...Health Care Spending HCS 440 Economics: The Financing of Healthcare Class Group: BSEW1GQMZ5 University of Phoenix Online Instructor: Geoffrey J. Suszkowski, Ph.D., LFHIMSS 05/11/2015 Health Care Spending “In 2013 U.S. health care spending increased 3.6 percent to reach $2.9 trillion, or $9,255 per person, the fifth consecutive year of slow growth in the range of 3.6 percent and 4.1 percent. The share of the economy devoted to health spending has remained at 17.4 percent since 2009 as health spending and the Gross Domestic Product increased at similar rates for 2010 - 2013”("National Health Expenditures 2013 Highlights," 2013). The cost of health care spending greatly affects the way that individuals budget their spending. It is important the economy can adjust accordingly to individuals about whether health care spending is too much or not enough. Current Level of National Healthcare Spending The topic of healthcare spending in the United States is a controversial one, and most often, the populations' opinions doesn't always agree with those of policymakers. Getting health care spending under control is vital to the economic health of the government and the people of the United States. What makes healthcare expenditures so disgraceful is the large amount of money the government spends on healthcare each year versus the number of people without health care. The amount of money the U.S. government spends on health care each year doubles that...
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...The Future of the U.S. Health Care System James Hackett HCA305 The U.S. Healthcare System Kendra West June 20, 2011 The Future of the U.S. Health Care System Healthcare continues to evolve at an alarming rate in reference to the services available. This research paper will focus on the delivery of our countries health care system that is radically different now than at the time of the U. S first becoming of a country. I will identify the essence of hospital facilities as well as outpatient care. In a combination with these issues I will show changes in technology in the healthcare system and explain why the government should take aggressive action in controlling health care in the United States. Health care is a privilege attainable by the wealthy, a benefit provided solely at the discretion of an employer, a government subsidized insurance plan for the elderly or a charitable gift provided based on the goodwill of the employer. We are now blessed with a system that has enormous potential for the improving the quality and quantity of life. There have been enormous numbers of health care interventions that improved the quality of life. However, the improvements in quantity and quality of life occurred in concert with costs that to the wealth of the country. Our health care system is now extremely expensive, costing us over a trillion dollars a year and consuming 13.2 percent of our gross domestic product in 2000. Although the aging of the population contributes...
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...substance of health care economics and that has become vital to economists, policymakers, researchers, and organizational leaders. Today, most employers pay their workers a combination of wages and benefits, the most important of which is health coverage. This too has caused employer’s to hold back on salary increases to keep total compensation costs to cover the high cost of health insurance increases. In health care economics, the gross domestic product (GDP) is of paramount importance and in evaluation of, there is a remarkable rise in the GDP from 5.2% in the 1960’s to 16.2% in 2008, and an anticipation of 19% or more by 2019. It is based on those ongoing increases that this paper will reflect on the concepts that have impacted the world of health care economics in the US. Health Care Professionals and Understanding the Discipline of Health Economics The economics of health care methodologies for funding have continuously been changing since the 1800s. This started with the founding of the American Medical Association in 1847, which promoted scientific advancement, improved public health, and invested in the doctors and patient relationship (American Medical Association, 2012). Initially, physicians were paid for services based on a bartering system. Physicians made house call visits to patient and were given goods in term of payments or cooked food. More than 100 years after, the demand and supply shifted and health care became more...
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...Economic tools and concepts paper Nadine Ranger HCS/552 November 29, 2010 James Hamilton Economic Tools and Concepts Paper One of the most prominent topics in the society today is health care reform and government plays a large role in regulating managed health care systems. A vast difference between movement along and shift in the demand curve for the different health care systems. For instance, the government funds Medicaid and Medicare to provide services to the indigent and disabled population. However, many factors exist that influence the control of health care spending from an economic standpoint. The objective of this paper is to discuss the role of government and the supply and demand curves concept to show the difference between movement along and shift of the curves in the managed care system. The concept of medical price elasticity to evaluate the manage health care industry is also discussed. Resource Allocation Law makers presented several proposals for health care reform and the final bill passed with the intention of providing health care to all Americans. One important issue concerning many consumers about health care reform is the selection of an appropriate managed health care program because one must choose a managed care provider by December 31, 2010. The application of principles to understand the health care systems is challenging because of the complexity of health care as a product or service; however, the fundamental problem...
