...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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...Health Care Expenditures in the United States Dekenia Lockhart HCS 440 April 23, 2012 Steve Linerode Health Care Expenditures in the United States Introduction The topic of healthcare spending in the United States (U.S.) 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 for 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 of any other nation. Despite the large amount of government spending, a large percentage of Americans have no healthcare coverage. This shows inefficiency in the system that needs immediate attention. The purpose of this paper is to explain healthcare expenditures suggest changes for the future that are necessary for Americans to receive reasonably priced health care. Current level of national healthcare expenditures The current level of national healthcare spending is at an all time high and expected to steadily climb. The U.S. Centers for Medicare & Medicaid Services (CMS) explain that National Health Expenditures (NHE) “rose 4.0% to $2.5 trillion in 2009, or $8,086 per person, and accounted for 17.6% of Gross Domestic Product (GDP)” (The...
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...Health Care Spending in the United States Lisa Patti HCS/440 April 23, 2012 Caryn Callahan Introduction Heath care in the United States is costly and confusing. Many do not follow the facts, policies or cost the government has controlled in health care. This leads to obtaining the incorrect insurance that causes high out of pocket expenses to choosing no health insurance at all. In today’s society many cannot afford health insurance, in 2010 49.9 million people in the United States were without health insurance (Overview of the Uninsured in the United States: A Summary of the 2011 Current Population Survey, 2011). The issues that will be discussed are the level of current nation health care expenditures, whether spending is too much or not enough, where the nation should add or not, and why, and how the public’s health care needs are paid for and financed by various payers. The current level of national healthcare expenditures U.S. health care costs have risen rapidly in the past few years, imposing increased stress on families, businesses, and public budgets. Health spending is increasing more rapidly than the economy and workers' earnings. In recent years, insurance administrative overhead has been rising faster than other components of health spending, while pharmaceutical spending has increased more rapidly than spending on other health care services (The Common Wealth Fund, 2007). The national health care expenditure is a total amount spent in the United States...
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...Health Care Spending Paper HCS/440 Health Care Spending Health care spending in America is at an all-time high. The baby boomer generation is reaching retirement age and its dependence on health care is greater than ever before. This burgeoning demand for health care services has put a huge strain on the infrastructure of the health care system that was originally designed to accommodate far less Americans than it currently supports. Many financial experts predict a drastic increase in health care spending in the years ahead. According to Wayne (2012), "Federal, state and local governments are projected to spend $2.4 trillion on health care in 2021, half of all U.S. medical expenditures, according to the analysis in Health Affairs by actuaries and economists from the Centers for Medicare and Medicaid Services. Government accounted for about 46 percent of health spending through 2013” (Glide Path). This particular article shows monumental increase predicted for government funded health care in the near future. Speculation regarding the impact of the Affordable Health Care Act on future spending has been mixed. Some analysts say that spending will level-off; while others state that the reform will increase spending. According to Walker (2012), "National healthcare spending grew very little in 2011 -- just 3.9%, which was the same rate seen in 2010 -- to reach $2.7 trillion. The slow growth was mostly because of the lingering effects of the recession, the study...
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...Health Care Spending Sheilah Schmidt HCS/440 July 21, 2014 Marcia Smith Health Care Spending Health care is rising rapidly. Health care spending is a serious and major issue that needs more focus and stability. In 2009, the gross domestic product (GDP) rose to 17.6% and reached $2.5 trillion. The United States spends thousands of dollars per person for health care. People treated and diagnosed for chronic conditions, and obesity rates are still at large. The current health expenditure for the United States is 15.7% in Gross Domestic Product (GDP). Hospital care, physician and clinical services are responsible for half of the national health care spending increase between 2005 and 2009 (Understanding U.S. Health Care Spending, 2011). If nobody takes action, bankruptcy may be present. Further readings will explain the level of current national health care expenditures and whether the spending is too much or not enough. Further readings will also address where the nation should add the cut; how the public’s health care needs are paid for; and the future economic needs of the health care system. Current National Health Care Expenditures In 2012, the United States spent $2.87 trillion on health care (Management, 2013, p. 1). In 2013, the United States spent $2.9 trillion on health care which is a 3.8% increase. According to Emanuel (2013), the United States spent more than the French and German economy. Health care spending is a big issue in the United States than in any...
