...BUSINESS INSIGHTS The US Healthcare Market: into the 21st Century by David Sykes Projected value of the US PoM market, 1998-2007 200 180 Expenditure ($bn) 160 140 120 100 80 76 82 89 98 107 118 130 142 156 171 60 40 20 Source: Datamonitor "The vast projected increase in expenditure will offer pharmaceutical companies enormous opportunities to reap commercial reward if they are strategically placed to take advantage of these possibilities" 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 0 Business Insights Business Insights is a series of management reports designed to help you make informed, timely business decisions. We understand the problems facing today's managers in taking your business into the next millennium, and appreciate the importance of the role of accurate, up-to-date, incisive market and company analysis. We help you to crystallise your business decision making. Business Insights’ reports are authored by independent experts in their fields and offer results from our unique primary research methodology. Our authors' leading positions allow them to interview key industry executives and to quantify which issues will be of greatest strategic significance in an industry's future. The results of our analysis and recommendations will help you to evaluate the impact of these issues on your business, and plan to position yourselves to take the greatest advantage...
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...The American Healthcare Association Clayton Kirkland-Sparrow Business Internship 11/18/14 Abstract In my twenty-one years of life I have learned that people are constantly learning and growing. No matter the age people learn new things every day and the things experienced in life will impact the way we carry ourselves in the future. Having worked the summer in Washington, DC with the American HealthCare Association, AHCA, in a business professional environment was a great experience. The purpose of this paper is to describe my experience interning at American Healthcare Association. Also, I will focus on the organizations policies on business ethics and environmental management. In conclusion, I will sum up my experience and explain how it shaped my perspective on business ethics and environmental management. Quality and Research “Improving Lives by Delivering Solutions for Quality Care” is the mission statement of the American Healthcare Association. I was hired as an intern with the quality and research department of AHCA. My team and department worked together for the launching of their program called LTC Trend Tracker, which was a program the organization invested a lot of man power, time, and money into. My first day of working was Monday June 9, 2014. On the first day my supervisor walked me to my cubicle with my nametag and materials already on the desk and in the drawer. The first week was pretty easy, very similar to college and its freshman orientation...
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...Enhancing the Marketing Plan The company’s competitors, and the strengths and weaknesses of each (SWOT) Competition in health care industry gains the clients since it assist maintain costs, enhance quality, and promote innovation. However, how to contain an organization in the fast growing industry is a complex task to the partners and members in the field. HealthCare Express for instance, find, it hard to keep track of operations, especially in this industry where changes in products needs legal approval; thus competition is very stiff because products and services are almost presented in the same way. The main competitor for HealthCare Express is Patient First, Inc. This organization, just like Healthcare Express has deepened its roots to offer services such as providing urgent care, daytime, evenings, weekends, holidays, after doctor’s office hour’s convenient and affordable medical services for clients varying from newborns to geriatrics, and respiratory therapy services. These specialized fields act as the backbone of the Patient First, Inc. where its strengths lie, as compared to other organizations. Since the Healthcare Express also has, some of this specialized in house services, Patient First, Inc. gives it tough competition, and clients have to choose between these two competitors when deciding on most of the services and products (Stewart & Hirsch, 2011).. The other strengths for Patient First, Inc. is that the company is dedicated to offering quick, personalized, and...
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...data management is similar to, and a much better understanding of the issues, the values sought, and also the challenges that involved differing significantly between business companies and healthcare organizations. Business companies use big data to influence customers' desires and behavior patterns, develop distinctive core competencies, and build innovative products or services, whereas governments and healthcare stakeholders use big data and predictive analytics to look for sustainable solutions to such problems as pursuit public health, deciding and implementing more appropriate treatment methods for patients, supporting clinical enhancements, monitoring the protection of healthcare systems, reassuring...
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...issue is the Health Care industry. The downsizing of the healthcare workforce that will result as Baby Boomers retire is upwards of 28%. There is a growing need for qualified, non-generalized employees in the medical field. Coming with the need for employees for the medical positions will be a need for additional HR and IT personnel. The Healthcare field is constantly changing, and HR in this field is projected to fall behind in the coming future. One of the biggest concerns for in future HR trends is that the Baby Boomers are leaving the workforce. This is not an issue by itself, but when paired with the lack of skilled workers joining the field, it is a problem. While on the surface, the problem will effect the staffing; the problem could be more wide reaching and affect the cost and availability of healthcare to the general public. While this trend isn’t specific to healthcare, and all industries are facing challenges, issues arise when organizations, in particular those in the healthcare realm, have skilled senior people as opposed to generalists. Retaining experience is crucial and the current generation is not filling the positions vacated by aging Baby Boomers. These Boomers will soon stop putting into the Medicare and Social Security taxes, yet will begin to draw from them and that money is projected to run out in about 15 years. HR managers face the task of filling the open positions, and what seems to be the trend for this an increase in pay for skilled workers in the...