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...Healthcare Reform. (What's the problem with healthcare in America, rising costs, and why reform healthcare?) Healthcare in America continues to evolve. The United States need healthcare reform because the cost is too high. Rising healthcare cost has caused many to declare medical bankruptcy and also troubled the federal budget. The rising cost of healthcare also has made the cost of preventable health unaffordable which proves perilous for low income people in America. The United States spends billions of dollars annually on things that do not make Americans any healthier. The US burns through 18% of its yearly total national output (GDP) on health care. In 2015, this added up to $3.2 trillion, a figure equivalent to the Germany's economy....
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...United States vs. Foreign Nations: Funding & Reimbursing Healthcare Services United States vs. Foreign Nations: Funding & Reimbursing Healthcare Services In this document I will discuss the health care system of three foreign nations versus the United States. Specifically, focusing on how physicians and hospitals are reimbursed and funded in the United States as opposed to foreign nations. The three other foreign nations that will be involved in this discussion will be: Germany, Canada, and United Kingdom. Reimbursement/funding of health care services varies from nation to nation. Each of these countries inhabits a different point on the international healthcare continuum. In this critical analysis you will read about the different ways foreign countries and the United States reimburse hospitals and providers for health care services. The United States of America In America, we, as consumers, have the right to choose among various suppliers of healthcare services. We make a decision based upon the competing market and quality of goods and services. Then we pay for the cost of our services mainly through insurance or by paying for the full cost of the purchase ourselves. According to Bodenheimer and Grumbach, health care financing in the United States started off from out-of-pocket payments and evolved through individual private insurance, then employment-based insurance, and then finally government-based financing (i.e. Medicaid and Medicare) (2012, p. 187)...
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...EHR/CPOE Implementation Executive Summary This thesis follows the implementation of Computerized Patient Order Entry/Electronic Health Record (CPOE/EHR) system implemented by Partners Healthcare System (PHS) during 2002-2003 for all its constituent practitioners. It looks at the problems faced during implementation of the system and identifies new potential problems that the system may encounter. Particularly in consideration is the effort it takes to convince healthcare professionals to switch to CPOE/EHR, the cost of installing the system, the potential of automating redundancies in the system and the potential of healthcare professionals getting skewed data out of the system suggestions. It looks at the management challenges faced by the administration when bringing about CPOE/EHR to PHS and divulges in some techniques that were used for tackling these issues. It defines ways in which the system is being used to improve patient healthcare and save millions of dollars for the government, healthcare facilities and patients alike. This thesis also finds ways to combat the potential problems that may arise later and the system and looks at related government policies and statutes which apply to the implementation. Finally some metrics of success are discussed their effectiveness in driving a result. Problem Definition CPOE/EHR Implementation can face a host of problems that can hinder the process flow and the acceptability of the system by the people involved. The initial...
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...Analysis of the Clinical Informatics Job Description Ann Miller American Sentinel University Analysis of the Clinical Informatics Job Description What is an Informatics Nurse, an Nurse Informaticist? When people ask me what job that I do and I reply “Informatics”, they get an interesting look on their face. The look is of concern and of that is not what a nurse does. The public is not educated in what this position’s importance really is and that is too bad. What is a typical day like for an informatics nurse like myself? That question is easy. There are no typical days! I can honestly say that this is what I like about my job position. Some days I am going to staff meetings where I am educating on a new process to a page from the floor that a provider needs my help. I have many computer classes to teach for staff, nursing students, providers, and soon 80 or so high school students who will be joining us for the next seven months to learn patient basic care and documentation. In my spare time- I do get some from time to time, I have many projects that I am working on to optimize the electronic medical record. The projects can be getting rid of any paper processes that remain and doing whatever it takes to get them all electronic from the development of provider order sets (Powerplans), to nursing processes, and education. You cannot forget about the education. Education has to come in many formats, including group settings (staff meetings), one-on-one, on-line...