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...Healthcare Spending HCS/440 July 24th, 2014 Healthcare Spending The national healthcare spending within the United States keeps increasing annually. The overall deficit keeps increasing due to national healthcare expenditures. In 2012, the healthcare deficit was three trillion dollars. Due to services such as medical treatments and health insurance; the healthcare spending will continue to increase. National Healthcare Expenditures In the United States, the overall projections are primarily based on the National Healthcare expenditures. These projections are measured by the form of services or goods provided. Services may include physician care, hospital care, and clinical services rendered. Goods may consist of necessary prescription drugs and medical equipment. The source of funding for the services performed and the required goods may come from Medicare, Medicaid, private insurance, and out-of-pocket expenses ("National Health Expenditure Projections 2012-2022 ", 2012). Health Care Spending in the United States According to recent studies in the United States, the projected health care spending is to increase by almost six percent between by the year 2022. This is actually a percent faster than the Gross Domestic Product (GDP) expected. Researchers thought that the healthcare spending would remain around four percent since the economic recovery was very slow at the time in 2013. There would an increase in cost- sharing requirements for Medicare, Medicaid...
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...Health Care Spending By: Davida McKnight HCS/440 Pranab Root February 16, 2015 Health Care Spending In today’s society the purpose of our nation’s health care practices has shifted from supplying and meeting the medical needs of patients to the supply and demand of fee-for-service care. Our growing health care crisis is the results of medical organizations working with third party payers and private insurance sectors focusing more on the assets of funding instead of the quality of care for patients. As a result the rising cost of health care is continuously huge issue affecting our economy making it difficult for many Americans to live comfortably within our economy less known afford insurance services. The quality of care is not a priority of many health care professionals but the necessity of meeting quantity over volume is the mission of many health care groups. Health care organizations has lost their dedication for healing and helping patients to avoiding and profiting patient volumes. The trending rates of inflation, increased health insurance coverage, demographics, provider merging, technology and the lack of health provider-patient care ratios are enormous contributors as well affecting our nation’s health care spending. The National Health Care Expenditure The National Health Expenditure Accounts (NHEA) are the official estimates of total health care spending in the United States. Dating back to 1960, the NHEA measures annual U.S. expenditures for health...
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...With the U.S. spending trillions on health care, policy makers have been skeptic on how the Obama Administration will control health costs. According to table 19-1, the United States had the highest spending rate in Share of GDP and Health Spending Per Capita compared to other countries (Morone, Litman & Robins, 2008). Part of the reason of cost discrepancies in the U.S. is due to; in this student’s opinion the increase demand of services required by need based families. With more individuals projected to be insured, the U.S. expanding health coverage, increased subsidizes, insurance rebates and payment cuts for poor individuals could spiral out of control. Also, more people are living longer and are requiring more care which affects the U.S. fiscal expenditure. Under the Affordable Care Act, the proposed cost containment will be done through insurance exchange programs, increased taxes, and health insurance premium tax credits. If delivered appropriately, the U.S. health model could inevitably attain the goal of fiscal containment. The U.S. health care system is highly regulated by the federal government, composed of restricted regulations for states and seeks more generous benefits for insurers. In other words, the U.S. operates under the National Health Insurance Model. This model uses private-sector providers, but payment comes from a government- run program (i.e.: Medicare) that every citizen pays into. Under this model, coverage is cheaper and much simpler in administration...
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...Health Care Spending Jackie Shaw HCS 440 December 19th 2011 Health Care Spending The United States spends more on health care than any other country in the world. The current level of national health care expenditures is astounding. “In 2011, the anticipated total of health care government spending in the United States is 1108.2 billion dollars” (Chantrill, n.d.). Over the years the total of health care spending has increasingly amplified; in 1996 $396.78 billion was 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...
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...National Health Care Spending Health care is something that is always going to be around because it is needed by all entities. Due to affordability it is not available to all which is a growing issue. Many people try to find the most affordable health care insurance, but sometimes economic hardships do not allow for people to get insured or remain insured; therefore leaving many people without health care insurance. The government has tried to help many people by providing those who qualify with Medicaid and Medical but those who don’t qualify are still left uninsured and with the burden of overwhelming medical bills. Even though health care is at times unaffordable it is still an entity that is used by all people. Often time’s people cannot afford to pay for health care expenses or health care insurance, therefore leaving many people with massive health care bills. In the United States, which has both a high level of health care spending per capita and a relatively high rate of real growth in spending, the share of GDP devoted to health care spending grew from 9% of GDP in 1980 to 16% of GDP in 2008. This 7 percentage-point increase in health care spending as a share of GDP is one of the largest across the Organization for Economic Co-operation and Development OECD. Current Level of National Healthcare Spending The predictability of health care cost has recognized for years by citizens, businesses, and government agencies such as the Centers for Medicare and Medicaid...
