics theory provides a fundamental building block when it comes to making policy choices with regards to health care and public health on a whole (Teitelbaum & Wilensky, 2013). By using economic tools to help predict consumers’ response to the implementation of a particular policy, the most effective and efficient policy can be chosen in order to achieve the goals of the policymakers (Teitelbaum & Wilensky, 2013). Economic policies and the level of economic activity of a country greatly influence the health of that country’s population (Zollner, Stoddart & Selby Smith, 2003). Health care providers need...
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...important and information must be accurate and factual. Organizations obtain and maintain financial data to aid in the audits of the amounts, control, and potential uncertainties of cash flows. Keeping the financial data current is important because majority of the time the data contains information about the organization’s equity and economic resources. Developing and analyzing ethical standards carefully allows organizations to stay in compliance with those standards formed for the health care community. Poor ethics and financial planning sometimes effects consumers. According to Nelson (2011), “Basic ethics principles that make up our common morality, including respect for patients, acting in patients’ best interest, avoid bringing harm to patients and treating patients in a fair and equitable manner, serve as the foundation for healthcare values.” This paper will contain a summary of the four elements associated with financial management, generally accepted accounting principles, and general financial ethical standards. The reader will explore Examples from two articles “Ethical Decision making for healthcare Executives” and “Ethics: A foundation for quality” that reflect ethical standards of conduct, financial reporting practices, and the significance of each example. Four elements of financial Management The four elements of financial management are planning, controlling, organizing/directing, and decision making. Planning is the methodical manner in which decisions are...
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...Economic in the U.S. healthcare system: The $765 billion price tag on wasteful spending Our country aims at continuing to increase the quality of patient care but medical services are being overused at an alarming rate causing great concern. The health spending of this country’s gross domestic product or GDP is 17.6% which is more than any other country (Feldstein). A report from CMS in 2010 states that the total health spending in the U.S. was roughly $2.6 trillion which is twice as much per capita of the average for any other nation yet delivers a lesser amount of care. These figures translate to $8,402 per person. (CMS) The Centers for Medicare and Medicaid Services predicts that this figure will reach $4.6 trillion by 2020 which translates to almost 20% of our GDP. Table 1. Health care spending as % of GDP in 2010 Source: OECD; The Economist, 2009 Out of the trillions of dollars spent in healthcare, the 2009 PricewaterhoseCooper’s report The price of excess: Identifying waste in healthcare spending estimates that $1.2 trillion is wasted. This is equivalent to more than half of what is allocated towards health spending in the U.S. and the figures are broken down in various categories. The report attributed health wastefulness in the following areas: 1. $765 billion towards issues related to healthcare reform debate (6 major areas...
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...Analysis of Contemporary Health Care Issue National health care expenses in the United States have been on the rise more rapidly than the national financial system for countless years, however several United States citizens are still lacking adequate health care. Sadly, health care spending is only going to rise and many people in the United States may have to make complicated decisions involving health care and additional responsibilities in their everyday lives if we do not start to reform. By reforming, it is hoped that America will see an increase to high-quality, affordable health care for all. Not only are private sector insurances enduring challenges due to health care spending, but Medicaid and Medicare are also. The Health Care Reform Act is hoping to drive down the cost or at least maintain the cost of health care spending. The reform is hoping to offer a delivery system that works better for clinicians and provider organizations by reducing their administrative burdens and helping them collaborate to improve care. The achievement of this reform will hopefully lead to assessable development in outcomes of care, and in the general health of the American people. Profit/Non-profit Although the provision of health services is dominated by not-for-profit organizations, there are many for-profit organizations as well that are affected by health care spending. With the National Health Care Reform Act, both profit and non-profit organizations could see a boost in...
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...Infosys Technologies Limited Infosys is actively involved in various community development programs. Promoted by Infosys Technologies Limited, the Foundation began its work in Karnataka, India, gradually extending its activities to the states of Tamil Nadu, Andhra Pradesh, Maharashtra, Orissa and Punjab. It has successfully implemented projects in four key focus areas such as health care, social rehabilitation and rural upliftment, learning and education, art and culture. The Education and Research Department (E&R) at Infosys works with employee volunteers on community development projects. Infosys employees actively participate in the welfare of the local community. Their Development Centers (DCs) in India make a difference through several Corporate Social Responsibility (CSR) initiatives. They organize and contribute to welfare programs, especially for underprivileged children. They support the activities of institutes and Non-Government Organizations (NGOs) dedicated to healthcare and education, and campaigns for skills development and community welfare. They have won 'Computer World Award - 2001'- International Level 'The Economic Times Corporate Citizenship Award,' on behalf of the Infosys Foundation, for outstanding philanthropic work- National Level Dabur India Ltd Dabur India Ltd is one of India’s leading FMCG Companies. Dabur is today India’s most trusted name and the world’s largest Ayurvedic and Natural Health Care Company. At Dabur, commitment to good...