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...the surgeries entirely unaffordable. Aravind Eye Hospital started off as a 20-bed facility in 1976 in Madurai, soon started a 250-bed main hospital and over time, expanded to Theni, Thirunelveli and Coimbatore. The central feature of the service provided is the clear delineation of services in the form of paid service in the Main hospital and non-paid service in the Free hospital. They also held several Eye camps to mobilize the poor in villages and spread awareness of the dangers of their ailments. The vision that motivates Dr. V is to market cataract surgery such that it reaches every nook and corner of the developing countries facing this problem. Clearly, profit or a healthy bottomline is not the motivator in this case. However, Aravind faces some real issues at the field level that need urgent resolution to help it achieve its mission of bringing eyesight to the masses of poor people in India. SITUATIONAL ANALYSIS The case of Aravind Eye Hospital has been analysed using the 5C framework – customer, company, competitors, collaborators and context Customers The term ‘customers’ cannot be applied to this case in its traditional sense since Aravind provides both paid as well as free services. In fact, the mission for Aravind is noble with the goal of eliminating blindness and is more focused on a non-profit model....
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...Hospital Corporation of America vs. Tenet Healthcare Heather Darling 22-BA-5080-002 Summer Semester, 2014 SUMMARY Hospital Corporation of America as of now is the biggest player in the hospital care sector. Headquarter in Nashville, TN HCA has been very aggressive in acquisitions and developing all around the United States and in England. They are very quick to turn down a deal with another hospital if they believe that it will not be a profitable deal. One of the things that HCA has done to improve profits that not many other companies have done is to send customers that are not profitable to neighboring public health hospitals. This has increased their profits as well as their wait times in emergency rooms. On the other hand, Tenet Healthcare Corporation is a competitor to HCA, but has been slower to develop in the profitable ways of HCA. Tenet has taken a diversification approach recently in the urgent care business. They have recently opened 23 urgent care facilities, the first company in the hospital sector to do so. Many competitors, including HCA, are waiting to see how TCA does before also going this route. As of now Tenet owns the market in urgent care facilities but as profits increase, other hospital companies may go this route as well. The deal Tenet made with Vanguard is the biggest transaction Tenet has made and signals a shift from the company's problems over the past 10 years. Several Tenet-owned facilities underwent investigations in the early 2000s...
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...HSM 543 Health Services Finance Spring 2013 Trends Toward the Innovations of Integrated Healthcare Service Systems Abstract The healthcare industry is a large and dynamic sector with many unique characteristics. It includes hospitals, health systems, ambulatory clinics, medical group practices, and other organizations providing health-care services. Business and leaders must be well equipped in traditional management knowledge and practices to manage the unique aspects of the health-services industry. The success of the new Health Care Reform depends on the cost, types of coverage and technological advances. Careful elevation and true quality assurance programs will reduce some the nepotism that goes on in our system. This will allow the best person, business, or technology to be used as it is needed. The innovation that has been created over the past ten years have allowed for improvements as well as lowering the mortality rate. Japan system allows for frequent health checks and even house calls are being done electronically. This paper looks at various costs of the Healthcare system, technological alternatives available in the Healthcare system and look at the pros and cons of different options available. History of the United States Healthcare If we compare the quality of health care today with the health care prevailing a century ago, it has dramatically...
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...HSA 510: Economics of Health and Medical Care Student: Lucy Njoya Assignment 3: The Management Challenge of Delivering Value in Health Care Strayer University Professor: Dr. Jeff Kaluyu Due: Week 8 Introduction: The healthcare industry is evolving both nationally and globally, and as a result, the challenges facing health care services delivery organizations are also increasing. Health care professionals are the decision-makers and also the ones closely associated with the day-to-day decision making processes affecting the delivery of health care services and goods to patients. The economic evaluation of the health care services delivery systems has proven to play an important role in the different types of health care decision-making. For example, formulary decisions, reimbursement decisions, high health cost decisions, and e-prescribing. This makes it a point of interest to assess the influence of economic evaluations on health care decision-making both at the macro, me so, and micro levels. Even though the impact of economic evaluation studies on health care decision making has been limited, there is an increasing requirement for the cost-effectiveness of the health care intervention to be considered when formulating and implementing guidelines for clinical practices. What is encouraging at this moment is the fact that health care decision-makers do recognize the usefulness and necessity of published economic evaluations that rightly inform the public about...
