Leveraging Results to Build a Brand in the Health Sector

Leveraging Results to Build a Brand in the Health Sector

Question One

The economic policy of market solutions in healthcare has had mixed results. Nevertheless, there has been a marginal enhancement in the calibre and availability of medical treatment (Zieff et al., 2020). For example, the number of Americans without medical coverage has recently fallen substantially. There has been an increased concentration on anticipatory medicine, yielding tangible gains in population health. Contrarily, costs have consistently risen at an untenable pace. Surprisingly, the US experiences the highest healthcare costs compared to all other nations. According to Nunn et al. (2020), the US healthcare market does not conform to the principles of an unregulated economy. Inordinate government intervention constrains industry rivalry and boosts prices. Furthermore, the lack of cohesion within the healthcare sector complicates efficient care planning and increases financial burdens. Despite its potential, the market-based economic policy for healthcare has faced limitations. While there has been some progress, cost increases continue unabated. A more streamlined and affordable healthcare framework is glaringly absent at present.

Applying the Course Competencies to This Question

The proficiencies encompassed within this course exhibit a direct correlation to the present inquiry. The mastery of Competency 1, applying economic principles within the healthcare industry, is of utmost importance in comprehending the profound ramifications of market-based approaches on the intricate fabric of the healthcare system. Competency 2, “Apply concepts of financial accounting within the health care industry,” holds significant importance in comprehending the intricate financial ramifications associated with market-based resolutions. Furthermore, the relevance of Competency 3, which entails the analysis of optimal strategies in supply chain management within the context of healthcare organizations, lies in its potential to elucidate effective measures for cost reduction within the intricate framework of the healthcare system.

Question Two

Healthcare organizations frequently employ various strategies to reduce costs, including enhancing operational efficiency, prioritizing the delivery of valuable care, fostering collaborative efforts, embracing evidence-based medicine, and integrating emerging technologies into their practices (Teisberg et al., 2020). Nevertheless, these endeavours have frequently demonstrated insufficiency in mitigating the ever-increasing aggregate expenditures of healthcare. Numerous factors contribute to the complexity of this challenge. The burgeoning demographic of elderly individuals in the United States has engendered a pressing demand for expanded medical services, as the heightened healthcare requirements of this ageing population cannot be overlooked (Maresova et al., 2019). Moreover, the perpetual progression of exorbitant technologies engenders a surge in expenses, while the burgeoning prevalence of chronic ailments necessitates financially burdensome therapeutic interventions. Furthermore, the absence of comprehensive price transparency exacerbates the intricacies surrounding patients’ cognitive processes when deliberating upon their healthcare expenditures. Furthermore, the limited scope of competition within the healthcare market in the United States imposes constraints on implementing competitive pricing mechanisms. These factors above underscore the intricate nature inherent in effectively curbing the escalating expenditures associated with healthcare provision.

Applying the Course Competencies to This Question

The course’s competencies are pertinent to this question. Competency 1, “Apply economic principles within the healthcare industry,” is crucial for comprehending the determinants of escalating healthcare expenditures. Competency 2,  “Apply concepts of financial accounting within the health care industry,” is crucial for comprehending the financial consequences of cost containment endeavours. Competency 3, “Analyze best practice in supply chain management for healthcare organizations,” is pertinent for comprehending cost reduction strategies in the healthcare system.

Conclusion

In conclusion, the economic policy of market solutions in health care has yielded varied outcomes, ultimately leading to mixed results. While there have been advancements in the quality and accessibility of healthcare, the costs associated with it have persistently escalated at an unsustainable pace. Further efforts are required to enhance the efficiency and affordability of the healthcare system. This course’s competencies are pertinent to comprehending the complexities of healthcare economics and formulating efficacious strategies.

References

Maresova, P., Javanmardi, E., Barakovic, S., Barakovic Husic, J., Tomsone, S., Krejcar, O., & Kuca, K. (2019). Consequences of chronic diseases and other limitations associated with old age – a scoping review. BMC Public Health, 19(1). https://doi.org/10.1186/s12889-019-7762-5

Nunn, R., Parsons, J., Shambaugh, J., & Contreras, A. (2020, March 10). A dozen facts about the economics of the US healthcare system. Brookings. https://www.brookings.edu/articles/a-dozen-facts-about-the-economics-of-the-u-s-health-care-system/

Teisberg, E., Wallace, S., & O’Hara, S. (2020). Defining and implementing value-based health care. Academic Medicine, 95(5), 682–685. https://doi.org/10.1097/acm.0000000000003122

Zieff, G., Kerr, Z. Y., Moore, J. B., & Stoner, L. (2020). Universal healthcare in the United States of America: A healthy debate. Medicina, 56(11), 1–7. National Library of Medicine. https://doi.org/10.3390/

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Reflect on the following questions in a minimum of 500 words.

Consider how the 3 competencies of this course might directly apply to your life and work environment when answering the questions below.

Competency 1: Apply economic principles within the healthcare industry.

Competency 2: Apply concepts of financial accounting within the healthcare industry.

Competency 3: Analyze best practices in supply chain management for healthcare organizations.

Question 1:

Official federal health care policy for the past 40 years has focused on market solutions, underlining the reliance on competition to improve quality and access and reduce costs. Has this economic policy been successful? Why or why not?

Question 2:

There has been a focus on cost containment and cost reduction in health care for decades. What are some of the most prevalent cost-reduction strategies in healthcare organizations? Healthcare costs have continued to rise in the United States to a level greater than any other country on a per capita basis. Why have cost containment efforts been ineffective in keeping total costs of health care down?