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...life. In our younger years, all the family members were encouraged to participate in church activities which I still believe is important to my lifestyle and has given me confidence and believe that I am who I am today because of God. As nurses, the beliefs we have developed may be related to the stereotypes that we have formed around issues like sexuality, abortion, alcohol, marriage, ageing and disability, health care policy and other people’s rights (Federico, 2009). As healthcare workers our duty is to provide services that meet or target group and help them feel empowered without being judgmental thus avoiding imposing our values and beliefs on other people (Federico, 2009). Beliefs and opinions about health care policy Newport (2013) states that recent research on healthcare quality, cost and coverage shows that quality of healthcare is a constant concern. Americans continue to be much more positive and believe in the importance of their own personal healthcare situations as compared to healthcare situation nationally. This...
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...Healthcare technology in the U.S. is considered to be among the most sophisticated in the world. It not only leads the world in the production of medical technologies it is the medical technology’s largest consumer. Our first class medical institutions serve as the foundation for very sophisticated technology, advanced care, and innovation. In 2012 the U.S. market value for healthcare technology exceeded 110 billion which represents about 38% of the entire healthcare technology industry. Healthcare technology in the U.S. also represents a significant number of employment opportunities. In 2010 the healthcare industry employed approximately 14% of the workforce and generates approximately $1.75 trillion of revenue. Employment projections for the next 10 years are expected to grow more than 40% (SelectUSA, 2013). To many Americans that is a good news story. However, there is a side of the story that is not all good. The same technology that we produce and use, that contributes to an increase in life expectancy, is leading to increased demand on the healthcare system, primarily from the growing population of senior citizens. This leads to a shrinking supply of healthcare resources to treat the very people who need it. This creates a situation where many people go untreated. Insurance companies, both public and private, are required to solicit bids to get the required healthcare resources to treat their customers. Given that many in our society can afford to pay a good price...
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...Introduction 1.1 Introduction to the research Problem Healthcare worldwide faces unprecedented challenges in meeting growing demands in presence of constrained resources (Jones 2010). In the United Kingdom healthcare services are delivered by an organization known as the National Health Service (NHS). The NHS is exposed to similar challenges, with broadly static health budgets for the last 5 years. It has been estimated that the NHS in England needs to make annual efficiencies of around 4% per year in order to be able to continue providing the current level of healthcare services and cope with the annual increase in demand (Roberts 2012). The structures and processes for delivery of health care in England have been evolving continuously in...
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...spent on health care in 2000 $469.80 billion was spent on health care, and in 2009 $989.65 billion was spent on health care (Chantrill, n.d.). Between 1996 and 2009, a period of 13 years, health care spending increased $592.87 billion dollars. In the following I will discuss the level of current national health care expenditures, whether spending is too much or not enough, where the nation should add or cut funds and why, how the public’s health care needs are paid and the future economic needs of the health care system. The level of current national health care expenditures The level of national health care expenditures is considerably high in comparison, to any other country in the world. “Health spending in the United States is much higher than in other countries – at least $2,535 dollars, or 51% higher than Norway, the next largest per capita spender” (Kaiser Family Foundation, 2011, para. 3). In addition in 2009 the United States spent more than 17% of its gross domestic product on healthcare, which is higher than any other developed nation in the world. The Congressional Budget Office (CBO) predicts “that, without any revolutions in federal law, total spending on health care will rise from 16% of GDP in 2007 to 25% in 2025, and close to 50% in 2082” (Johnson, 2010, Para. 7). Whether the spending is too much or not enough It is controversial if health care spending is enough. In my...
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...universal healthcare while not getting any of the benefit. We have the resources available to reduce pain and bring happiness to people that are suffering and the general well-being of the country should be the top priority of the nation. We are morally obligated to act in accordance with a certain set of principles and rules regardless of outcome especially in providing healthcare to all. Explain Theory 1 –Utilitarianism in simplest terms is when something is moral, or good when it produces the greatest amount of good for the greatest number of people. It focuses on human...
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...Nursing Shortage Abstract Healthcare industry in United States has always been passing with the issue of shortage of Healthcare professionals . Many of these positions are filled by professionals from different countries . Nursing shortage has been a huge concern since many years and expected to continue in coming years. In past years, country had been dependent on supply of nurses from several parts of the world but alarm had already rang and focuses are made to produce the required resources. In the following article we will discuss some key issues about the reasons of nursing shortage, some factors which could impact in scenario, some economic output of the issue, what policies were made in past and some solution for future are suggested to cope-up with this difficult situation . Key words : Nurses, Shortage, Supplies, Healthcare, resources . Overview In healthcare industry nurses are an integral part. In any care providing organization like Hospitals, Nursing facilities, assisted livings, senior care home etc . the caliber of nursing role is quite high. Appreciating the fact that nurses are most important professionals in patient’s care, the intensity of the issue of nursing ...
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