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...The Love-Hate Relationship between the U.S. Healthcare Industry and the U.S. Economy The healthcare industry plays an important part in the economy of the United States. The sustained increase and high level of spending on health care has been the subject of discussion and scrutiny for several decades. The enactment of the Patient Protection and Affordable Care Act of 2010 (ACA) was hardly the first fiscal policy for healthcare in the history of the economy. There is a long list of fiscal policy attempts from predecessors such as Franklin Roosevelt, Harry Truman, Richard Nixon and most recently Bill Clinton (Sparer, p462). In 1933, Franklin D. Roosevelt drafted amended provisions to his pending Social Security legislation to include publicly funded health care programs but ultimately removed the provisions due to opposition by the American Medical Association (Coombs, p5). Following the Second World War, President Harry Truman called for universal health care as a part of his Fair Deal in 1949 but strong opposition stopped that part of the Fair Deal (Peon, p161-168). On July 30, 1965 President Lyndon B. Johnson signed into law the legislation establishing the Medicare and Medicaid program, social insurance programs administered by the United Stated government providing health insurance coverage to people who are either 65 or meet other special criteria for need (Roemer, p845). In October 1972, President Richard Nixon signed the Social Security Administration Amendments...
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...THE TUCK SCHOOL AT DARTMOUTH MinuteClinic Bringing Change to Healthcare Delivery Peter Albro, Bill Aull, Ryan Fitzgerald, John Goldsmith, Tom Harris, Jon Mohraz 11/14/2008 Introduction In 1999, consumers of the US healthcare industry had a myriad of frustrations to choose from when seeking medical assistance: lack of convenience, no focus on customer service, limitations from insurance providers, billing inefficiency and confusion, and very opaque pricing. One grumbler, Steve Pontius, had an epiphany during an all too common experience when seeking medical coverage for his kids. After waiting for three hours at an urgent care clinic for what he thought was an ear infection, the physician diagnosed in three minutes what Pontius had predicted. Additionally, only after the visit to the doctor had he figured out that his insurance company did not cover treatment at this particular clinic, so Pontius would have to pay hundreds of dollars out of his own pocket to pay for the visit with the doctor.1 Sensing a business opportunity, Pontius, along with Rick Krieger and Douglas Smith, partnered to start MinuteClinic, the retail medical treatment clinic that is widely regarded as the beginning of the convenient care clinic (CCC) movement. Also known as retail based clinics, these facilities are small medical operations located within a larger retail operation such as Target or CVS. They offer a limited scope of medical services and are primarily characterized by...
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...Medical Technology MEDICAL TECHNOLOGY VOL ATILE INDUSTRIES? A SAFE HAVEN for Novumed Spotlight Novumed Spotlight Novumed Spotlight The Benefit of Expansion into Medical Technology financial crisis 2008 2009 2010 2011 Segment comparison at Agilent 2008 - 2011, in US$ M. Source: Agilent annual reports, Novumed Life Science Consulting In 1999, several business units were spun off from global computer technology provider HewlettPackard to form Agilent, with approx. US$ 8 billion in revenues. This spin-off marked the largest initial public offering in the history of Silicon Valley. Initially, Agilent’s revenues came predominantly from the sales of its electronic test & measurement and semiconductor business units. With its strong ties to the communication industry, specifically the internet, Agilent’s stock was valued highly. Despite this high regard, management decided not to focus solely on its core sectors, by creating a life sciences business unit in 2000. A wise decision in retrospect. The life sciences and chemical analysis units now collectively generate half of the company’s sales, and allowed Agilent to remain profitable despite the collapse of the electronic measurement unit’s profits during the financial crisis. As one of many examples, this illustrates the growing importance of the medtech segment, which is gaining attention of industry groups from various sectors. What factors make medical technology so attractive? Which industries...
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