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...health care reform happening today. According to Journal of Healthcare Finance, “Skyrocketing health care costs are forcing payers to demand delivery efficiencies that preserve and promote quality care” (Scamperle 2014). As the demand for health services, controversies of the direction of the healthcare system stirred. Should healthcare providers focus efforts towards quality or quantity care of patients? There is an emerging trend of efforts leaning towards a quality of healthcare direction as opposed to high volume service. This issue sparked my attention because of initially hearing testimony of mal-practice within healthcare facilities. Friends told me of the staff tending to their own needs before the patients’ needs. Other mal-practice includes negligence and ignoring hospital policies that can make the entire hospital liable for damages. Overall, negligent behaviors lead me to critically analyze the source of healthcare system operations. Briefly describing this issue, healthcare providers used a payment plan called Fee-for-Service which reimburses healthcare providers rewards per patient attended. As precautions for low paying reimbursement transactions from insurance providers, healthcare providers such as doctors write extra medical operations, tests, medicines for patients to purchase. Some doctors order more than one visit to have a cushion of funds to avoid a potential lawsuit for malpractice. The emerging trend is that this payment incentive to focus on high volume...
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...In the past five years, there have been three major trends in health care services in the United States: patient-centered care, managed care, and the collaboration of health care systems with insurance providers. The United States is made up of diverse groups of people who all have different preferences, morals, values, and traditions (Carr, 2017). Patient-centered care is healthcare professionals, healthcare systems, families, and patients working together in the meaningful and valuable interest of the patient (Carr, 2017). Effective communication is among the necessary skills and attitudes healthcare professionals must acquire to meet the needs of patients and improve overall quality and safety in system-wide healthcare delivery (Carr, 2017)....
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...advertising, marketing specific to the healthcare arena is a fairly new practice. Marketing in the healthcare industry began roughly 30 years ago when the American Hospital Association sponsored the first conference on health-care marketing; the first healthcare marketing book was published during that same timeframe. The idea of marketing in the healthcare industry was not formally accepted until the mid 1980s, and still the topic saw apprehension from providers including physicians, nurses, and ancillary service technicians working in laboratory and radiology departments. Though marketing was associated with advertising, the adoption of healthcare marketing opened the door for a variety of new activities across healthcare organizations. The effective marketing approaches used in other industries were not easily adapted, and were not necessarily effective in the health-care industry. In the early 1990s, progressive healthcare organizations began to evaluate their marketing objectives and began to try to understand the market, their customers, and their motivations. These evaluations lead to an expanded marketing role in healthcare organizations, which ultimately lead to marketing as a core determinant in the direction of the company. Marketers were given high-level administrative positions and the opportunity to engage in healthcare boardroom discussions. By 2000, marketing was positioned to have a major impact on the future direction of healthcare. With the economy in a state of...
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...Business Research is the process of gathering information about every aspect of a company. The information gathered is used to make decisions regarding the strengths, weaknesses that exist externally and internally in order to serve consumers. Competition is ongoing among organizations and will need to be at the forefront of the evolving trends in the business world. The key in the research process requires an understanding of the market and the opportunities that exist for growth. Organizations are charged with gathering data through secondary resources with the use of outside agencies like focus or research groups that give a better understanding of the industry. If organizations want to focus on their population of customers they use surveys and focus groups to understand preferences and trends that exist. Once businesses have the information they review and analyze the data to look for business and marketing strategies. Organizations should filter certain data that is relevant, consistent and reliable. The organization outlines all the options or alternatives to test the customer behavior towards services or the consumer intention to acquire. Companies should continue to gather feedback from the market and customers, because consumer preferences can change as can technology. The steps taken during the business research process are effective only if the company uses them to develop marketing strategies. Business research is a constant for organizations. Technologies...
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...Healthcare in the United States Ten years ago we wouldn’t have thought of medical procedures moving offshores, but today we see it more often than none. People are going to places like India, Singapore, and even Mexico to receive care. Technological advancement has made outsourcing of medical work possible in recent years. The Internet makes it possible to quickly transmit large amounts of data to countries such as India where the information can be processed and returned. Countries like the U.S. have costly medical care facilities prompting people to consider cheaper alternatives. A heart surgery in India is cheaper and affordable compared to that of U.S. The outsourcing of medical procedures to nations where medical professionals are paid lower could clearly benefits consumers. However, the treatment standards in countries such as India may not be up to the standards found in the United States, and that the process takes some control out of the consumer’s hands. The United States health care professionals see the outsourcing as a negative trend, however, medical insurance companies view any means of cutting costs as a positive move. The middle class has been fueling the economy in the US for the last decade but as it shrinks, it is no longer able to do so. I think we are witnessing the long term effect of globalization. High unemployment, stagnant wages, credit evaporated and reduced spending. The globalization of health care should result in a more efficient industry. The...