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...National Health Care Spending Tylecia Westbrook HCS/440 Oct 8, 2014 Dr. Laura Newton Introduction Healthcare spending in the United States plays a vital role in the US economy. The healthcare field is a growing professional. There is millions of dollars that are spent on healthcare each year. From research, drugs, new technology and patient care it is the driving force of the health care system. Health care has provided lots of jobs and a means of survive for many Americans. With insurance companies driving up the cost of premieres and the new Affordable Care Act into place health care spending will only continue to drive the price up. With all of the demands for cues and people wanting to leave longer there has been a major impact on Health Care spending. Health Care Expenditures Over the last several years the U.S. health care expenditures has been on a rise. Heath care has risen so fast that many Americans have not been able to keep up even with their earning in order to be able to afford healthcare. “The U.S. spends 16 percent of gross domestic product (GDP) on health care, compared with 8 to 10 percent in most major industrialized nations” (2014, The Commonwealth Fund.). According to the Centers for Medicare and Medicaid Services projects that the increase in health spending will outpace the GDP over the next 10 years. (2014, Centers for Medicare and Medicaid). In recent headlines the healthcare rate has been at a slow rate of 3.7%. Although that may sound...
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...Health Care Spending Paper Candace Kovacs HCS 440 January 23, 2012 Pranab Rout Health Care Spending The United States is spending trillions of dollars on health care every year. Health care spending is continuing to rise to higher levels at unsustainable rates. The excessive amounts spent on health care accounts for a substantial portion of the national budget. Trends such as the aging of the population, obesity, and technological changes are expected to affect the future of health care spending patterns (RAND Corporation, 2011). Even though health care spending seems excessive right now, there are several ways it can be addressed effectively to decrease the amount in the future. Spending The National Health Expenditures (NHE) includes the amount of spending on private and public administrative costs, personal health services, government public health spending and investments involving costs of equipment, non-commercial medical research, and buildings (U.S. Department of Health and Human Services, 2011). The current level of the NHE has raised $2.1 trillion in the year 2006, $2.25 trillion in 2007, and projects to reach $4.3 trillion by 2017 (U.S. Department of Health and Human Services, 2011). The most recent forecasts of health care estimates a yearly growth rate of seven percent, which equals to the gross domestic product (GDP) of 19.5 % by 2017 (U.S. Department of Health and Human Services...
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...Health Care Spending The United States is one of the biggest spenders when it comes to health care. In 2010, the U.S. spent over $8,000 per person totaling $2.6 trillion. Currently 18% of our Gross Domestic Product (GDP) is health care expenditures according to Romer (2009). Half of the expenditure payments go to hospital and physicians. With all this spending why are we not healthier than countries that spend one-third less on health care? Here are some key points of our nation’s health care The Kaiser Family Foundation (2012) notes: • In 2010, the U.S. spent $2.6 trillion on health care, an average of $8,402 per person. • The share of economic activity (gross domestic product, or GDP) devoted to health care has increased from 7.2% in 1970 to 17.9% in 2009 and 2010. • Health care costs per capita have grown an average 2.4 percentage points faster than the GDP since 1970. • Since 2002, the rate of increase in national health care spending has fallen from 9.5% to 3.9%. • Half of health care spending is used to treat just 5% of the population. • Although only 10% of total health expenditures, spending on prescription drugs has received considerable attention because of its rapid growth (114% from 2000 to 2010). • In 2008, 27% of the nonelderly with 3+ chronic conditions spent more than 10% of their income on health, compared to 11% of the total nonelderly population. • Many policy experts believe new technologies...
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...STATE of MARYLAND STATE HEALTH CARE EXPENDITURES Experience from 2002 Released January 2004 Donald E. Wilson, M.D., MACP Chairman Donald E. Wilson, M.D., MACP Chairman Dean, School of Medicine Vice President for Medical Affairs University of Maryland Residence: Baltimore County George S. Malouf, M.D., Vice Chairman Ophthalmologist Residence: Prince George’s County Walter E. Chase, Sr. Retired Police Chief of Easton, MD Residence: Talbot County Ernest B. Crofoot AFL/CIO Residence: Anne Arundel County Larry Ginsburg Service Employees International Union Residence: Baltimore County Jeffrey Lucht Aetna Health, Inc. Residence: Howard County Robert E. Moffit, Ph.D. Heritage Foundation Residence: Anne Arundel County Robert E. Nicolay Retired Business Owner Residence: Carroll County Debra H. Risher President and Owner Belair Engineering & Service Co., Inc. Residence: Anne Arundel County Constance Row Partner, Row Associates Residence: Harford County Stephen J. Salamon Heritage Financial Consultants, LLC Residence: Baltimore County Clifton Toulson, Jr. U.S. Small Business Administration Residence: Prince George’s County Marc E. Zanger President and CEO CBIZ Benefits and Insurance Services of Maryland, Inc. Residence: Allegany County STATE of MARYLAND STATE HEALTH CARE EXPENDITURES Experience from 2002 Released January 2004 Donald E. Wilson, M.D., MACP Chairman Acknowledgements This report required the assistance of many individuals and offices in state government...
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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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