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...Consultation in United States Hospitals This term paper also defines 8 financial terms. Keywords: Balance sheet, Shareholder Equity, EBITDA, EBITDAM, Financial Ethics, Financial Benchmarking, Financial Trend Analysis, and Ratio Analysis. Unit 2 Term Paper Business ethics is the appropriate business guidelines and customs regarding debatable issues, like the way a CEO runs his company, illegal stock trading, corruption, business social and monetary obligations. The government’s authorities frequently enforce business ethics, still there are times when businesses alone will use a straightforward structure that organizations can abide by so that they simply may benefit the public interest (investopedia.com, 2013). Article Review The first article chosen for this assignment, is Betsy Gallup’s article Ethics Are an Important Part of Running a Health-Care Facility, and she explains ethics as having three components: independence, integrity and objectivity (2009). The article continues by explaining ethics in the healthcare sector; as patients’ at a healthcare facility or hospital we expect to receive fair and ethical care from the facilities medical professionals attending to us. One expects the same ethical behavior from the healthcare workers that handle the coding and billing for one’s hospital stay (Gallup, 2009).Gallup tells us that the...
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...examine current trends in health care that have an impact on human resource management. In this paper I will suggest a significant opportunity for HR to become more of a strategic partner within an organization. Afterwards, I will recommend a model of human resources management that would be the most appropriate for healthcare. This paper will recommend a strategy that HR could implement in order to develop more effective relationships between Human Resources and the organization’s managers and senior executives. Lastly, included in this paper I will determine a specific employment law that may affect the hiring and selection process at the acute hospital in your community. Current trends in healthcare that are affecting human resources management Currently, there are both positive and negative trends in healthcare human resources. However, present trends in the health care industry are unlimited. These trends include some of the following: • The aging of the workforce and retirement of the Baby Boom generation (those born between 1945 and 1964). • Problems finding skilled workers. • Economic uncertainty and volatility. http://www.shrm.org/research/futureworkplacetrends/documents/130146%20workplace_forecast_full_fnl.pdf The baby boom generations are those who are now between the ages of 50 and 70. Because of their aging some of them can no longer perform duties like they once could. Some of these individuals have been in the healthcare field pretty much...
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...Current Healthcare Marketing Techniques Marketing has been around for a long time and continues to change with current times. Through the use of the internet alone, there are many types of marketing being used in meaningful ways. Current techniques affect consumer trends in many ways. There are also many positive effects, as well as, negative effects due to current techniques and trends. Types of health care marketing techniques are social media and using search engines to promote healthcare related topics, issues, brands and more. By the use of social media such as Facebook, Twitter, and YouTube are used to create relationships between healthcare providers and patients. Health care professionals are able to provide customer feedback establish trust with patients and consumer (Lawson, 2011). Social media also provides important news to spread to a broad audience that more than likely will share with their friends (Lawson, 2011). Social media such as YouTube, Facebook, and Twitter have little to no cost. Another type of marketing technique is by use of search engines such as Google, Yahoo, and Bing are popular because healthcare organizations can advertise their ads easily. In an era like now where many people rely on the internet to give them solutions, these search engines will point patients and consumers in the right direction to find their solution. Current health care marketing techniques and trends are smart and creative. They find more direct approaches to...
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...Introduction Employee motivation can be regarded as one of the key practices for an organization to build long-term sustainability in any respective business industry. In relation to the recent phenomenon, the performance of employees significantly depends upon a number of factors including employee motivation, employee satisfaction, performance appraisal, compensation, training and development (T&D) along with adequate security of job role and organizational structure among other factors (Muogbo, 2013). However, the specific area of this study is focused on employee motivation, which tends to highly influence employee performance within an organization. In relation to the rapidly growing global business environment, marketers have been widely witnessed to implement a number of strategic measures in order to keep the workforce more optimistic with regard to their specific roles and responsibilities within the organization. In this regard, Organizational Behavior (OB) has long been observed to play an essential role for the entrepreneurs to develop strong workforce in accordance with the vision and postulated business goals (Tishman et al., 2012). Emphasising the notion of OB to play as an essential role in employee motivation, the primary objective of this report is to critically analyse the practice of OB by United Healthcare (UHC) while empowering performance and long-term relationship of the employees within the organization. In this regard, the report intends to critically...
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...The globalization of healthcare has provided opportunities for many organizations to rapidly develop their products and to expand their network of customers. But with this globalization, we also need to realize there are also a number of important economic and public health concerns. Healthcare organizations have an obligation to understand the interdependencies inherent in their supply chains, and to examine their supply chain practices through a strategic lens focused on the public’s health. We are seeing changes in where and how many healthcare products are produced and this is not always in the best interest of U.S. hospitals or our patients. Mike Alkire, president of Premier Purchasing Partners, has been analyzing this trend for many years. “Today more than 90 percent of all nutritional supplements, facemasks, exam gloves, and other products are manufactured overseas,” says Alkire. “China manufactures two-thirds of the world’s aspirin and 70 percent of its penicillin. If there was a global pandemic, whose population do you think would get the goods?” The current edition of Premier’s Economic Outlook examines these important issues. According to the analysis, there have been dramatic upticks in pricing for raw materials that are foundational to many healthcare products, including oil (up 28 percent in the last 12 months) and cotton (up 138 percent in the last 12 months). The increases are largely due to political instability and increased demand for raw materials...
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